Title: Monetary policy impact on interest rates
Page Content:

​​​​Due to the introduction or ongoing levy of negative interest rates on account credit balances by some central banks and deposit banks, Saxo Group  will charge negative interest rates on our standard institutional offering in the relevant reference currencies. As Saxo places our clients’ cash conservatively, Saxo is sharing this burden and not completely recovering our costs for the benefit of our clients.

The charge will apply to balances above the threshold currently indicated in the table below. On the main trading account, this threshold will be applied to the available net free equity and in the case of sub-accounts, to the account value.

The negative interest will be calculated daily for the account credit balance exceeding the threshold and debited to the main trading accounts or sub-accounts at the end of each month for the interest period of the previous month*.

The thresholds and negative interest rates are currently at:



Negative interest rate (p.a.)














The negative interest rates indicated above will be charged as of 1 March 2017 and apply until further notice. The rates charged are subject to change. The information is also provided on the trading platforms and on Saxo’s institutional prevailing rates website at in accordance with the General Business Terms.

The reference interest rates applied by the central banks are continuously monitored by Saxo Group. If the negative interest rate environment was to change, Saxo aims at adjusting the negative interest rates.

As you are aware, stocks, bonds and ETFs can also be used as collateral for margin trading at Saxo.

Thank you for your understanding. Please contact your account executive if you have any queries. 

*value date is the last day of the previous month


Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.