Commissions, Charges and Margin Schedule

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

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

Since the Net Free Equity is calculated based 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 account
  • Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main account
  • Plus the market value of any FX Options on your main account
  • Minus any margin required for financing open positions on your main account and sub-account(s)

Net Free Equity margin financing

The margin financing requirement may differ from the trading margin requirement.

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

Further information can be found here.

The Account Value of your sub-account is:

  • The cash balance of the sub-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 apply to funds deposited with Saxo Bank (Switzerland) Ltd.:

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.

From 31 August 2018 on, 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-0.40%
CHF-0.75%
DKK-0.65%
SEK-0.50%

The following interest rates apply to funds deposited with Saxo Bank (Switzerland) Ltd.:

  • 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.)
EUR250,000-0.40%
CHF250,000-0.75%
DKK2,000,000-0.65%
SEK2,500,000-0.50%

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 will be calculated daily and credited/debited monthly - within seven business days after the end of each calendar month.

Fees

Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate plus/minus 0.50% on Platinum or VIP accounts and plus/minus 1.00% on Classic accounts.

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 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, 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 CHF 5.00 will apply. The custody fee will be calculated daily using the end of day values and charged on a monthly basis and subject to 7.7% Swiss VAT (if applicable). Regional differences may apply.

Custody fee p.a.Monthly minimum fee
Stocks and ETFs/ETCs0.12 %CHF 5.00
Bonds0.12 %CHF 5.00

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).

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 standard mail or 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.