Commissions, charges and margin schedule

We’re fully transparent about our charges, so you’ll always know how much it costs to trade and invest with us.

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Get ultra-competitive spreads and commissions across all asset classes, and receive even better rates as your volume increases. 

General charges and fees

Interest on your main account is calculated on the Net Free Equity. Interest on sub-accounts is calculated on the Account Value.

Net Free Equity definition

Your Net Free Equity is:

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

Net Free Equity margin financing

The margin financing requirement may differ from the trading margin requirement. See the full list of cash collateral rates for margin financing used for Net Free Equity calculation under our General Terms & Conditions.

As the Net Free Equity is calculated based on open trade positions across all your accounts, please ensure you have sufficient cash available on your main account currency. If you do not, you risk being subject to a debit interest in your main account currency.

Account Value definition

Account Value of your sub-account is:

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

Account Interest Private Clients

For positive Net Free Equity on the main account or any positive Account Values on sub-accounts, no interest is paid.

If the Net Free Equity has a negative value, interest is due at the overnight market rate plus 8% p.a. (minimum 8% p.a.). The same interest is also due on negative Account Values of sub-accounts.

The following shall apply with regard to the charging of negative interest:

For currencies that are subject to negative reference interest rates from central banks Saxo Bank (Switzerland) Ltd. reserves the right to charge negative interest on accounts of private clients on an individual basis and subject to a previous notice. In such case, the following negative interest rates apply, which are applied on the main account on the available Net Free Equity and, for each sub-account, on the Account Value(s):

 Negative interest rate (p.a.)
EUR  –0.50%

Account Interest Institutional Clients

For positive Net Free Equity on the main account or any positive Account Values on sub-accounts, no interest is paid.

For currencies which are subject to negative interest reference rates by central banks, Saxo Bank (Switzerland) Ltd. charges institutional clients on all accounts above a certain threshold negative interest.

The thresholds and negative interest rates are currently as per below table and are applied on the main account on the available Net Free Equity and, for each sub-account, on the Account Value:

 ThresholdNegative interest rate (p.a.)
EUR250,000  –0.50%

The negative reference interest rates applied by the central banks are continuously monitored by Saxo Bank (Switzerland) Ltd. If the negative interest rate environment were to change, Saxo Bank (Switzerland) Ltd. will endeavour to make adjustments to its negative interest rates.

If the Net Free Equity has a negative value, interest is due at the overnight market rate plus 8% p.a. (minimum 8% p.a.). The same interest is also due on negative Account Values of sub-accounts.

Interest Calculation and 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 conventions and market standard set out in the table under Benchmarks Rates.

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 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.

Swipe left or right for more
CurrencyDay count conventionBenchmark 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 Average Rate Overnight (SARON) *)
CNHACT/360Chinese Offshore Yuan Hong Kong Interbank Offered Rate (CNH HIBOR)
CZKACT/360Czech Overnight Index Average (CZEONIA)
DKKACT/360Denmark Short-Term Rate (DESTR)
EURACT/360Euro 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/360Overnight TIIE funding rate
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)

* For positive Net Free Equity or Account Value in Swiss Franc the applicable benchmark is Swiss National Bank (SNB) policy rate.

** For positive Net Free Equity or Account Value in Euros the applicable benchmark is European Central Bank (ECB) deposit facility rate.

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.

Example: if you held 100,000 CHF in stocks, ETPs or bonds as a Platinum client, your monthly custody charge would be 12.33 CHF + VAT for a typical month (equivalent to 100,000 CHF x 0.15% p.a. x 30/365).

No custody fees are charged for mutual fund investments.

Classic Platinum VIP
Stocks and ETPs0.22% p.a.0.15% p.a. 0.12% p.a.
Bonds0.22% p.a. 0.15% p.a. 0.12% p.a.

An inactivity fee on the amount of CHF 89 – 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 3 month (90 days). Inactivity fee will not be charged to VIP clients.

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.

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Beethovenstrasse 33
CH-8002
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Switzerland

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All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

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