Varengold Bank AG credits interest on the customer’s equity held each day at close of business (11pm CET). Equity is defined as the account balance in addition to any open profit line items, and not including any open loss line items.
- 1.6% p.a. on equity less than €25,000/$25,000.
- 3.1% p.a. on quity between €25,000/$25,000 and €100,000/$100,000 (inclusive in each case)
- no interest is paid for the Balance exceeding €100,000/US$ 100,000.
The € sums apply to trading accounts administered in euros, the $ sums to trading accounts administered in US dollars.
How the interest is calculated
- The interest is calculated at close of business on each business day based on the positive equity.
- Any bonuses paid are not taken into consideration and are deducted for the purposes of calculating interest for the equity.
- Each month is taken into account with 30 interest days, and each year with 360 interest days.
- If the positive equity falls below €25,000/$25,000 or increases above €25,000/$25,000, the applicable interest rate is adjusted automatically.
Terms & conditions
- A claim to interest only exists if the customer undertakes transactions with the following trading volumes:
- equity less than €/US$ 25,000: at least 15 lots round turn per calendar quarter.
- equity between €/US$ 25,000 and €/US$ 100,000 (inclusive in each case)): at least 30 lots round turn per calendar quarter.
- The interest payments are in place since July 9, 2013.
- To customers who were already customers of Varengold before July 8, 2013 (existing customers), the interest is only paid if they pay into their trading account at least one further sum amounting to their positive equity on July 8, 2013. Interest is paid on the entire positive equity in line with this prerequisite.
- A customer who maintains several trading accounts is only credited interest for the positive equity in one of the trading accounts, and this only takes place following explicit specification of the interest-bearing trading account by the customer. A change in this specification is only possible once in a calendar quarter with effect from the fourth business day in the following calendar quarter.
- No interest is credited to the trading accounts of IB customers and institutional customers, as well as to HALAL accounts. tradimo users are eligible to receive interest on live accounts, i.e. if you started with a free 100€ account you need to trade 8 lots or deposit and then and turn your account into a live account.
Reservation of right to make amendments
The service to credit interest on the customer’s positive equity is subject to change or termination at any time. Varengold can therefore reduce the interest rate and/or amend the relevant threshold values or even completely discontinue interest payments at any time.
Varengold will inform of any such amendments or terminations via MyVarengold; they will come into effect one week after notification or at a later point in time specified in the notification. The payable interest accrued until the amendment or termination comes into effect is credited to the trading account on the third business day following the expiration of the calendar quarter. Changes will be published here.