Commissions, charges and margin schedule
We’re fully transparent about our charges, so you’ll always know how much it costs to trade and invest with us.
General charges and fees
When trading with Saxo Bank, you usually receive interest on your cash balance. However, if you have open positions in margin products, those positions will affect the interest calculation.
Your interest rate depends on your account tier (Classic, Platinum or VIP). The interest is composed of the Saxo Bid/Ask rates and a markup or markdown. Information about the Saxo Bid/Ask rates is available here.
Interest on your main account is calculated based on your Net Free Equity (NFE), which is your Cash Balance plus/minus any NFE adjustments. If you have multiple sub-accounts in different currencies, the interest on those is based on the calculated adjusted account value for each sub-account. See definitions here.
How much interest could I earn?
Annual interest on
|Account tier||Interest rate||Annual interest|
Rates as of x.xx.xxxx
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.
Please note that your Net Free Equity can become negative if your financing margin requirement and unrealised P&L on margin products exceed your cash balance, which will result in an overdraft rate.
|Interest rates on Negative NFE||CLASSIC||PLATINUM||VIP|
|Negative NFE (debit)||Saxo Ask + 8%||Saxo Ask + 7%||Saxo Ask + 6%|
Note that the margin financing requirement may differ from the trading margin requirement.
You can see the full list of cash collateral for margin financing used for Net Free Equity calculation here.
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 Saxo Bid/Ask rates are proprietary to Saxo Bank 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 use Alternative Reference Rates (ARRs) as an input when setting Saxo Bid/Ask rates. For currencies without a designated ARR, a money market rate, monetary policy rate or other relevant financial benchmark will apply as an input.
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.
|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) or Current-account rate|
|EUR||ACT/360||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||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 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.
|Classic Custody fee p.a.||Platinum custody fee p.a.||VIP custody fee p.a.||Monthly minimum fee|
|Stocks and ETFs/ETCs||0.15 %||0.12 %||0.09 %||EUR 5.00|
|Bonds||0.15 %||0.12 %||0.09 %||EUR 5.00|
Value Added Tax (VAT)
Custody fee is a VAT liable service, so VAT will be applied on top of the custody fee:
- residing within the EU, Danish VAT 25 % will apply
- residing outside of the EU, no VAT will be applied by Saxo Bank A/S
- 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.
|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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