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Closing an account at Saxo Bank

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Adam N.
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How to close my account at Saxo Bank in April 2024?

When the time comes that, for whatever reason, you want to close your brokerage account, you may have difficulty knowing where to start. What is the process? is there a cost? What are my options?

At Saxo Bank, as at all brokers, you need to bring your balance to zero before you can close your account, by selling or transferring your assets. This may carry a cost: at Saxo Bank, fees are average.

Note that since Saxo Bank doesn't charge inactivity or account fees, there is no cost to keeping your account indefinitely. Who knows, you might need it again one day.
Key points about closing an account at Saxo Bank
Adam
Adam Nasli
Financial Wizard | Trading • Safety • Market Analysis

I have personal experience with dozens of global brokers and have taken a closer look at the process and options for closing a brokerage account. Here are my key insights regarding how to delete an account at Saxo Bank:

  • You need to bring your balance to zero, by selling or transferring your assets.
  • Saxo Bank has average fees, which influence the cost of closing your account.
  • Transferring your portfolio to a new broker is also an option.
  • Use our Find My Broker tool to find the best new home for your investments.
Saxo Bank fees and conditions to watch when closing your account
Inactivity fee No
Account fee No
Withdrawal fee $0
Customer service score (out of 5) 4.5 stars

Data updated on April 15, 2024

BrokerChooser score
4.9 4.9 /5
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Bring your balance to zero to close your account

Saxo Bank is a well-regulated, trustworthy broker, so you shouldn't run into any major obstacles while trying to close your account.

If you have made up your mind to cancel and delete your Saxo Bank account, the most important thing you have to know is that only an empty broker account can be closed. To bring your balance to zero, you need to follow the steps below:

  1. Close any open positions you have by selling all your assets.
  2. Another option is to transfer your entire portfolio to another broker.
  3. Withdraw all your cash from the account.
  4. Unsubscribe from any paid services you may have used (e.g. for market data or research).
  5. Make sure you don’t owe anything to your broker.
  6. Initiate the account closing procedure at your broker.
Account closing information at Saxo Bank

Note that initiating the closing of your account may be as simple as finding and clicking the appropriate menu item on the platform, but in some cases you may need to contact customer service directly, e.g. via phone or email. The full closing process may take up to several weeks.

Fees impact the cost of closing an account

If you're done trading and don't want to keep and transfer your assets to a new broker, you must sell all your assets and then withdraw all your cash in order to close your account. Closing an account in itself does not usually carry a fee for standard brokerage accounts. However, be aware that closing open positions can have tax implications on any capital gains or losses.

Below are the fees for selling assets and withdrawing funds, as well as customer service quality at Saxo Bank.

Saxo Bank stock trading fees

Saxo Bank has average trading fees. Here are the exact fees you will face when you sell your stocks and ETFs before closing your account:

Saxo Bank stock/ETF trading fees
💰 Saxo Bank US stock commission 0.08% of trade value with $1 min, but using VIP pricing the commission can be as low as 0.03% of trade value with $1 min
💰 Saxo Bank UK stock commission 0.08% of trade value with £3 min, but using VIP pricing the commission can be as low as 0.03% of trade value with £3 min
💰 Saxo Bank German stock commission 0.08% of trade value with €3 min, but using VIP pricing the commission can be as low as 0.03% of trade value with €3 min

Data updated on April 15, 2024

Saxo Bank withdrawal fees and options

Withdrawing your remaining money is often the last step before closing your account. At most brokers today, this is free, but there are still some exceptions.

Luckily, Saxo Bank doesn't charge a withdrawal fee.

Keep in mind that it may take a few days for your stock sales to settle and then for your money to arrive in your bank account or credit/debit card. We tested withdrawal at Saxo Bank and it took 1 day.

You have the following options to withdraw your money from Saxo Bank:

Saxo Bank withdrawal options
Bank transfer withdrawal Yes
Credit/debit card withdrawal No
Electronic wallet withdrawal No

Data updated on April 15, 2024

Saxo Bank customer support

In general, you may have to contact customer service more often than usual during the closing of your account. It is therefore a great benefit if your broker that has helpful, round-the-clock customer support via multiple channels such as phone, email or chat. Here's how Saxo Bank can help you:

Saxo Bank customer service availability
Customer service score as rated by BrokerChooser (out of 5) 4.5 stars
Live chat Yes
Phone Yes
Email Yes
24/7 availability No

Data updated on April 15, 2024

Keep your assets: transfer to another broker instead of selling

If you are closing your account because you're switching to another broker, you should consider transferring your stocks and other assets to your new broker. This can be a complicated and lengthy process that may involve a fee, but it spares you the trouble and costs of selling (and then re-purchasing) dozens or hundreds of different assets.

Make sure you calculate and compare the cost of selling vs. transferring assets so you can choose the best option.

In most cases you will need to notify your new broker that you wish to transfer your portfolio to them. They will prepare the necessary paperwork, and ideally also coordinate the process with your current broker. Note that it may not be possible to transfer every asset, and that transfers can take up to a few weeks to go through.

Use Find My Broker to find the best new home for your investments

Although you are saying goodbye to Saxo Bank, hopefully you have not given up on investing overall. Use our dedicated Find My Broker tool to find a new broker to switch to, or check if your choice really is the best broker for your needs.

The BrokerChooser team has personally tested and reviewed more than 100 brokers globally. We opened accounts with real money at each, conducted actual trades on their platforms, checked their safety, fees and customer service, among other things.

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Author of this article

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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