What does it mean if I have a Custody account?
- When trading ASX Stocks, ETFs, ETCs and Bonds with Saxo Markets (Australia) Limited in a custody share trading account, Saxo Bank A/S is acting as the custodian of the assets. These assets are held on your behalf by Saxo Bank’s sub-custodian Citibank, under Saxo Markets (Australia) Limited.
- This is separate to a HIN account, where you hold the assets directly under your name via a registered client holdings CHESS Broker Sponsored Account.
- Platform experience is still the same.
What does it mean if I have a HIN account?
- Platform experience is still the same.
- Stocks will be directly held under your name (only ASX – AU stocks).
- You will receive all your ASX corporate actions via mail (paper).
- Only available to clients of Saxo Markets (Australia) Limited.
Where do my dividends from ASX stocks go?
- If you have a HIN account, the dividends go to your nominated external bank account.
- If you have a custody account, the dividends are to be credited to your Saxo account.
What is the difference between Custody account and HIN account?
- Name held in
- Custody: Stocks held under custodian - Saxo Markets (Australia) Limited.
- HIN: AU stocks held under the client's name.
- Corporate Actions
- Custody: Online on the platform.
- HIN: AU stocks will receive correspondence on corporate actions via paper mail.
- Voting rights
- Custody: None
- HIN: Given voting rights.
- Current commissions
- Custody: AUD 8 minimum
- HIN: AUD 14.90 minimum
- For the prevailing costs/commissions, please always refer to the to the trading conditions in the platform. The rates above are subject to change.
- Dividend
- Custody: Will be allocated to Saxo trading account.
- HIN: Will be allocated to your nominated external bank account.
How do I know whether I have a Custody account or HIN account?
- When you first opened an account with Saxo, if you nominated a HIN account, and provided us with your Holder Identification Number (HIN), your account would be set up as a HIN account. If you did not elect a HIN account or provide us with your HIN number, your Saxo account would be set up as a Custody account by default.
- When a HIN account is set up you also agree to the Terms & Conditions of the sponsoring broker, Open Markets.
Which is better?
- This is entirely a personal preference.
Is execution the same on the platform?
- Yes
Why cannot I see ASX stocks after my HIN account is opened?
- We will need to get the HIN account number from CHESS before giving ASX access to your account. It normally takes 3-5 working days after your account is opened with us.
Are my international stocks also under a Custody?
- Yes, the CHESS (or HIN) model is only available in Australia for ASX.
Can I have a HIN account and have access to trade listed AU options?
- No. For technical reasons not able to give you access to trade listed AU options, when you are on a HIN setup.
Can I move my current Saxo account under HIN?
- No, unfortunately we can only offer HIN account to new accounts.