Saxo Bank
Saxo Bank (Schweiz) AG
Overall Rating
Annual cost (ETF investor)
CHF 46
ETF CHF 5k on SIX
CHF 4
FX fee
0.25%
Custody fee
None
Our take on Saxo Bank
A Swiss bank for CHF 46 a year. Here are the drawbacks the low price doesn't show.
Saxo Bank ranks #2 among 10 brokers and is the cheapest broker with a Swiss banking licence in our table, at about CHF 46 a year for our ETF investor. It suits monthly ETF savers who want FINMA supervision, esisuisse protection and a free eTax statement without paying big-bank prices.
Is Saxo really cheap for a Swiss bank?
Yes, for buy-and-hold investors. Our ETF investor pays four commissions of CHF 4 plus CHF 30 of Swiss stamp duty, and that's it: no custody fee, no inactivity fee. Swissquote charges CHF 156 for the same profile, mostly because of its custody fee, and UBS charges CHF 399. Starter investors pay about CHF 45 a year.
The model flips for active traders. Saxo charges 0.08% per trade on SIX with a CHF 3 minimum, so the commission grows with your order size. Our active profile pays about CHF 1,013 a year at Saxo versus CHF 149 at Interactive Brokers. A single CHF 100,000 ETF purchase costs CHF 80 in commission plus CHF 150 stamp duty.
What Actually Stands Out
AutoInvest is Saxo's ETF savings plan, and it's the cleanest monthly-investing setup we found inside a Swiss bank: automatic ETF buys, no custody fee, FINMA supervision. Pair that with a free eTax statement and your tax return takes minutes. At Swissquote the same statement costs CHF 85, at PostFinance CHF 97.30.
Currency conversion costs 0.25%, far below the 0.95% at Swissquote and Yuh. Your cash sits at Saxo Bank (Schweiz) AG and is covered by esisuisse up to CHF 100,000. You also get a CHF IBAN, a multi-currency account, options, bonds, crypto products and a demo account to practise on.
What Most Reviews Miss
Leaving costs CHF 50 per position. Move a portfolio of ten ETFs to another broker and you pay CHF 500, so think about where you'll be in five years before you build a big portfolio here. And the CHF 3 minimum bites on small buys: a CHF 500 monthly purchase pays 0.6% in commission, not 0.08%.
Swiss stamp duty applies to every purchase, 0.15% on foreign ETFs, which IBKR and DEGIRO don't charge. The platform also covers 19 exchanges, versus 135 at Interactive Brokers and 31 at Swissquote. For a portfolio of global ETFs and Swiss blue chips, that's plenty. For exotic markets, it isn't.
The Bottom Line
Saxo or Swissquote? For most investors, Saxo: the same Swiss banking safety, CHF 110 a year less for the ETF investor, and a free tax statement instead of a CHF 85 one. Swissquote only wins if you need its broader product range. Test your own numbers in our broker comparison tool.
Verdict: The best-value Swiss bank for ETF investors; frequent large traders and future portfolio-movers should look elsewhere.
Pros
- No custody fee and no inactivity fee
- Free Swiss eTax statement
- 0.08% commission on SIX, minimum CHF 3
- FX conversion at 0.25%
- AutoInvest ETF savings plan inside a FINMA bank
Cons
- Percentage commission gets expensive for large, frequent trades
- Transfer-out costs CHF 50 per position
- No fractional shares
- Swiss stamp duty on every purchase
Broker Details
At a Glance
- No custody fee
- FINMA-licensed bank, esisuisse protection
- Free Swiss eTax statement
- ETF savings plan
- Access to 19 exchanges
- CHF IBAN
What does it cost you per year?
What does it cost you per year?
Everything Saxo Bank charges in a year for our three investor profiles: custody fees incl. VAT, commissions, Swiss stamp duty and currency conversion.
Starter · CHF 10,000 portfolio, 12 ETF buys of CHF 500 a year
ETF investor · CHF 50,000 portfolio, 4 ETF buys of CHF 5,000 a year
Active · CHF 200,000 portfolio, 24 Swiss and 12 US trades a year
Same profiles as the ranking. USD/CHF 0.80, EUR/CHF 0.94.
Price list
Price list
Swiss stock CHF 1,000 on SIX
Swiss stock CHF 5,000 on SIX
Swiss stock CHF 10,000 on SIX
ETF CHF 5k on SIX
US stock USD 1,000
US stock USD 5k
FX fee
Custody fee
Transfer out, per position
Minimum deposit
Commissions only, without stamp duty and currency conversion. Source: the broker's published price list.
Safety check
Safety check
You contract with Saxo Bank (Schweiz) AG, a FINMA-licensed Swiss bank, so your cash is protected by esisuisse up to CHF 100,000 and your securities are held as segregated client assets.
Safety level
FINMA-licensed bank
Cash protected by esisuisse (CHF 100,000)
Securities held separately from the broker's assets
Securities in custody belong to you and are returned if the broker fails. Cash is only protected up to the deposit scheme limit.
Swiss tax check
Swiss tax check
eTax statement
Swiss stamp duty
Swiss share register entry
US dividends: 15% withheld at source with a W-8BEN form, claimable as a credit with the DA-1 form in your Swiss tax return.
Products and features
Products and features
Exchanges
Savings plan
Fractional shares
CHF IBAN
Multi-currency account
Bonds
Funds
Options and futures
Crypto
Mobile app
Web platform
Demo account
Compare to Similar Brokers
| Saxo Bank | ||||
|---|---|---|---|---|
| Rating | 4.2 / 5 | 4.4 / 5 | 3.7 / 5 | 3.6 / 5 |
| Annual cost (ETF investor) | CHF 46 | CHF 20 | CHF 30 | CHF 26 |
| ETF CHF 5k on SIX | CHF 4 | CHF 5 | n/a | CHF 6 |
| FX fee | 0.25% | 0.002% | 0.15% | 0.25% |
| Safety level | FINMA bank, esisuisse | EU/UK regulated | Smaller foreign entity | EU/UK regulated |
Frequently asked questions
- Who owns Saxo Bank in Switzerland?
- Since 2025, J. Safra Sarasin has been Saxo's majority owner. Your contract is with Saxo Bank (Schweiz) AG, the FINMA-licensed Swiss entity. That's the bank named on your account documents, and the one whose cash deposits esisuisse covers up to CHF 100,000.
- Does Saxo get cheaper with a bigger portfolio?
- Yes. Classic accounts pay 0.08% on SIX. From CHF 250,000 you move to Platinum at 0.05%, and from CHF 1 million to VIP at 0.03%. On a CHF 50,000 order, that's CHF 40, CHF 25 or CHF 15 in commission depending on your tier.
- Can I buy fractional shares on Saxo?
- No, Saxo doesn't offer fractional shares. You buy whole units only, so a CHF 300 monthly budget can't buy a stock priced at CHF 400. For small monthly amounts, pick ETFs with a low unit price.
- Can I buy investment funds at Saxo?
- Not classic investment funds. Saxo's range covers stocks, ETFs, bonds, options and crypto products, but no funds. If you hold actively managed bank funds today, you'll have to sell them or keep them at your current bank before moving to Saxo.
How We Rated This Broker
70.1 points out of 100, shown as 4.2 out of 5.
Ratings are updated monthly based on the latest available data. All brokers are evaluated using the same methodology. Deals, promo codes and commissions never change the score: every rank comes from published fees and verifiable features.
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