If you're a new client, your initial deposit will determine which account tier we place you in first. To qualify for an upgrade, you’ll need to earn a specific number of reward points, depending on the tier you want to join. Your points are calculated across the last three months, as well the current month, on a rolling basis. For example, any points you earn in January will not be included in your rolling total from 1 May.

When you qualify for an account tier, you’ll receive a rolling 12-month membership. That means if you continue to meet the rolling points criteria of your tier, your 12-month membership will roll over as well. If you ever drop below the qualifying points criteria, you’ll have a 12-month grace period before we’ll move you to a lower tier, giving you time to build up your reward points again.

There are two ways you can earn reward points by funding your account.

1. First 30 days net funding

As a new Saxo client, you’ll receive reward points based on your net funding during your first 30 days with us.

Funding SGD 3,000 will earn you 1,000 reward points.

Funding SGD 1,500,000 will earn you 500,000 reward points, and you will qualify for VIP status.

If you withdraw funds again, your point balance will reduce accordingly.

We’ll recalculate your points balance at the end of each day, and deduct points on a daily basis if you withdraw funds, so you can monitor your points on a regular basis. Any upgrade will be effective two working days after the balance in your Saxo account reaches the qualifying level.

Please note that total AuM (apart from your net funding) will not be taken into consideration for the purposes of calculating points during this initial, 30-day period.

2. Funds and AuM over time

After your account has been open for 30 days, you’ll continue to receive points for the funds you hold with us, but as these funds may have converted from cash to positions the points you receive will be based on the total average assets under management (AuM) of your account, rather than the cash balance. This refers to the total value on your account, including any deposits and open positions.

Your reward points are calculated based on the monthly average AuM, and you’ll receive your points two trading days before the end of each month.

An average AuM of SGD 15,000, for example, would earn you 250 Reward points every month.

Please note that we will not include AuM in our calculations during the first 30 days of your account being open. Rather, during this period we will factor in net funding into the account, as outlined above.

If you don’t meet the points criteria of your tier, we won’t move you to a lower tier immediately. Instead, you’ll enter a 12-month grace period. This means you can continue to enjoy all the benefits of your current account tier for at least another 12 months.

This should give you time to collect enough reward points to qualify for your current tier again. If you do, your rolling 12-month membership will start anew. We will only consider moving you to a lower tier if you’re unable to meet the points criteria of your tier at any time during the grace period.