Goldmoney.com is James Turk's online digital silver and gold storage service. It's the closest thing to a bank account denominated in hard currency. They are based in Jersey with vaults in Zurich and I think Hong Kong and London. Storage is cheapest in London I think, and Zurich is a bit more. From memory I think Zurich is 0.99%. So long as any metal stored in London remains in the LBMA vault there is no VAT charge.
You can withdraw metal if you have hundreds of thousands worth. But not if less. This is the chief negative.
Turk is reputable. He's a veteran goldbug, regularly features in the financial press and was recently the keynote speaker at the Cheviot Hard Money Conference in London.
I have used goldmoney.com. It's convenient. It's less of a sitting duck than an ETF. But more of one than if you hold your silver privately.