Commissions, Charges and Margin Schedule
General charges and fees which could influence the overall cost to trade. We’re fully transparent about our charges, so you’ll always know how much it costs you in advance.
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, CFD financing and margin lending.
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.
|Currency||Day count convention||Account interest rates *)||Margin financing 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 National Bank (SNB) policy rate||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||Danmarks Nationalbank current-account rate|
|EUR||ACT/360||European Central Bank (ECB) deposit facility rate||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||The Equilibrium Interest Rate (TIIE) Overnight|
|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|
|RUB||ACT/360||Ruble Overnight Index Average (RUONIA)|
|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)|
* 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.
The base currency of your account(s) is the currency denomination that you have selected for your main account when you opened an account with us.
You may be permitted, at our discretion, to open multiple accounts which can be denominated in the same or a different currency to that of your main account. If you have multiple accounts with us, you should consider the following:
- opposite positions of rolling spot forex in the same currency cross on the same account will effectively cancel each other out. However, opposite positions of rolling spot forex in the same currency cross across different accounts will not cancel each other and will be continuously rolled over until closed by you or us;
- if you operate multiple main accounts (as opposed to one main with one or more sub-accounts), you should note that any funds deposited on one main account will not be considered as margin collateral for another main account, unless we agreed otherwise in writing. Therefore, the margin requirements are applied severally on each main account. Consequently, a default resulting in a compulsory close-out of open margined positions in one main account could occur even though another main account has funds available for margin trading;
- Interest on your main account is calculated on the Net Free Equity and interest on your sub-accounts is calculated on the Account Value.
Net Free Equity
Net Free Equity is defined as:
- The cash balance of the 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
To avoid paying overdraft interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.
For the purpose of calculating Net Free Equity, the margin financing used in Net Free Equity calculations can be found in the platform.
Account Value of your sub-account is defined as:
- 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
Since the Net Free Equity is calculated on open positions on all your accounts, it is important to ensure you maintain sufficient cash balance in your main account. Otherwise, you risk being subject to debit interest charges on your main account exceeding the credit interest payable on your sub-account(s).
Negative interest rates apply to clients holding cash in EUR, CHF or DKK balances above the thresholds listed below.
The threshold and interest will be applied to the available Net Free Equity in your main trading account, as well as the account value on subaccounts.
The following interest rates apply to funds deposited with Saxo
- For positive Net Free Equity, the interest will be the highest of either: the market bid rates minus the markdown or zero. Interest will be paid on the full amount, if Account Values/Net Free Equity is above threshold.
- 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/Net Free Equity.
For deposits in currencies with negative interest rates
Saxo charges negative interests aligned with central bank rates. The charge applies to balances above the thresholds indicated in the table below. The interest rates applied by the central banks are continuously monitored. If a rate is changed, Saxo will adjust its negative interest rates accordingly with effect from the start of the next month.
Positive NFE (currencies with negative rates)
|Currency||Threshold||Rate for balances above threshold|
Positive NFE (currencies with positive rates)
|Markdown to prevailing market rate||–3%|
|Markup to prevailing market rate however never less than the markup||4%||8%||8%|
Before you open a Margin Trade you are required to have sufficient funds or collateral in your account that is at least equal to the initial margin requirement as indicated on the relevant product trading rates and conditions page or displayed on the trading platform. The margin is usually a small percentage of the overall value of the contract.
Although the margin required is small in comparison to the overall value of the contract, price movement may result in the requirement to place additional funds at a short notice to maintain the position(s). You will need to satisfy the margin requirements and failure to do so may result in a compulsory close-out of the open margined position(s).
It is not just vital but also your responsibility to effectively manage and monitor your account at all times to ensure that it does not breach 100% margin utilisation. If your account breaches 100% margin utilisation, then automatic margin close-out will commence, and consequently positions will be closed and existing orders will be cancelled.
We charge GBP 25 (or currency equivalent based on base currency) per quarter if you only hold cash funds on your account. These fees will be applied during the first week of the following quarter month, as long as your account remains inactive and continues to hold funds.
The quarters are:
- Q1 – January, February, March
- Q2 – April, May, June
- Q3 – July, August, September
- Q4 – October, November, December
Please note that the platform fee cannot reduce your account balance below zero.
You will not incur the platform fee if you are being charged a custody fee.
A fee of 0.12% p.a. (classic/platinum accounts) or 0.08% (VIP accounts) is charged on open Bond and Stock / ETF / ETC positions, with a minimum monthly fee of EUR 10 (or account currency equivalent). Fees are calculated daily but debited on a monthly basis.
Please note that the fee can take your account’s cash balance into a negative that will be subject to the negative net free equity interest charge (please see Interest Rates clause).
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 (or account currency equivalent) per order. Certain products which cannot be traded on the platform (such as market-made instruments on the LSE, offline bonds, and specific algorithmic orders) and must be executed with the help of the trading desk can still be done free of charge.
For transfers of Stocks to an account outside of Saxo and exit fee will be charge. This fee will be EUR 50 per line of stock with max. EUR 160 fee or the currency account equivalent.
Where an instrument currency is different to the account currency, currency conversions of trading costs as well as profit/loss from trading activities are executed using the FX Spot mid-price at the time of closing the position plus or minus 1% (classic accounts), 0.5% (platinum accounts), or 0.3% (VIP accounts).
For cash products (stocks, bonds, ETFs and the premium on options) currency conversions are charged on the purchase and sale at the mid FX Spot rate, plus/minus 1%.
For derivative products excluding FX Options, currency conversions are charged on the profit and loss at the mid FX Spot rate, plus/minus 1%. 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.
Positions held overnight in Listed Futures, CFD Futures, and short Listed Options will be subject to a carrying cost.
The carrying cost is calculated based on the daily margin requirement and applied when a position is held overnight. It is charged at the end of each month.
For Futures the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at: 2.5% (classic accounts), 1.5% (platinum accounts), or 0% (VIP accounts).
For short Listed Options the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at 1.5%.
Carrying Cost = Margin requirement * Days held * (Relevant Interbank rate + Markup) / (365 or 360 days)
Please note that relevant benchmark rates are floored at 0%.
You are able to access extensive account reporting tools from the trading platforms, including Account and Financial Statements, Portfolio Reports, and Trades Executed.
For Classic clients there is a fee of USD 50 (or account currency equivalent) when requesting 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.
Small trade sizes will incur a minimum ticket fee of 10 USD (or account currency equivalent). A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur. Full details on minimum commission thresholds can be found here.
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 EUR-USD 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 day2.
The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest).
1. Tom/Next swap points (Forward Price)
The swap points used are calculated using market swap prices from Tier-1 banks, plus/minus a mark-up corresponding to +/- 0.75% (classic clients) or +/- 0.45% (platinum clients)3 or +/- 0.45% (VIP clients)3 of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position4.
2. Financing of unrealised profit/loss (Financing Interest)
Any unrealised profit/loss on positions that are rolled from one day to the next are subject to an interest credit or debit. The unrealised profit/loss is calculated as the difference between the opening price of a position (possibly corrected for previous Tom/Next rollovers) and the Spot price at the time that the rollover is performed.
The rate is calculated based on the daily market overnight interest rates plus/minus a mark-up corresponding to +/- 2.00%. The final rate is used to adjust the opening price of the position4.
Example: Buy 100,000 EURUSD Spot on Monday, Sell 100,000 EURUSD Spot on Tuesday.
|Mon||Today (“T”)||+100,000||» Trade to buy 100,000 EURUSD T+2 at 12.00 GMT|
|Tue||T+1||-100,000||» Trade to sell 100,000 EURUSD T+2 at 03.30 GMT|
» Opening (buy) position rolled from T+2 to T+3 at 10.00 GMT5
» Unrealised profit/loss available in Positions module from 10.00 GMT 6
» End-of-day files available from 10.00 GMT
|Wed||T+2||» Realised profit/loss available in Positions module from 00.00 GMT|
» Forex Rollover report available from 04.00 GMT
When you hold an Index or Single Stock (Single Stock and ETFs/ETCs) CFD position overnight your position will be subject to the following credit or debit:
- Long positions incur a financing markup of +3% (classic/platinum accounts) or +2% (VIP accounts).
- Short positions incur a financing markdown of -3% (classic/platinum accounts) or -2% (VIP accounts).
A proxy voting service fee will be charged to clients who subscribe to Saxo Markets’ meeting services, which enables voting in the event of corporate actions. In addition, a fee will be charged for every vote (including changes to a vote).
|Service subscription||EUR 30 p.a. plus VAT|
|Vote/Changing a vote||EUR 5 per vote plus VAT|
The Service subscription fee will be charged on a quarterly basis at the end of the quarter. Clients opting in and out within the same quarter will be charged the full amount. 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 incurred from September 3rd, and initially debited from your account as a single collected amount at the end of Q4 2020. From 2021 the per vote fee will be charged in real-time at the time of voting.
When applicable, both fees will be converted to the relevant local currency and subject to a currency conversion charge.
Where a client fails to withdraw all assets and/or cash on an account after their termination date (specified by Saxo), an administration fee of GBP 40 (or account currency equivalent) may be charged per month for the continued servicing of the account.
This will be charged for as long as assets/cash continue to be held on the account.
If the account’s cash balance is reduced to zero but positions remain open, under the General Business Terms, we may close open positions at the prevailing market rate to cover the fee.
We will notify clients if this fee is charged to their account.
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