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Currency interest rates

The following base rates are used to calculate

  • Overdraft interest on currency current accounts,

  • Credit interest on accounts linked to the US Federal Reserve (FED) rate,

  • Credit interest on accounts linked to the European Central Bank rate, and

  • Discounts on advances under an invoice finance facility.
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    Current base rate (%) figures last updated on 17th May 2024.

    Currency Code Rate used Central bank website Currency base rate (%)*
    UAE dirham AED AE Repo Rate 5.6500
    Australian dollar AUD AU Target Cash Rate 4.3500
    Canadian dollar CAD CA Target ON Rate 5.0000
    Swiss franc CHF Swiss Franc 3 Month Target LIBOR Rate 1.5000
    Chinese renminbi CNY Chinese Renminbi Domestic Interest Rate 2.5000
    Czech koruna CZK CZ 2W Repo Rate 5.2500
    Danish krone DKK DK Lending Rate 3.7500
    Euro EUR ECB Refinancing Rate 4.5000
    Hong Kong dollar HKD HK Base Rate 5.7500
    Hungarian forint HUF HU Base Rate 7.7500
    Israeli shekel ILS  IL Benchmark Interest Rate 4.5000
    Indian rupee INR IN Repo Rate Liquidity Adjustment Facility 5.1500
    Japanese yen JPY Bank of Japan FX Policy Rate Balance 0.1000
    Moroccan dirham MAD MA Monetary Policy Rate 2.5000
    Mexican peso MXN MX Target Rate 11.0000
    Norwegian krone NOK Norwegian Krone Domestic Interest Rate 4.5000
    New Zealand dollar NZD NZ Cash Rate 5.5000
    Philippine peso PHP Philippine Peso Overnight Bond Repo 6.5000
    Polish zloty PLN PL Reference Rate 5.7500
    Qatari rial QAR QA Lending Facility 6.2500
    Romanian leu RON RO Monetary Policy Rate 7.0000
    Saudi riyal SAR Saudi Arabian Riyal 6 month SAIBOR 6.0608
    Swedish krone SEK Sweden Repo Rate 3.7500
    Singapore dollar SGD Singapore Dollar Domestic Interest Rate 3.5697
    Thai baht THB TH Policy Rate 2.5000
    Turkish lira TRY Turkish Lira Central Bank Repo 50.0000
    US dollar USD US Federal Funds Target Rate 5.5000
    South African rand ZAR  South African Rand Bond Repo 8.2500

    Please note

    • For currency overdraft where the rate is negative, we will apply 0.00%.
    • For invoice finance facilities where the rate is negative, we will apply 0.00%.
    • For the EUR Currency Call Instant Access accounts, we apply 0.00%.
    • USD credit interest equals the FED rate minus your margin.
    • If USD credit interest is less than 0.00%, we reserve the right to apply fees. This is stated in our terms & conditions.