1Gross AER - Annual Equivalent Rate. Interest that is calculated under the assumption that any interest paid is combined with the original balance and the next interest payment will be based on the slightly higher account balance. Overall, this means that interest can be compounded several times in a year depending on the number of times that interest payments are made. Interest rates are reported on a gross basis, namely the rate applicable before income tax is deducted (where applicable).
2The Day Count convention refers to the number of days used in the calculation of the compounded interest applicable to a deposit as reflected in the AER. The market standard is to calculate the interest at Actual/360 day count convention for EONIA, Fed Funds, and SARON based rates, and at Actual/365 day count convention for SONIA and HKD HIBOR based rates. We are currently accruing interest on all our deposits at Actual/365 day count convention, which results in a marginally higher AER than would be the case if applying the Actual/360 day count for EONIA, Fed Funds, and SARON.
3Please note that 1 September 2018 is the date on which all changes to GSIB's interest rates reported in this section will have been implemented by. The effective dates for the rate changes differ between currencies and are as follows:
• CHF deposits: 1 September 2018
• USD deposits: N/A as no changes are being made to applicable rates
• GBP deposits: N/A as no changes are being made to applicable rates
• EUR deposits: 1 September 2018
• HKD deposits: N/A as no changes are being made to applicable rates
Where the rates reported in this section represent a reduction in the interest rate applicable on your account, we will have given you advance notice of such a change. In such circumstances, please note you have the right to withdraw your deposit and close your account in accordance with the account terms and conditions.
4The Reference Rate displayed is the relevant rate published for the one day period on the business day (in the currency location) prior to the “last updated” date displayed above other than in respect of the Reference Rate used for (i) Fed Funds (used for USD); and (ii) SONIA (used for GBP), where the Reference Rate is the relevant rate published for the one day period two business days (in the currency location) prior to the “last updated” date above.
Please note that the interest rates applicable on our deposit accounts are generally rounded to eight decimal places. However, when displaying interest rates on this website (including the Reference Rate and Specified Margin), we have rounded the relevant rate to two decimal places. So, for example, if the interest rate on your account is 2.15723412%, it will be displayed on this website as 2.16%.
To the extent EUR or CHF denominated monies deposited in your GSIB Deposit Account are swept from your discretionary managed Custody Account, the Reference Rate and Interest Rate for the relevant currency applicable to that GSIB Deposit Account shall be 0%.
Disclosures
Goldman Sachs International Bank (the "Bank") is a private unlimited company incorporated under the laws of England and Wales with registered number 01122503 and having its registered office at Plumtree Court, 25 Shoe Lane, London EC4A 4AU. The Bank is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank is registered for VAT and its VAT registration number is GB 447 2649 28. The Bank's principal contact address is Plumtree Court, 25 Shoe Lane, London EC4A 4AU, Tel: 44 (0) 20 7774 1000.
The rate of interest applicable depends on your circumstances and may change in the future.