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Saxo Bank introduces lower commissions and interest rates on free funds

Saxo Bank introduces lower commissions and interest rates on free funds

created Saxo BankAugust 29 2022

Danish investment bank, Saxo Bank, informed about the liquidation of the custody fee for clients in Poland, introduces lower commissions, offers asset diversification in Denmark and attractive interest rates for free funds. 

New products in Saxo Bank's offer

Saxo Bank announces a new opening in the context of its offer to clients in Poland. From September 6, 2022, new, competitive prices will be introduced, including, in particular, the liquidated fee for the storage of financial instruments, the so-called custody fee. Much emphasis was placed on reducing the costs associated with trading shares and ETFs on the Warsaw Stock Exchange (commission from 0,10% to 0,15%, depending on the type of account), as well as many other global exchanges, including in the USA (from 0,005 to 0,010 cents per share). Depending on the size of the transaction, savings when investing in shares may range from several hundred to even several thousand zlotys. Lower minimum fees have also been introduced in the case of CFDs and forex trading. 

60 instruments on one platform

Currently, Saxo Bank allows you to invest in more than 60 financial products from around the world, such as stocks, mutual funds, ETFs, bonds and leveraged products, but also allows you to keep cash in free currency sub-accounts. Attractive interest rates apply for larger amounts waiting to be invested, which allows you to additionally earn on the differences in the level of interest rates in different countries. For PLN, as of August 19.08.2022, 4,92, it was up to XNUMX% per annum, up to 6,25% for Czech crowns, and up to 9,19% for forints. The specific interest rates depend on the type of account you have at Saxo Bank (Classic, Platinum or VIP) and the amount deposited.

“Contrary to the current trend of increasing prices, Saxo Bank has set out to demonstrate that investors nowadays deserve the opportunity to save. Therefore, we simplify our price list for existing and new customers in Poland, lowering or even eliminating certain fees, including for the storage of financial instruments (custody fee). This means that investors can now build their portfolio which, for example, will protect their funds against inflation, at a much lower cost " - says Marcin Ciechoński, head of marketing at Saxo Bank in Central and Eastern Europe.

Deposit guarantee up to 200 euro

Saxo Bank also pays attention to the aspect geographically diversifying the funds it holds. Denmark and the Scandinavian countries have long been famous for their stability, which is an important criterion when choosing a location for all or part of your capital. Opening an account in a foreign bank usually requires having a place of residence in a given country, while by opening an account with Saxo Bank online, you can easily get an investment account in Denmark. Our funds are automatically protected by a Danish guarantee fund up to an amount of EUR 100, just like customers of other Danish banks. If, at the same time, we have funds in a Polish bank, we have both Polish and Polish protection Bank Guarantee Fundand its Danish counterpart for funds held at Saxo Bank. In total, we receive security in the amount of EUR 200.

While Saxo Bank does not offer standard bank accounts or payment cards, it does access to your funds from most places in the world. All we have to do is send a transfer for any amount from your bank account. It will be automatically linked to your Saxo Bank account, which means you can transfer your funds between them at any time.

“The changes we are introducing in our offer concern only customers in Poland and are an expression of our commitment to this market, to which we will pay a lot of attention in the near future, introducing new amenities and products. By using our platforms, clients receive access to an increasing amount of materials from Saxo Bank's analysts and educational content in Polish ”. - adds Marcin Ciechoński.

The most important changes in the offer from September 6

From September 6, 2022 Saxo Bank introduces the following changes for Polish customers:

  • no fee for the storage of financial instruments (custody fee).
  • lower commission and minimum fees on shares and ETFs - in the case of the Stock Exchange: 0,15% (minimum PLN 15) for the Classic account, 0,12% (minimum PLN 12) for the Platinum account, 0,10% (minimum PLN 10) for the VIP account; as well as many other global exchanges, including in the USA - from 0,005 cents per share (minimum USD 1) for the VIP account. 

Example: buying 21 Apple shares with a total value of USD 3655 in Saxo Bank, we will pay the minimum fee - depending on the account - at the level of USD 1-5, while in the commission model in banks in Poland between USD 9 and USD 18.

The differences in the "cent per share" vs. commission model are visible especially in larger orders for shares with a high nominal price. For example, when buying 500 shares of Microsoft with a total value of USD 145 in Saxo Bank, we will pay a fee - depending on the account - at the level of USD 000-2,5, while in the commission model in Polish banks - between USD 5 and USD 362.

  • lower minimum commissions for CFDs on stocks for most of the world's exchanges - EUR 4 for Classic account, EUR 3 for Platinum and EUR 1 for VIP account. For the Warsaw Stock Exchange, the commission ranges from 0,18% to 0,20% depending on the type of account, the minimum fee has also been abolished.
  • for Forex - lower minimum spot fee from $ 3 to $ 1, and currency option - from $ 10 to $ 1.
  • interest rate for free funds: 
    • PLN: 2,92% (Classic), 2,92% (Platinum), 4,92% (VIP)
    • CZK: 4,25% (Classic), 4,25% (Platinum), 6,25% (VIP)
    • HUF: 7,19% (Classic), 7,19% (Platinum), 9,19% (VIP)
    • USD: 1,05% (VIP)

The above interest rate is valid as of August 19, 2022 and is activated for amounts in PLN, CZK, HUF and USD equal to or higher than: USD 250 (Classic account), USD 000 (Platinum), USD 100 (VIP).

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About the Author
Saxo Bank
Saxo Bank is a Danish investment bank with access to over 40 instruments. The Saxo Group provides geographic diversification and 100% deposit protection up to EUR 100, provided by the Danish Guarantee Fund.