Commissions, Charges and Margin Schedule

Interest on Funds Deposited With Saxo Capital Markets

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).

Net Free Equity Definition

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 Definition

Account Value of your sub-account is:

  • The 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
Account Interest (Retail)

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

Net Free Equity above USD 15,000 (or equivalent):

  • Interest paid on the full amount on the account is the higher of market bid rates minus 3 % 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 %
Account Interest (Institutional)

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

  • For positive Net Free Equity interest will be the higher of market bid rates minus a mark-up 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 Capital 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.

Threshold Negative interest rate (p.a.)
EUR 250,000 -0.40%
CHF 250,000 -0.75%
DKK 2,000,000 -0.65%
SEK 2,500,000 -0.50%
Withholding tax in interest

Under Australian Income Tax law, payers of interest must withhold tax and pay it to the Australian Taxation Office (ATO) where an account holder has not provided a:

  • Tax File Number (TFN)
  • Australian Business Number (ABN); or
  • Valid TFN exemption

You can find out more on the ATO web site at www.ato.gov.au

If you do not provide us with your Tax File Number (TFN), TFN exemption or Australian Business Number (ABN) or you have an overseas residential address, we must by law deduct tax from any interest we pay to you and pay this tax to the Australian Taxation Office (ATO). This tax is referred to as 'withholding tax'.

Interest Calculation and Settlement

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

Currency Conversion Fee

Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate when you close the position, plus/minus 0.5 %. For FX Options the rate is plus/minus 0.1 %.

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.

The rate used for currency conversion of amounts booked to your account is shown in the trading platforms under the “Trades Executed” report.

Custody Fees

Custody fees for stocks, ETFs/ETCs and bonds

For accounts with stock, ETFs/ETCs or bond positions a custody fee of 0.12 %p.a. with a monthly minimum fee of AUD 5.00 or equivalent will apply. The custody fee will be calculated daily using the end of day values and charged on a monthly basis. Regional differences may apply.

Custody fee p.a. Monthly minimum fee
Stocks and ETFs/ETCs 0.12 % AUD 5.00
Bonds 0.12 % AUD 5.00
Inactivity Fee

For clients on the Classic service level, an inactivity fee on the amount of AUD 100.00 – or the equivalent amount in the account currency - will be charged where the client does not execute any trades on his/her account for a period of 6 consecutive months (180 days).

Transfer Out Fee

For transfers of Stocks to your account outside Saxo Capital Markets, an exit fee will be charged. The fees are as follows:

  • DK Stocks: 25 EUR per ISIN (max. 100 EUR)
  • Other Stocks: 50 EUR per ISIN (max. 160 EUR)


Changes to DRS Stock Transfer Fees
Please note that fees for stock transfers under the Direct Registration System (DRS) have been revised with immediate effect.
Please refer to the Fee Schedule for more information.

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