DEGIRO vs Saxo Bank (2026):
Budget ETF broker vs full-service platform
DEGIRO is Europe’s best-known low-cost ETF broker — near-zero commissions, no frills, no extras. Saxo Bank is a premium Danish platform with savings plans, cash interest, managed portfolios, and 19,000+ instruments. The right choice depends entirely on how much you need beyond a cheap entry point.
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TL;DR — who should pick which
- You buy UCITS ETFs manually once a month or less.
- You want the lowest possible cost on core ETFs (€0 under Fair Use policy).
- You don’t need savings plans, cash interest, or managed portfolios.
- You prefer a simple, no-subscription interface.
- You want automated recurring investing (AutoInvest).
- You hold cash and want it earning interest.
- You want access to bonds, options, CFDs, or managed portfolios.
- You need a professional platform you won’t outgrow.
Side-by-side comparison
| Feature | DEGIRO | Saxo Bank |
|---|---|---|
| ETF commission | €0 (Core Selection, Fair Use) / €3 otherwise | 0.10% per trade, min €3 (Classic tier) |
| Custody / platform fee | None | 0.12% p.a. (max €100/yr — Classic tier) |
| FX conversion | 0.25% | 0.25% (Classic) — same |
| Interest on cash | ❌ None | ✅ Yes — competitive rate |
| Savings plans / AutoInvest | ❌ Manual only | ✅ Yes — AutoInvest feature |
| Managed portfolios | ❌ No | ✅ SaxoSelect |
| Fractional shares | ❌ No | ❌ No (most instruments) |
| ETF / instrument range | ~5,000 ETFs, 50+ exchanges | 19,000+ instruments, large UCITS ETF selection |
| Minimum deposit | None | None (€2,000+ recommended) |
| Regulation | AFM (NL) + flatexDEGIRO banking licence | Danish FSA + EU passporting |
| Investor protection | €20k (securities) + €100k (cash) | DKK 150k (~€20k) securities guarantee |
Fees compared in detail
DEGIRO wins on raw commission cost. Saxo Bank’s custody fee and trade minimums make it more expensive at low balances — but cash interest partially offsets this as your portfolio grows.
- Core Selection ETFs: €0 commission on Tradegate. Fair Use policy: first trade per ETF per month free. A second same-direction trade in the same month is also free if ≥€1,000.
- All other ETFs: €2 + €1 handling = €3 per trade.
- No custody fee.
- FX conversion: 0.25% auto-applied on non-account-currency trades.
- Connectivity fee: €2.50/year per non-home exchange accessed.
- No interest on uninvested cash.
- Classic tier: 0.10% per ETF trade, minimum €3.
- Custody fee: 0.12% p.a. (capped at €100/year for listed ETFs on major EU exchanges).
- FX conversion: 0.25% spot markup on Classic — same as DEGIRO.
- Platinum tier (≥€200k AUM): reduced commissions and FX markup.
- VIP tier (≥€1M AUM): lowest rates, dedicated service.
- Interest on cash paid on uninvested balances — rate varies by currency and tier.
| Cost item | DEGIRO | Saxo Bank |
|---|---|---|
| Trade commission (1× €500/month) | €0 (Core Selection, first trade) | €3.00 (0.10% × €500 → floored to min) |
| Annual custody fee (€6,000 avg balance) | €0 | ~€7.20 (0.12% × €6,000) |
| Total annual cost (12 months) | €0 | ~€43.20 |
Simplified illustration. Actual costs depend on account size, tier, and whether your ETF is on the Core Selection list. Always verify current fee schedules directly.
Savings plans: the biggest practical difference
For long-term passive investors, this gap matters more than commissions. Automatic contributions remove the single biggest behavioural risk: forgetting or procrastinating a monthly buy.
- No AutoInvest or savings plan feature.
- All trades are manual — you set a reminder and log in to buy.
- No fractional shares, so you must buy whole ETF units.
- If you miss a month, you miss that contribution. No automation to catch you.
- AutoInvest: scheduled recurring purchases into selected ETFs.
- Set amount, frequency, and target ETFs — Saxo executes automatically.
- Reduces execution friction and month-to-month behavioural drift.
- Commission costs still apply per execution (0.10%, min €3) — not commission-free.
Cash interest and managed portfolios
Two areas where Saxo Bank offers real value that DEGIRO simply does not — and where the cost difference can narrow meaningfully.
DEGIRO: pays nothing on cash held in your account. Uninvested euros earn nothing. If you park a buffer while deploying capital gradually, that cash is idle.
Saxo Bank: pays interest on uninvested cash in EUR, USD, GBP, and other eligible currencies. Rate depends on tier and market conditions. For investors with a meaningful cash position, this can offset a significant portion of the custody fee.
DEGIRO: execution-only. No robo-advisor, no managed option. You pick ETFs, place trades, rebalance manually.
Saxo Bank (SaxoSelect): choose a risk profile and strategy — sustainable ETFs, factor-based, global core — and Saxo manages allocation and rebalancing. Annual management fees apply on top of platform costs. Verify current pricing on Saxo’s site as fees vary by strategy.
ETF range and product selection
For a standard UCITS ETF portfolio — VWCE, IWDA, CSPX — both brokers cover you. The gap widens when you need niche ETFs, individual bonds, or derivatives.
- ~5,000 ETFs across 50+ exchanges.
- Core Selection: ~200 ETFs with commission-free trading on Tradegate.
- Covers all major UCITS providers: iShares, Vanguard, Xtrackers, SPDR.
- Also offers stocks, options, bonds, warrants, leveraged products.
- Sufficient for a standard two- or three-fund portfolio.
- 19,000+ tradeable instruments across all asset classes.
- Broad UCITS ETF coverage including niche and factor ETFs.
- Individual bonds, futures, forex, CFDs, structured products.
- AutoInvest available on eligible ETFs.
- Better for investors who want to go beyond a basic passive portfolio.
Platform and user experience
- Clean, functional web and mobile interface.
- Designed for straightforward execution: find ETF → buy → done.
- Limited charting — basic price history only.
- Portfolio overview is simple and clear.
- Good if you don’t need analysis tools on-platform.
- SaxoTraderGO: polished web and mobile app with news, screeners, analytics.
- SaxoTraderPRO: professional-grade desktop with advanced charting.
- Better if you want to research and analyse markets on the same platform.
- Steeper learning curve than DEGIRO for pure ETF investors — more to navigate.
Investor protection
- Regulated by AFM (Netherlands).
- Parent: flatexDEGIRO AG, listed on XETRA with a German banking licence.
- Assets held by flatexDEGIRO Bank AG, segregated from company assets.
- €20,000 (securities) + €100,000 (cash) investor protection.
- Regulated by the Danish FSA with full EU passporting.
- Founded 1992 — one of Europe’s longest-running online brokers.
- Fully licensed bank status (Danish banking licence).
- DKK 150,000 (~€20,000) under the Danish Guarantee Fund.
Full verdict: which broker wins?
For disciplined manual ETF investors making one or two purchases per month — especially into Core Selection ETFs — DEGIRO is hard to beat. No custody fee, no subscription, €0 commissions under Fair Use. The simplicity is a feature for investors who don’t want distractions.
Saxo Bank is the better choice for investors who want automation (AutoInvest), interest on idle cash, access to the full instrument universe, and a platform that scales with a growing portfolio. The higher base cost is offset by features that deliver real, compounding value.
FX conversion rate (both 0.25%), UCITS ETF coverage for standard index portfolios, and neither offers fractional shares — so both require whole-unit purchases.
If you are early in your investing journey and want the lowest friction entry point, DEGIRO is a solid foundation. If you want a platform that earns interest on your cash, invests on autopilot, and can grow with you beyond basic ETF investing, Saxo Bank is the more complete choice.
Ready to open an account?
Both are established, regulated EU brokers. DEGIRO for lowest-cost manual ETF investing. Saxo Bank if you want savings plans, cash interest, and a full-service platform.
Go deeper
Frequently asked questions
Is DEGIRO really free for ETF investing?
Close to free under the right conditions. DEGIRO’s Core Selection ETFs on Tradegate are commission-free for the first trade per ETF per calendar month. A second same-direction trade in the same month is also free if it is at least €1,000. Outside those conditions, ETF trades cost €3 (€2 + €1 handling). There is also a €2.50/year connectivity fee per non-home exchange accessed. No custody fee applies.
Does Saxo Bank have a savings plan feature?
Yes. Saxo Bank’s AutoInvest feature allows you to schedule recurring purchases into eligible ETFs. You set the amount, frequency, and target holdings, and Saxo executes the orders automatically. Commission costs still apply on each AutoInvest execution (0.10%, min €3) — AutoInvest is not commission-free. For large regular contributions, the fee is proportionally manageable. For very small amounts, Trade Republic’s €1 flat savings plan fee is cheaper.
Which broker is better for a European investor with €10,000–€50,000?
DEGIRO is typically cheaper at this balance range for manual ETF buyers. Saxo Bank’s custody fee (0.12% p.a.) adds roughly €12–€60/year at these balances, plus trade commissions. That said, if Saxo Bank’s cash interest meaningfully offsets the custody fee, and if you use AutoInvest or want broader product access, Saxo’s total cost can be competitive. The right answer depends on how many of Saxo’s extra features you actually use.
Can I use both DEGIRO and Saxo Bank?
Yes — there is no restriction on holding accounts at both brokers. Some EU investors use DEGIRO for low-cost Core Selection ETF execution and Saxo Bank for bonds, options, or managed portfolios. The main trade-off is administrative complexity: two tax statements and a portfolio split across platforms. For most investors starting out, picking one broker and going deep is simpler and avoids the overhead.
Does Saxo Bank have a robo-advisor?
Yes, via SaxoSelect. It is a managed portfolio service where you choose a risk profile and investment strategy — sustainable ETFs, factor-based, global core — and Saxo manages the allocation and rebalancing. Annual management fees apply on top of standard platform costs. SaxoSelect offers more strategy options than a pure robo-advisor, but it also costs more. If a managed portfolio is your primary goal, compare SaxoSelect’s total cost against dedicated robo platforms (Scalable Capital PRIME+ Wealth, for example) before committing.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.