When Saxo Rewards launched on 19 May 2020, existing clients remained in the same tier they were in immediately prior to the launch. If you are a new client, your initial deposit will determine your account tier. Initial funding of AUD 300,000 will secure entry to the Platinum tier and AUD 1,500,000 to the VIP tier. There is no minimum initial funding limit to enter our Classic tier. 

The upgrade will be effective two working days after the balance in your Saxo account reaches the qualifying level (e.g. AUD 1,500,000 to attain VIP status).

To qualify for an upgrade, you’ll need to earn a specific number of reward points, defined by the tier you want to join. We base qualification to a tier on the number of points you’ve earned this month, and in the three previous months. 

For example, any points earned in January will not be included in the points total from 1 May.

When you qualify for an account tier, you’ll receive a rolling 12-month membership. That means if you continue to meet the rolling points criteria of your tier, your 12-month membership will roll over as well. If you ever drop below the qualifying points criteria, you’ll have a 12-month grace period before we’ll move you to a lower tier, giving you time to build up your reward points again.

After your account has been open for 30 days, you’ll receive points for the total average assets under management (AuM) of your account. This refers to the total value on your account, including any cash deposits and open positions.

Your reward points are calculated based on the monthly average AuM, and you’ll receive your points two trading days before the end of each month.

An average AuM of AUD 15,000, for example, would earn you 250 Reward points every month.

Please note that we will not include AuM in our calculations during the first 30 days of your account being open. Rather, during this period we will factor in net funding into the account, as outlined above.

If you don’t meet the points criteria of your tier, we won’t move you to a lower tier immediately. Instead, you’ll enter a 12-month grace period. This means you can continue to enjoy all the benefits of your current account tier for at least another 12 months.

This should give you time to collect enough reward points to qualify for your current tier again. If you do, your rolling 12-month membership will start anew. We will only consider moving you to a lower tier if you’re unable to meet the points criteria of your tier at any time during the grace period.