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.
3The Reference Rate for SARON (used for CHF) and HIBOR (used for HKD) displayed on this website is the relevant rate published for the one day period on the business day (in the currency location) prior to today (London time) or, if today is not a business day (in the currency location), the most recent business day (in the currency location) prior to this day in London. The Reference Rate for Fed Funds (used for USD), SONIA (used for GBP), and EONIA (used for EUR) displayed on this website is the relevant rate published for the one day period two business days (in the currency location) prior to today (London time) or, if today is not a business day (in the currency location), the most recent business day (in the currency location) prior to this day in London.
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%.
Following calculation of the Reference Rate plus the Specified Margin, a negative percentage for the Interest Rate should result for certain currencies. Where 0% is displayed in the Interest Rate and AER sections of this website for a currency, we have decided to temporarily set the Interest Rate for deposit accounts in that currency at 0%, so that a negative rate will not be applied (the “Floor”). Please note we can remove the Floor in respect of any currency at any stage (without prior notice to you).
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.