Saxo Rewards is the loyalty scheme tied to tier progression. Points can be earned through trading activity and redeemed for fee rebates or other benefits. It operates alongside the standard tier structure rather than replacing it.

A Classic-tier investor making one manual ETF purchase per month pays €5 per execution regardless of trade size below €6,250. Over 12 months, that is €60 in commissions. AutoInvest cuts that to €0 — a straightforward €60/year saving for any investor buying the same ETF monthly.

The trade-off: you can only access the AutoInvest ETF catalogue (iShares and Amundi products) and must accept monthly execution on the 5th. If you want to invest in a specific ETF not on the list, or invest on your own schedule, you are back to the manual commission.

AutoInvest positions held in the sub-account cannot be transferred directly to an external broker. They must be migrated to the main Saxo account first. Factor this into your exit plan.

Saxo supports up to 10 sub-accounts across 21 currencies (Swiss accounts) or up to 4 sub-accounts in 24 currencies (international accounts). Opening a USD sub-account and funding it in bulk from an external source avoids the 0.25% per-trade conversion on US ETF purchases. Sub-accounts are free to open.

Interest on cash is calculated separately per sub-account and currency. If you hold a USD sub-account alongside a EUR main account, each earns interest independently at its respective currency rate.

Saxo Bank Classic charges 0.12% p.a., minimum €5/month on the value of assets held in custody. On a €50,000 portfolio, that is €60/year in custody charges — equivalent to 12 manual ETF trades at the €5 minimum commission.

For purely passive investors using AutoInvest exclusively, the custody fee becomes the dominant ongoing broker cost at small-to-mid portfolio sizes. Factor it into your total-cost-of-ownership calculation alongside commissions and FX.

Saxo offers an opt-in securities lending programme for stocks and ETFs. Borrowing fees paid by institutional borrowers are split 50/50 between Saxo and the investor. Collateral is at least 102%.

Note: in certain jurisdictions (Singapore, UK), opting out of securities lending may reactivate a baseline custody fee. For core EU and Swiss accounts, custody status is independent of lending participation — but verify your specific account terms.

An investor holding VWCE, AGGH, IEMA, and HMWO (4 ISIN lines) initiates a transfer to IBKR. Cost: 4 x €50 = €200 — but the €160 cap applies, so the actual charge is €160. Cash remains free to withdraw separately. For a €30,000 portfolio, that exit cost represents 0.53% of assets — equivalent to roughly 6 years of 0.08% commissions on a single annual €10,000 purchase. Factor this into the total-cost-of-ownership calculation before opening an account.

Good fit: Investors placing large individual orders above €6,250; investors making regular ETF purchases exclusively via AutoInvest; investors who want a full banking-grade platform with multi-currency sub-accounts and bond access in a single account.

Poor fit: Investors making small monthly ETF purchases outside AutoInvest; investors sensitive to transfer-out costs; investors who want fractional shares or a broad commission-free ETF list.

Saxo Bank A/S is privately held. As of late 2025, J. Safra Sarasin Group holds a 70% controlling stake. The group is not publicly listed. Client securities are legally segregated from Saxo’s corporate balance sheet across all entities. Cash deposits are covered under the relevant national scheme (Garantiformuen, esisuisse, or FSCS) up to the per-client limits above.