General charges and fees
Commissions and charges
Please refer to the trading platform (and pre-trade tickets) for the prevailing charges and fees, in the event of any perceived inconsistencies or introducing/bespoke arrangements.
Saxo pays interest on the VIP account tier and our interest rates are adjusted daily, in line with market conditions, including changes in central bank rates.
All clients on the VIP account tier will earn interest on your account balance above SGD 5,000 (or equivalent) at a rate varying with your account balance. So the more you deposit, the higher rate you will earn.
With no lock-in, your funds will remain available to withdraw or invest, while earning interest.
Note that when you trade margin products, your interest is calculated based on your Account Value and Net Free Equity (NFE), which you can read more about below.
Interest on your main account is calculated on the Net Free Equity. Clients can earn interest on account holdings depending on their account tier and prevailing benchmark rates. Interest on sub-accounts is calculated on the Account Value.
What interest could I earn?
Annual interest to be earnt on
| Account Plan | Annual Interest | Interest Rate* |
|---|
* Rates as of x.xx.xxxx Rates are provided on a per annum basis. The interest calculator is provided for illustrative purposes only and the information obtained by using the calculator is not, and should not be taken as financial advice to any individual or corporation. Results may vary depending on the accuracy of the information you provide and prevailing interest rates and/or assumptions. Notwithstanding, Saxo’s interest rates are subject to the provisions of our General Business Terms.
Example:
Assuming a USD-denominated account and a Bid Interest Rate of 4.31%, clients on the VIP account tier would receive up to 3.55% on their ‘Net Free Equity’. Net Free Equity is defined as:
- 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
| Positive Net Free Equity / Account Value (currencies with positive rates) | Classic | Platinum | VIP |
|---|---|---|---|
| Net Free Equity / Account value above SGD (or equivalent) | NA | NA | 5,000 |
| Markdown to prevailing Saxo bid interest rate | NA | NA | -0.50% |
Net Free Equity margin financing
The margin financing requirement may differ from the trading margin requirement. Click here for the full list of cash collateral for margin financing used for Net Free Equity calculation.
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
Interest on accounts
The following interest rates apply to funds deposited with Saxo Markets
- For positive Net Free Equity/Account Value, the interest rate will be the highest of either: the Saxo bid interest rate minus the markdown or zero. Interest will be paid on the Net Free Equity/Account Value above the threshold.
- For negative Net Free Equity/Account Value, the interest rate will be the Saxo ask interest rate plus a markup, but never less than the markup. Interest will be charged on the full amount for all Account Values/Net Free Equity.
The thresholds, markdown and markup are*:
| Positive Net Free Equity / Account Value (currencies with positive rates) | Classic | Platinum | VIP |
|---|---|---|---|
| Net Free Equity / Account value above SGD (or equivalent) | NA | NA | 5,000 |
| Markdown to prevailing Saxo bid interest rate | NA | NA | -0.50% |
| Negative Net Free Equity / Account Value | Classic | Platinum | VIP |
|---|---|---|---|
| Markup to Saxo ask interest rate, however never less than the markup | 8% | 8% | 8% |
On your main trading account, this threshold will apply to the available Net Free Equity. For sub-accounts it will apply to the account value. Thresholds apply across accounts in the same currency. This will be debited to the main trading account or sub-accounts at the end of each month, for the interest period of the previous month (value date is the last day of the previous month).
*Markdown and markup varies based on the country of client residence.
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 Saxo Bid/Ask Interest 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/Ask financing rates and 2) Product markup/down.
The financing rates are set as:
- Bid = Saxo Bid financing rate - product markdown
- Ask = Saxo Ask financing rate + product markup
Saxo Bid/Ask financing rates
Saxo Bid/Ask 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/Ask 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/Ask 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/Ask financing rates are proprietary to Saxo Markets and subject to the provisions in our General Business Terms. 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 Saxo Bid/Ask Interest Rates in the section below.
Product markups/downs
For more information on pricing, please see our account tiers.
Interest calculation and settlement
Interest will be calculated daily and settled monthly – within seven business days of the end of each calendar month.
When a trade is funded by a loan (whether wholly or partially), you will be charged a margin lending interest rate for the borrowed amount. The loan amount is assessed daily based on the net cash balance on each margin lending account in the respective currency. The loan interest is calculated daily, and will start accruing from the settlement date of the margin position, and is booked to the loan amount at the start of each calendar month.
You can find the Margin Lending Interest Cost under Trading Conditions > Trading rates on eligible assets. Furthermore, you will be able to find a breakdown of the charges to your account in the Margin Lending Interest Details report available within the platform.
Do note that you will be charged interest on any outstanding margin loan, even if the aggregate cash balance on all your sub-accounts is positive.
Margin lending rates improve in line with our higher account tier, as shown below:
| Classic | Platinum | VIP | |
|---|---|---|---|
| Benchmark rate | + 2.0% | + 1.5% | + 1.0% |
The Saxo Bid/Ask rates are proprietary to Saxo Markets 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 generally use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Ask rates. For certain currencies, a money market rate, monetary policy rate or other relevant financial benchmark may apply as an input instead.
The benchmarks used when setting interest rates on deposits and financing rates on margin products are listed in the table below. Saxo Markets 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) |
| EUR | ACT/360 | Euro Short-Term Rate (ESTR) |
| GBP | ACT/365 | Sterling Overnight Index Average (SONIA) |
| HKD | ACT/365 | HKD Overnight Deposit rate |
| 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 |
| 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) |
When you trade an instrument in a currency that differs from your base denomination, conversions—including trading profits/losses—are executed using the FX spot mid-price, based on the time you close your position, plus/minus 0.25 percent. You will incur no more than plus/minus 0.25 percent in currency conversion cost, which is charged by us.
The currency conversion cost 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 or paying/receiving options premiums. If you transfer cash between your sub accounts denominated in different currencies, you will incur the same currency conversion cost.
The rate used for currency conversion of amounts booked to your account is shown in the trading platforms under the Trades Executed report.
Please note that when you transfer money in a currency which is different from your Saxo account currency, you might be charged excessive conversion cost by the intermediate banks. We highly recommend that you open a Saxo sub-account denominated in the same currency as the money you wish to transfer, and carry out the currency conversion within Saxo to enjoy our lower conversion cost of plus/minus 0.25 percent.
Saxo Group does not charge for online deposits or withdrawals; however, charges may be imposed by intermediary banks or other parties involved (for example the remitting/receiving bank).
For more information on correspondent bank charges for withdrawals, please click here.
Saxo Markets does not charge an inactivity fee.
Custody fees for Stocks, ETFs/ETCs and bonds
Singapore Residents and Singapore Incorporated Entities are not charged a custody fee for accessing SGX stocks and ETFs. Aside from SGX stocks, Saxo Markets has implemented a fee structure that reflects the client’s actual usage of the trading platforms.
For accounts with Stocks, ETFs/ETCs or Bond positions, an annual custody fee applies, as shown below. The custody fee will be calculated daily using the end of day values and charged on a monthly basis.
| Custody fee | Classic | Platinum | VIP |
| If opted into Securities Lending | 0% | 0% | 0% |
| If opted out of Securities Lending | 0.12% | 0.12% | 0.06% |
Small trade sizes incur a minimum ticket fee of USD 10. 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 can be found here.
For clients on the Classic account tier, the service level fee of USD 50 – or the equivalent amount in the account currency – will be charged when client requests online reports to be delivered by email. This fee will also apply for third-party requests for reports from, for example, auditors.
Transfer in fee
Saxo does not charge any fees for incoming transfers of securities from your other brokerage accounts.
Transfer out fee
For transfers of securities to your brokerage account outside Saxo Markets, an exit fee will be charged. The fees are EUR 50 per ISIN (max EUR 160 per transfer request).
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products that cannot be traded on the platform may be exempt.
You can request Forms 1042-S, however unless one or more of the conditions listed below are met, a EUR 1,000 handling fee per income year will apply:
- You can provide proof that the IRS has requested a Form 1042-S from you.
- Saxo Group applied the wrong relief-at-source US tax rate to your account.
If more than 10 forms are required per income year the fee will exceed EUR 1,000 per year.
The margin requirement applicable to opening and maintain a margin position consists of two elements:
- Initial margin: the amount of margin required to open a new position.
- Maintenance margin: the amount of margin required to maintain an open position.
The margin requirement is 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 satisfy the margin requirement in order to maintain the position(s).
Therefore, it is your responsibility to effectively manage and monitor your account at all times to ensure that the maintenance margin does not reach or exceed 100%. If your maintenance margin utilisation reaches or exceeds 100%, your margin positions may automatically be closed out, and any open orders on margin positions will be cancelled. In such an event, you will be liable for any resulting losses incurred.
Please refer to the platform for information on product rates and conditions.
A proxy voting service fee will be charged to clients who subscribe to Saxo Markets' 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.
Please note that clients on the Classic and Platinum account tiers 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.
Where a client fails to close any open positions and withdraw all assets and/or cash on an account when requested by Saxo before the account closure date (specified by Saxo), an administration fee of SGD 100 (or account currency equivalent) may be charged on the intended account closure date.
The administration fee will only be applied on accounts with a positive balance but will be capped at the amount available in your account if it has a positive balance of less than SGD 100 (or account currency equivalent) to prevent your account from going into negative balance. No administration fee will be charged for accounts with negative or zero balance.
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