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Saxo launches new interest rate model in HK

Saxo launches new interest rate model in Hong Kong allowing clients to earn interest on uninvested cash with no lock-in period.
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Hong Kong-based clients of Saxo Capital Markets will now be able to earn interest income on their uninvested cash in sterling, euros and US dollars with no lock-in period or upper limit on amount paid.

In line with this, the interest rate on clients’ deposits will be updated daily based on market conditions and adjustments to central bank policies, the investment platform announced on Monday.

As such, clients of the platform will see their deposit interest rate increase or decrease in tandem with the changes in interest rates instituted by the Hong Kong Monetary Authority (HKMA) or US Federal Reserve.

Clients with an account balance exceeding $10,000 will receive a variable interest rate, scaled proportionally with the deposit amount. This means that the larger the deposit on an account, the closer they get to the HKMA interest rate.

Meanwhile, clients can access an interactive interest calculator to estimate the total interest received on their uninvested cash, depending on the amount and currency the money is deposited in.

Saxo is an investment and fintech firm, which is a wholly owned subsidiary of Denmark’s Saxo Bank.

Part of the Mark Allen Group.