Commissions, charges and margin schedule
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General charges and fees
As a Saxo client, you can receive interest on your cash balance. The interest you receive depends on the account currency, your balance and account tier (Classic, Platinum or VIP). There is no minimum holding period and interest accrues daily. If you have open positions in margin products, interest will be paid based on your available Net Free Equity (NFE).
The interest rate is set using the Saxo Bid rate with an applied markdown. Information about the Saxo Bid/Ask rates is available here.
Interest on your main account is calculated based on your Net Free Equity (NFE), which is your cash balance plus/minus any NFE adjustments. If you have multiple sub-accounts in different currencies, the interest on those is based on the calculated adjusted account value for each sub-account. See definitions here.
How much interest could I earn?
Annual interest on
| Account tier | Annual interest | Interest rate |
|---|
Rates as of x.xx.xxxx The prices above are indicative and will vary according to the country of residency. A full overview of exact pricing is available through the platform trade tickets.
Tax treatment
Please note that deposit interest income is subject to Swiss withholding tax at a rate of 35%.
Settlement
Interest will be calculated daily and settled monthly within seven business days of the end of each calendar month. Interest is calculated according to the day count convention and market standard set out in the table under Saxo Bid/Ask Interest Rates.
Please note that your Net Free Equity can become negative if your financing margin requirement and unrealised P&L on margin products exceed your cash balance, which will result in an overdraft rate. This rate is based on the Saxo Ask Rate with an applied markup.
| Interest rates on Negative NFE | CLASSIC | PLATINUM | VIP |
| Negative NFE (debit interest charged) | Saxo Ask Rate + 8% | Saxo Ask Rate + 6% | Saxo Ask Rate + 4% |
Please note that the margin financing requirement may differ from the margin trading requirement. You can see the full list of cash collateral rates for margin financing used for the Net Free Equity calculation here.
In supporting your financial aspirations and trading objectives, we provide both funding and liquidity for your trading activities in margin products. Our financing rates apply when you hold an open position in a margin product overnight e.g., a Contract for Difference (CFD) on a single stock.
Your financing rates consist of two components: 1) Saxo Bid/Offer financing rates and 2) commercial product markup/down.
The financing rates are set as:
- Bid = Saxo Bid financing rate - commercial product markdown
- Offer = Saxo Offer financing rate + commercial product markup
Saxo Bid/Offer financing rates
Saxo Bid/Offer financing rates refers to our pricing on financing i.e., we are charging floating interest rates. We use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Offer financing rates. For currencies without a designated ARR, a money market rate, monetary policy rate or other relevant financial benchmark will apply as an input.
Saxo Bid/Offer Financing Rates have a floor of zero percent, i.e. the interest rates can not be negative rates.
When you buy CFDs on single stocks e.g., in Hong Kong Dollars, we will convert our funding base into Hong Kong Dollars to finance the underlying purchase of the stocks. Conversely, if you are selling CFDs on a single stock e.g., in South African Rand, we will convert the proceeds from sale of the underlying stocks into our funding base currencies. These operations require active trading in various financial products in the interbank market to manage the liquidity cash flows generated by your trading activities.
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 are recognised by National Competent Authorities (NCAs), market participants, and national and international financial industry associations. For more information on the relevant financial benchmarks listed below, please consult the financial benchmark administrator, central or reserve bank.
The Saxo Bid/Offer financing rates are proprietary to Saxo Bank Switzerland and subject to the provisions in our General Terms & Conditions. One provision could be pass-through of cost related to external factors, such as changes in domestic and/or foreign monetary or credit policies that affect the general interest level or changes in cost structures with liquidity providers and brokers.
As a reference, see applicable Benchmark Rates in the section below.
Commercial product markups/downs
For more information on our general pricing, please consult the page Pricing Overview
Interest calculation and settlement
Interest will be calculated daily and settled monthly – within seven business days of the end of each calendar month.
The Saxo Bid/Ask rates are proprietary to Saxo Bank Switzerland and subject to the provisions in the General Business Terms. One such provisions could be pass-through of cost related to external factors, such as changes in domestic and/or foreign monetary or credit policies that affect the general interest level or changes in cost structures with liquidity providers and brokers.
We use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Ask rates. For currencies without a designated ARR, a money market rate, monetary policy rate or other relevant financial benchmark will apply as an input.
The benchmarks used when setting interest rates on deposits and financing rates on margin products are listed in the table below. Saxo Bank Switzerland reserves the right to apply a business lag to the publication of financial benchmarks when calculating and booking unrealised and realised interest.
| Currency | Day count convention | Benchmark rates |
|---|---|---|
| AED | ACT/360 | Central Bank of United Arab Emirates (CBUAE) repo rate |
| AUD | ACT/365 | Australian Overnight Index Average (AONIA) |
| CAD | ACT/365 | Canadian Overnight Repo Rate Average (CORRA) |
| CHF | ACT/360 | Swiss Average Rate Overnight (SARON) |
| CNH | ACT/360 | Chinese Offshore Yuan Hong Kong Interbank Offered Rate (CNH HIBOR) |
| CZK | ACT/360 | Czech Overnight Index Average (CZEONIA) |
| DKK | ACT/360 | Denmark Short-Term Rate (DESTR) or Current-account rate |
| EUR | ACT/360 | Euro Short-Term Rate (ESTR) |
| GBP | ACT/365 | Sterling Overnight Index Average (SONIA) |
| HKD | ACT/365 | Hong Kong Overnight Index Average (HONIA) |
| HUF | ACT/360 | Hungarian Overnight Index Average (HUFONIA) |
| ILS | ACT/360 | Bank of Israel (BoI) rate |
| JPY | ACT/360 | Tokyo Overnight Average Rate (TONAR) |
| MXN | ACT/360 | Overnight TIIE funding rate |
| NOK | ACT/360 | Norwegian Overnight Weighted Average (NOWA) |
| NZD | ACT/365 | Reserve Bank of New Zealand (RBNZ) Official Cash Rate (OCR) |
| PLN | ACT/360 | Poland Overnight Index Average (POLONIA) |
| RON | ACT/360 | National Bank of Romania deposit rate |
| SAR | ACT/360 | Central Bank of Saudi Arabia (SAMA) reverse repo rate |
| SEK | ACT/360 | Swedish Short-Term Rate (SWESTR) |
| SGD | ACT/365 | Singapore Overnight Rate Average (SORA) |
| THB | ACT/365 | Thai Overnight Rate (THOR) |
| TRY | ACT/360 | Turkish Lira Reference Rate (TLREF) |
| USD | ACT/360 | Secured Overnight Financing Rate (SOFR) |
| ZAR | ACT/365 | South Africa Benchmark Overnight Rate (SABOR) |
Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate plus/minus 1.00% for classic clients, 0.75% for platinum clients and 0.50% for VIP clients.
For FX Options premiums the FX spot rate plus/minus 1.0% will be used.
The Currency Conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the account are included, for example, buying/selling cash Stocks/Bonds, paying/receiving options premium etc. or profit/loss on other margin products.
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 for stocks, ETPs and bonds
For accounts with stock, ETP or bond positions, an annualised custody fee with a monthly minimum is charged depending on your account tier. The custody fee is calculated daily using end of day position values and billed every month subject to 7.7% VAT. There is no minimum monthly custody fee.
No custody fees are charged for mutual fund investments.
| Classic | Platinum | VIP | |
|---|---|---|---|
| Stocks and ETPs | 0.22% p.a. (max. CHF 10 per month) | 0.15% p.a. (max. CHF 10 per month) | 0.12% p.a. (max. CHF 10 per month) |
| Bonds | 0.22% p.a. (max. CHF 10 per month) | 0.15% p.a. (max. CHF 10 per month) | 0.12% p.a. (max. CHF 10 per month) |
An inactivity fee of CHF 10 per month – or the equivalent amount in the account currency – will be charged for Classic clients who hold less than CHF 10,000 in cash or securities and do not execute any trades for a period 90 days. The charge is billed for 3 months every 90 days. Inactivity fees will not be charged to Platinum and VIP clients. Clients who are invested in SaxoSelect managed portfolios are also exempt.
Security transfer out incurs a fee of CHF 50 – or the equivalent amount in the account currency – each security position.
For clients with a Classic account a fee of CHF 50 – or the equivalent amount in the account currency – will be charged when a client requests online reports to be delivered by email. This fee will also apply for third-party requests for reports from, for example, auditors.
Clients with a Classic Account placing orders over the phone, chat or email will be subject to a manual order fee of CHF 50 per order. Certain products that cannot be traded on the platform may be exempt.
A proxy voting service fee will be charged to clients who subscribe to Saxo Bank’s 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.
Rates applicable to clients represented by an Introducing Broker (IB) or an External Asset Manager (EAM) may vary with regard to the here shown standard rates. Applicable rates are disclosed in the trading ticket or in the Trading Conditions window under the “Account” menu on the platform SaxoTrader GO & SaxoTrader PRO or in SaxoTraderGO (Monitor).
Please note that Classic and Platinum clients will be charged a fee of USD 200 for each new instrument added. VIP clients may request new instruments free of charge. The fee will be charged only when the requested instruments are successfully implemented. To check your current account tier, please go to the "Account" section of the platform and select the "Saxo Rewards" tab.
