Saxo Bank is Hugo´s preferred partner – a solid and secure bank.
About our security
Smart investors choose the greatest combination of security and returns. Investing with Hugo and Saxo Bank is the perfect combination.
Clients investing with Hugo have their investments safe and secure in a Saxo Bank account.
Hugo chose Saxo Bank for its safety and its award winning platform. Saxo Bank is a member of the Danish Guarantee Fund.
In the event that a Danish bank (including Saxo Bank) should suspend its payments or go into bankruptcy, client deposits are guaranteed by the Fund with up to EUR 100,000 for cash deposits. Cash deposits are calculated as the net free deposit after deduction of any debt to the bank per client.
As a general rule, securities will not be affected by the suspension of payment or compulsory winding-up and will be returned to the client. In the event that a Danish bank (including Saxo Bank) is unable to return securities held in safe-custody, administered or managed, the Guarantee Fund will cover with up to EUR 20,000 per client.
The Guarantee Fund
For further information on the Guarantee Fund and the coverage as well as an updated list of the Guarantee Fund Members, please click here.
Protection of Institutional client funds
Protection of cash in case of Saxo Bank’s Default:
Institutional clients are, due to their status as licensed financial institutions, not covered for cash in case of Saxo Bank’s default. Cash in this regard includes the netted value of derivative positions.
To ensure that the securities are retrievable, section 72 of the Danish Act on Financial Services is required. This requires Danish banks to ensure that the client’s rights to their securities are at all times protected, also in case of a default.