General charges and fees

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From 1 December 2021, the Saxo Bank Group is changing the inputs used to set the interest rates that apply to deposited funds (account interest) and margin financing rates.

How does this affect you?

Whether you trade stocks, exchange traded funds (ETFs), bonds or margin trading products, we don’t expect these changes to cause any significant impact to your overall costs.

The current conditions that apply to positive cash balances and negative interest rates for the Danish kroner, euro and Swiss franc will remain unchanged.

You can find the full terms and conditions for account interest in the Account Interest section below. Margin financing rates apply to Carrying Cost and CFD financing.

Why are we changing our interest rates?

Financial benchmark administrators are subject to increasing regulatory requirements. This impacts the Saxo Bank Group because we use financial benchmarks as a reference when setting interest rates.

Our changes follow the market’s general adoption of Alternative Reference Rates (ARRs) as a fallback rate and replacement for Interbank Offered Rates (IBORs). ICE Benchmark Administration will stop publishing most London Interbank Offered Rate (LIBOR) settings from 31 December 2021.

ARRs have been developed by working groups consisting of national and international industry associations, market participants, as well as central and reserve banks.

They are publicly available and have been recognised by National Competent Authorities (NCAs), market participants, and national and international financial industry associations.

What are the changes?

Alternative Reference Rates (ARRs) will be used as an input in setting Saxo Bid/Offer interest rates. Saxo Bid/Offer interest rates are used, in conjunction with commercial product markups and markdowns, to generate account interest or margin financing rates. For currencies without a designated ARR, money market rates, monetary policy rates or other relevant financial benchmarks will apply as an input.

The Saxo Bid/Offer interest rates are proprietary to the Saxo Bank Group and subject to the provisions in the General Business Terms.

For Offshore Chinese Yuan (CNH), the Saxo Bid/Offer interest rates applied for account interest will be floating going forward.

Financial benchmarks from 1 December 2021

The financial benchmarks used to set Saxo Bid/Offer interest rates for account interest and margin financing rates from 1 December 2021 are listed in the below table.

Account interest rates are subject to a zero floor whenever negative, with the exception of positive cash balances in Swiss franc, Danish kroner and euros, which are subject to the conditions explained in the Account Interest section. All margin financing rates are subject to a zero floor whenever negative.

Saxo Bank Group reserves the right to apply a business lag to the publication of financial benchmarks when calculating and booking unrealised and realised interest.
Swipe left or right for more
CurrencyDay count conventionAccount interest rates *)Margin financing rates *)
AEDACT/360Central Bank of United Arab Emirates (CBUAE) repo rate
AUDACT/365Australian Overnight Index Average (AONIA)
CADACT/365Canadian Overnight Repo Rate Average (CORRA)
CHFACT/360Swiss National Bank (SNB) policy rateSwiss Average Rate Overnight (SARON)
CNHACT/360Chinese Offshore Yuan Hong Kong Interbank Offered Rate (CNH HIBOR)
CZKACT/360Czech Overnight Index Average (CZEONIA)
DKKACT/360Danmarks Nationalbank current-account rate
EURACT/360European Central Bank (ECB) deposit facility rateEuro Short-Term Rate (ESTR)
GBPACT/365Sterling Overnight Index Average (SONIA)
HKDACT/365Hong Kong Overnight Index Average (HONIA)
HUFACT/360Hungarian Overnight Index Average (HUFONIA)
ILSACT/360Bank of Israel (BoI) rate
JPYACT/360Tokyo Overnight Average Rate (TONAR)
MXNACT/360The Equilibrium Interest Rate (TIIE) Overnight
NOKACT/360Norwegian Overnight Weighted Average (NOWA)
NZDACT/365Reserve Bank of New Zealand (RBNZ) Official Cash Rate (OCR)
PLNACT/360Poland Overnight Index Average (POLONIA)
RONACT/360National Bank of Romania deposit rate
RUBACT/360Ruble Overnight Index Average (RUONIA)
SARACT/360Central Bank of Saudi Arabia (SAMA) reverse repo rate
SEKACT/360Swedish Short-Term Rate (SWESTR) **)
SGDACT/365Singapore Overnight Rate Average (SORA)
THBACT/365Thai Overnight Rate (THOR)
TRYACT/360Turkish Lira Reference Rate (TLREF)
USDACT/360Secured Overnight Financing Rate (SOFR)
ZARACT/365South Africa Benchmark Overnight Rate (SABOR)

* Applicable financial benchmarks as an input in setting Saxo Bid/Offer interest rates for account interest and margin financing rates respectively.

** Subject to final release by Sveriges Riksbank by 2 September 2021. In the case that the testing period for the financial benchmark Swedish Short-Term Rate (SWESTR) is not completed by 1 December 2021, the Sveriges Riksbank repo rate will apply as an input instead.

Interest on your main account is calculated on the Net Free Equity.

Interest on sub-accounts is calculated on the Account Value.

Since the Net Free Equity is calculated on open trade positions on all your accounts, it is important to make sure that sufficient cash is available on your main account.

Otherwise, you risk being subject to a debit interest on your main account exceeding the credit interest payable on your sub-account(s).

Your Net Free Equity is:

  • The cash balance of your main trading account
  • Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account
  • Plus the market value of any FX Options on your main trading account
  • Minus any margin required for financing open positions on your main trading account and sub-accounts

Net Free Equity margin financing

The margin financing requirement may differ from the trading margin requirement. See the full list of cash collateral for margin financing used for Net Free Equity calculation here.

To avoid paying overdraft interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.

Account Value of your sub-account is:

  • The value dated cash balance of the account
  • Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on the account
  • Plus the market value of any FX Options on the account

The following interest rates will be applicable on funds deposited with Saxo Markets:

Net Free Equity above USD 15,000 (or equivalent) - Interest paid at the rate shown in the table below:

CLASSIC & PLATINUMVIP
The higher of market bid rates minus 3% and zeroThe higher of market bid rates minus 0.75% and zero

Positive Net Free Equity up to USD 15,000 (or equivalent) - No account interest

Negative Net Free Equity - Interest will be charged at market ask rates plus 8%, however never less than 8%.

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.

Saxo Markets reserves the right to charge negative interest rates on our standard offering in relevant reference currencies. Such charges will apply to balances above the threshold currently indicated in the table below. The interest rates applied by the central banks are continuously monitored and if there is a change in rate, Saxo Markets will adjust its negative interest rates accordingly with effect from the start of the next month.

The rates charged are subject to change.

 Threshold  Negative interest rate (p.a.)
EUR
100,000–0.50%
CHF
100,0000.75%
DKK
750,0000.60%

 

The following interest rates apply to funds deposited with Saxo Markets:

  • For positive Net Free Equity interest will be the higher of market bid rates minus a markdown and zero. Interest will be paid on the full amount for all Account Values.
  • For negative Net Free Equity interest will be market ask rates plus a mark-up, however never less than the mark-up. Interest will be charged on the full amount for all Account Values

As of 1 March 2017, Saxo Markets will charge negative interest rates on our standard offering in relevant reference currencies. 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 rates charged are subject to change.

The reference interest rates applied by the central banks are continuously monitored by Saxo Markets. If the reference rates changes, Saxo Markets will adjust its negative interest rates accordingly with effect from the first coming month.

ThresholdNegative interest rate (p.a.)
EUR100,000–0.50%
CHF100,000–0.75%
DKK750,000–0.60%

Interest will be calculated daily and settled monthly - within seven business days after the end of each calendar month.

The rate used for currency conversion - of trading costs as well as profits and losses from trading activities - of amounts booked to your account is based on the mid FX Spot rate at the applicable time, plus/minus the rates shown below. The rate is shown in the trading platforms under the "Trades Executed" or the "Historical Cash Transactions" report.

The Currency Conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.

CLASSICPLATINUMVIP
FX Options0.10%0.10%0.10%
Cash products0.75%0.60%0.45%
Margin products0.75%0.60%0.45%
Account transfers0.75%0.60%0.45%

Custody fees for stocks, ETFs/ETCs and bonds

For accounts with international stocks, ETFs/ETCs, and bond positions, a custody fee will apply. No custody fees on ASX shares and bonds.

CLASSICPLATINUMVIP
International stocks & bonds0.12 %0.12 %0.06 %

Overnight positions in Futures are subject to a carrying cost, calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rates used for calculating the carrying cost is based on the relevant Interbank-rate plus a mark-up.

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days). Please note that relevant benchmark rates are floored at 0%

CLASSICPLATINUMVIP
Futures - carrying cost1.50%0.50%0.00%

Overnight positions in short Stock and Contract Options are subject to a carrying.

Stock options:

The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps).

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days).

Contract options:

The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rate used for calculating the carrying cost is based in the relevant Interbank-rate + markup (150 bps).

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days).

For clients on the Classic service level a fee of USD 50 – or the equivalent amount in the account currency – will be charged when client requests online reports to be delivered by email. This fee will also apply for third-party requests for reports from, for example, auditors.

Transfer in fee
Saxo does not charge any fees for incoming transfers of securities from your other brokerage accounts.

Transfer out fee
For transfers of securities to your brokerage account outside Saxo Markets, an exit fee will be charged. The fees are AUD 50 per ISIN (max AUD 200).

FX Rollover Procedure

The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2)1. For example, a EURUSD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. At Saxo, FX Spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day.2

The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest). Financing Interest is not affected by the revisions on 9 December 2019.

Tom/Next swap points (Forward Price)

The swap points used are calculated using market swap prices from tier 1 banks, plus/minus a mark-up3 of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position.4

Tom/Next swap points for Classic and Platinum accounts will be revised to the levels below, from 20 January 2020.

CLASSICPLATINUMVIP
Tom/Next Swap points+/-0.60%+/-0.50%+/-0.45%

1 The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

2 The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

3 An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

4 Applicable to the default rollover methodology.

Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order.  Certain products that cannot be traded on the platform may be exempt.

You can request Forms 1042-S, however unless one or more of the conditions listed below are met, a EUR 1,000 handling fee per income year will apply:

  • You can provide proof that the IRS has requested a Form 1042-S from you.
  • Saxo Group applied the wrong relief-at-source US tax rate to your account.

If more than 10 forms are required per income year the fee will exceed EUR 1,000 per year.

A proxy voting service fee will be charged to clients who subscribe to Saxo Markets' meeting services. In addition, a per vote fee will be levied for every vote or change to a vote.

Description Cost
Service subscription
 EUR 30 p.a. excl. VAT
Vote/Changing a vote
 EUR 5 per vote excl. VAT

The Service subscription fee will be charged on a quarterly basis at the end of the quarter and is non-refundable. Clients opting in and out within the same quarter will be charged the full amount. When relevant, the service subscription fee will be converted to the applicable local currency and subject to a currency conversion charge. Note that the service subscription fee will first be charged at the end of Q4 2020, no service subscription fee will be charged for Q3 2020.

The per vote fee will be charged at the time of voting. When relevant, the per vote fee will be converted to the applicable local currency and subject to a currency conversion charge. The per vote fee will be incurred from 3 September 2020 and will first be charged at the end of Q4 2020. 

Saxo endeavours to provide as many instruments as possible to suit your trading strategy. New instruments can be requested if it is not currently available on Saxo’s platform. Saxo charges a fee for adding an instrument on the platform, to cover operational, connection and set-up costs.

If instrument is not available on the Saxo platform, you can place a request for the instrument to be added to the platform, please refer to the help portal, shall contain Instrument type (e.g. CFD, Stock), Name of the company, ISIN Code, Exchange and any necessary information.

Please note that a fee of USD 200 (or equivalent value in the account currency) will apply to Classic and Platinum clients for each new instrument added. VIP clients may request new instruments free of charge. The fee will be charged only when the requested instrument(s) is successfully implemented.

To check your current account tier, login to the platform, go to the ‘Account’ section and select the ‘Saxo Rewards’ tab.

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The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-au/about-us/awards

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.

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