General charges and fees

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

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 for margin financing used for Net Free Equity calculation under our General Business Terms.

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 Bank 

  • For positive Net Free Equity/Account Value, the interest rate will be the highest of either: the Saxo Bid interest rates minus the markdown or zero. Interest will be paid on the full amount if the Net Free Equity/Account Value is above the threshold.
  • For negative Net Free Equity/Account Value, the interest rate will be the Saxo Offer 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.

For deposits in currencies with negative interest rates:

Saxo Bank charges negative interest based on relevant central bank rates. This charge applies to balances above the thresholds stated in the table below. The interest rates applied by central banks are continuously monitored by Saxo Bank. If a rate is changed, Saxo will adjust its negative interest rates accordingly with effect from the start of the next month.

The thresholds, markdown and markup are*:

Positive Net Free Equity/Account value
(currencies with negative rates)
VIPPlatinumClassic
Threshold EUR 1,000,000100,00050,000
Threshold CHF 1,000,000100,00050,000
Threshold DKK7,500,000750,000375,000
Markdown to central bank rate0.00%–0.25%–0.50%

Please note that the following thresholds and rates apply for new approved accounts from 25.11.2021. For existing customers, these new rates and thresholds will apply from 1.2.2022:

Positive Net Free Equity/Account value
(currencies with negative rates)
VIPPlatinumClassic
Threshold EUR 100,00075,00050,000
Threshold CHF 100,00075,00050,000
Threshold DKK750,000550,000375,000
Markdown to central bank rate-0.25%-0.35%-0.50%

 Positive Net Free Equity / Account Value
(currencies with positive rates)
VIPPlatinumClassic
Net Free Equity / Account value above USD (or equivalent)50,000100,000250,000
Markdown to prevailing Saxo bid interest rate–1%–3%–3%

Negative Net Free Equity / Account ValueVIPPlatinumClassic
 Markup to prevailing market rate however never less that the markup6%7%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. Negative interest will be calculated daily for the credit balances exceeding the threshold. 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 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 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 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 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/360Danmarks Nationalbank current-account rate
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.

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 1 percent. We charge Platinum clients no more than plus/minus 0.75 percent, and VIPs no more than plus/minus 0.5 percent.

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.

Custody fees for stocks, ETFs/ETCs and bonds

For accounts with stock, ETFs/ETCs or bond positions a custody fee of 0.15 % p.a. with a monthly minimum fee of EUR 5.00 will apply. We charge Platinum clients no more than plus/minus 0.12 % p.a., and VIPs no more than plus/minus 0.09 % p.a. The minimum custody fee will always be applied to a default account. The custody fee will be calculated daily using the end of day values and charged on a monthly basis. Regional differences may apply.

Minimum fee
Classic Custody fee p.a.Platinum custody fee p.a.VIP custody fee p.a.Monthly minimum fee
Stocks and ETFs/ETCs0.15 %0.12 %0.09 %EUR 5.00
Bonds0.15 %0.12 %0.09 %EUR 5.00

* Note that custody fees vary based on country of residence. To check the custody fee for your account, please log in to the platform, open Trading Conditions of a stock, ETF or bond and view the custody fee under the Trading rates tab.

Value Added Tax (VAT)

Custody fee is a VAT liable service, so VAT will be applied on top of the custody fee:

Physical persons

  • residing within the EU, Danish VAT 25 % will apply
  • residing outside of the EU, no VAT will be applied by Saxo Bank A/S

Corporate/Institutional client

  • having its place of business in Denmark, Danish VAT 25 % will apply
  • having its place of business within the EU (except for Denmark), no VAT will be applied by Saxo Bank A/S if a valid EU VAT ID is provided.* A reverse charge invoice will be provided.
  • having its place of business within the EU (except for Denmark), Danish VAT 25 % will be applied if a valid EU VAT ID is not provided.
  • having its place of business outside the EU, no VAT will be applied by Saxo Bank A/S, but local VAT rules may apply

*Only a EU VAT ID that is verifiable through the EU commission’s website:  http://ec.europa.eu/taxation_customs/vies/vatRequest.html?local=en will be registered as a valid EU VAT ID. If the EU VAT ID is not verifiable, please contact your local VAT authority.

An inactivity fee on the amount of USD 100.00 –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 6 consecutive months (180 days).

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.

For clients on the Classic service level a 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.

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.

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. 

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 instrument 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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Philip Heymans Alle 15
2900
Hellerup
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All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

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