Brokerage services commission & fee schedules | Vanguard (2024)

Investment product fees & minimums forVanguard Brokerage Accounts

As ofJune 1, 2023

Vanguard ETFs® (exchange-traded funds)

Investment typeOnlineBy phone

Vanguard ETFs

$0

$0

ETFs from other companies

Assets invested in Vanguard ETFs & mutualfundsOnlineBy phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$1 million or more

$0

$0

These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).

Learn more about ETFs

Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF’s prospectus for more information. All stock and ETF sales are subject to a securities transaction fee. Account service fees may also apply.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

All investing is subject to risk, including the possible loss of the money you invest.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees.Additional information regarding discount eligibility

Other conditions & costs that may apply

All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. All ETF sales are subject to a securities transaction fee. Account service fees may also apply.

Investment typeOnlineBy phone

Vanguard mutual funds

$0

$0

A few Vanguard mutual funds charge special purchase and/or redemption fees that are paid directly to the funds to help cover higher transaction costs and protect long-term investors by discouraging short-term, speculative trading. Those fees vary from 0.25% to 1.00% of the amount of the transaction, depending on the fund.

Account service fees may apply.

Minimum investment requirements

  • Target Retirement Funds and STAR® Fund: $1,000.
  • Most index mutual funds: $3,000 for Admiral™ Shares. (Investor Shares not available.)
  • Most actively managed mutual funds: $3,000 for Investor Shares; $50,000 for Admiral Shares.
  • Most sector-specific index mutual funds: $100,000 for Admiral Shares. (Investor Shares not available.)

Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.

Mutual funds from other companies

No-transaction-fee (NTF) mutual funds

Initial purchase: For most funds, $500 for nonretirement accounts and $500 for IRAs.

Additional purchases: $500 for any type of account.

Dollar-cost-averaging purchases: $100 for any type of account (minimum 2 transactions).

Assets invested in Vanguard ETFs & mutualfundsOnlineBy phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$1 million or more

$0

$0

You'll also pay a $50 early redemption fee for all sales executed within 60 calendar days of the trade date of your most recent purchase of the same fund.

Transaction-fee (TF) mutual funds

Initial purchase: $500.

Additional purchases: $500.

Dollar-cost-averaging purchases: $100 (minimum 2 transactions, $3 per transaction).

Assets invested in Vanguard ETFs & mutualfundsOnlineBy phone

Less than $1 million

$20 per trade

Online rate + $25 broker-assisted fee

$1 million to $5 million

$0 for first 25 trades;*

$8 per trade thereafter

$0 for first 25 trades;*

$8 per trade thereafter

$5 million or more

$0 for first 100 trades;*

$8 per trade thereafter

$0 for first 100 trades;*

$8 per trade thereafter

*Learn more about commission-free eligibility

These also apply to sales of leveraged and inverse mutual funds.

Fees apply per trade for all purchases, sales, and exchanges, regardless of order size. A purchase fee is added to an order’s cost. A sales fee is subtracted from an order’s proceeds. If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will be paid from your settlement fund.

Load mutual funds

Security typeFee typeAmount

Class A shares

Front-end load (purchase fee)

Varies by fund or fund family; may be as high as 5.75%; discounts may be available

Class B shares

Back-end load (redemption fee, also known as a contingent deferred sales charge)

Decreases to 0% over a period of years

Class C shares

Back-end load (redemption fee, also known as a contingent deferred sales charge)

Smaller than a Class B redemption fee; decreases to 0% after 1 year

All share classes

Sales charges and minimum purchases

Schedule for specific load fund may vary—sometimes significantly—from general description shown here; check fund’s prospectus for details

Minimum investment requirements

Vanguard Brokerage doesn't charge additional fees for a purchase, a sale, or an exchange of any load mutual fund offered through our program.

Learn more about mutual funds

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

All investing is subject to risk, including the possible loss of the money you invest.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees.Additional information regarding discount eligibility

Application of fees for load funds

Vanguard Brokerage doesn't charge additional fees for a purchase, a sale, or an exchange of any load mutual fund offered through our program.

Application of fees for transaction-fee (TF) mutual funds

Fees apply per trade for all purchases, sales, and exchanges, regardless of order size.

  • A purchase fee is added to an order's cost.
  • A sales fee is subtracted from an order's proceeds.
  • If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will be paid from your money market settlement fund.

Commission-free eligibility

Commission-free eligibility applies to the first 25 transactions for clients with at least $1 million to $5 million in qualifying Vanguard assets and the first 100 transactions for clients with at least $5 million or more in qualifying Vanguard assets in each calendar year for any combination of options and transaction-fee (TF) mutual funds. The number is limited to 25 per client with at least $1 million to $5 million in qualifying Vanguard assets and 100 per client with at least $5 million or more in qualifying Vanguard assets as identified by the primary Social Security number on the account. Subsequent transactions are the rates shown in the applicable fee schedule. Vanguard Brokerage reserves the right to end these offers anytime.

Minimum investment requirements

NTF, TF, and load mutual funds are subject to the greater of the minimum investment requirements or those identified in the fund’s prospectus. Vanguard Brokerage Services may negotiate fund minimum investment requirements that are greater than or less than the program standards noted above. Individual fund families may impose additional minimums, fees, or charges. For complete information, read the fund’s prospectus carefully before investing. The offering conditions of the various funds included in the Vanguard Brokerage Services program are subject to change at any time, including, but not limited to, fee classification (NTF, TF, or load) and transfer eligibility.

Assets invested in Vanguard ETFs & mutualfundsOnlineBy phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$1 million or more

$0

$0

Learn more about stocks

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

All investing is subject to risk, including the possible loss of the money you invest.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees.Additional information regarding discount eligibility

Other conditions & costs that may apply

All stock sales are subject to a securities transaction fee. Account service fees may also apply.

Assets invested in Vanguard ETFs & mutualfundsOnline or by phone

Less than $1 million

$0 + $1-per-contract fee

$1 million to $5 million

$0 for first 25 trades;*

$0 + $1-per-contract fee thereafter

$5 million or more

$0 for first 100 trades;*

$0 + $1-per-contract fee thereafter

*Learn more about commission-free eligibilty

All options exercises and assignments are commission-free.

Learn more about options

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com Brokerage services commission & fee schedules | Vanguard (1). It may also be obtained from your broker, any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org Brokerage services commission & fee schedules | Vanguard (2) for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.

All investing is subject to risk, including the possible loss of the money you invest.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility

Commission-free eligibility

Commission-free eligibility applies to the first 25 transactions for clients with at least $1 million to $5 million in qualifying Vanguard assets and the first 100 transactions for clients with at least $5 million or more in qualifying Vanguard assets in each calendar year for any combination of options and transaction-fee (TF) mutual funds. The number is limited to 25 per client with at least $1 million to $5 million in qualifying Vanguard assets and 100 per client with at least $5 million or more in qualifying Vanguard assets as identified by the primary Social Security number on the account. Subsequent transactions are the rates shown in the applicable fee schedule. Vanguard Brokerage reserves the right to end these offers anytime.

CDs (certificates of deposit) & bonds

Investment typeNew issuesSecondary market*

CDs, U.S. government agency securities, and corporate bonds

$0

$1 per $1,000 face amount ($250 maximum)

U.S. Treasury securities

$0

$0

Municipal bonds

N/A

$1 per $1,000 face amount ($250 maximum)

Mortgage-backed securities

N/A

$35 per trade

Unit investment trusts (UITs)

N/A

$35 per trade

*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary marketby telephone in addition to the rate identified above.This fee will not be assessed for clients who hold $1 million or more in Vanguard ETFs and Vanguard funds or for fixed income products that are unavailable for trading online.

All online sales of CDs before they mature are commission-free.

Vanguard Brokerage Services may act as either an agent (executing your order at cost plus a commission) or a principal (adding markups to purchase prices or subtracting markdowns from sale prices). When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.

Investments in bonds are subject to interest rate, credit, and inflation risk.

Minimum investment requirements

U.S. government agency securities, corporatebonds

New issues and secondary market: $1,000.

CDs, U.S. Treasury securities

New issues and secondary market: $1,000.

Municipal bonds

Secondary market: $5,000; also subject to dealer minimums.

More about CD & bond trades

Vanguard Brokerage Services may act as one of the following:

  • An agent, executing your order at cost plus a commission.
  • *A principal, adding markups to purchase prices or subtracting markdowns from sale prices. When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.

Learn more about CDs

Learn more about bonds

CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.

All investing is subject to risk, including the possible loss of the money you invest.Investments in bonds are subject to interest rate, credit, and inflation risk.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees.Additional information regarding discount eligibility

Investments in bonds are subject to interest rate, credit, and inflation risk.

Fees for other services

Fee typeAmount

Account service fee

Vanguard Brokerage Services charges a $25 annual account service fee. We don't charge the fee to any of the following:
  • Clients who have an organization or a trust account registered under an employee identification number (EIN).
  • Brokerage clientswho’ve elected e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates.
  • Clients enrolled in an advisory program serviced by an affiliate of Vanguard.
  • Clients with at least $5 million in qualifying Vanguard assets.

American Depositary Receipts (ADRs)

Banks that custody ADRs are permitted to charge ADR holders certain fees, as detailed in the ADR prospectuses.

"Pass through" ADR fees are collected from Vanguard Brokerage Services by the Depository Trust Company (DTC) and will be automatically deducted from your brokerage account and shown on your account statement.

Other fees—including dividend processing fees—may be withheld by the DTC from the amount paid by the issuer.

Vanguard does not process voluntary ADR conversions.

Foreign securities transactions

$50 processing fee for non-DTC-eligible securities (not applicable to ADRs) plus commission.

If a trade executes over multiple days, the commission will be charged for each day on which an execution occurs.

Additional fees may apply for trades executed directly on local markets.

Wire transfers

Vanguard Brokerage charges a $10 fee for each holding you’re redeeming. However, this fee is waived for clients who hold at least $1 million in qualifying Vanguard assets. While Vanguard doesn’t charge a fee for electronic bank transfers, your bank may charge a fee.

Tax filing for Master Limited Partnerships (MLPs) in an IRA

Vanguard Fiduciary Trust Company (VFTC), the custodian for IRAs held at Vanguard Brokerage Services, is responsible for IRS 990-T tax filings for MLPs. VFTC charges a fee of $500 per account for these filings.* Vanguard Brokerage will facilitate collection of the fee by deducting the fee amount from your brokerage account when a filing is required.

Miscellaneous

Other securities transaction or maintenance fees may apply. Call us for additional information.

*The fee applies to tax filings for the tax year 2020 and thereafter. If you hold $1 million or more in Vanguard ETFs and Vanguard funds or you’re a Personal Advisor Services client, this fee will be waived.

Learn about our investment products

All investing is subject to risk, including the possible loss of the money you invest.

A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees.Additional information regarding discount eligibility

Brokerage services commission & fee schedules | Vanguard (2024)

FAQs

How to avoid Vanguard $25 fee? ›

Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets.

What are the fees for Vanguard? ›

According to a notice the Malvern, Pa.-based asset manager sent to customers last week, Vanguard is introducing $25 transaction fees for calling the company for assistance in trading mutual funds and ETFs. The fees apply to both Vanguard and non-Vanguard funds for any account below $1 million.

Does Vanguard charge a fee for CDs? ›

CDs (certificates of deposit) & bonds

It will not be assessed for clients who hold $1 million or more in Vanguard ETFs and Vanguard funds or for fixed income products that are unavailable for trading online. All online sales of CDs before they mature are commission-free.

What is a good expense ratio? ›

A "good" expense ratio will be determined by a variety of factors, such as if the fund is actively managed or passively managed. Generally, for an actively managed fund, good expense ratios range between 0.5% and 0.75%. Anything above 1.5% is considered high.

Does Fidelity have lower fees than Vanguard? ›

Vanguard and Fidelity charge $0 commissions for online equity, options, and ETF trades for U.S.-based customers. Fidelity has a $0.65 per contract option fee; it's $1 at Vanguard. Fidelity will set you back more for broker-assisted stock trades ($32.95 versus Vanguard's $25.

Does Charles Schwab charge fees? ›

Online listed stock and ETF trades at Schwab are commission-free. Online options trades are $0.65 per contract. Service charges apply for automated phone trades ($5) and broker-assisted trades ($25) for stocks, ETFs, and Options.

Does Vanguard have hidden fees? ›

Vanguard charges no closing, transfer or inactivity fees. There is a $20 annual account service fee for all brokerage accounts and IRAs that is easily waived for clients who sign up for statement e-delivery.

Are Vanguards fees high? ›

*Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.54%. All averages are asset-weighted. Industry average excludes Vanguard.

Why are Vanguard fees so low? ›

Indexing is a passive investment strategy that seeks to replicate, rather than beat, the performance of some benchmark index such as the S&P 500 or Nasdaq 100. To keep costs low, Vanguard often uses a sampling strategy to construct its index funds using less than the total number of assets in an index.

Who has the highest 12 month CD rate? ›

Best 1-Year CD Rates
  • Apple Federal Credit Union – 5.40% APY.
  • NexBank – 5.40% APY.
  • CIBC Agility – 5.36% APY.
  • Limelight Bank – 5.35% APY.
  • TotalDirectBank – 5.35% APY.
  • CFG Bank – 5.31% APY.
  • Rising Bank – 5.31% APY.
  • First Internet Bank – 5.31% APY.

What are the disadvantages of a Vanguard brokerage account? ›

Cons
  • Higher options contract fee than other discount brokerages (Vanguard charges $1 per options contract)
  • No separate trading platforms for advanced traders; no fractional shares.
  • No cryptocurrencies.
Mar 21, 2024

Which is better, Vanguard or Fidelity? ›

If you want to actively trade within your accounts, Fidelity might be the better option. However, if you want to focus more on index investing, or you want to use a robo-advisor, Vanguard has a slight edge.

Which Vanguard funds are performing best? ›

Best Vanguard mutual funds
  • Vanguard 500 Index Fund Admiral Shares (VFIAX).
  • Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX).
  • Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX).
  • Vanguard Balanced Index Fund Admiral Shares (VBIAX).

What is a bad expense ratio? ›

Typically, any expense ratio higher than one percent is high and should be avoided. Over an investing career, a low expense ratio could easily save you tens of thousands of dollars, if not more.

Is SPY better than voo? ›

While the two ETFs follow the same strategy, they earn different ratings. VOO earns a top rating of Gold, while SPY earns the next best rating of Silver. Almahasneh says the reason is fees. VOO charges 0.03%, while SPY charges 0.09%.

Why do some Vanguard funds have a purchase fee? ›

Vanguard funds with purchase & redemption fees

Purchase fees are charged generally by funds that routinely face higher transaction costs when buying securities for the portfolio. Redemption fees are charged generally by funds that want to discourage market-timing.

Is Vanguard now charging fees? ›

Account & service fees

A $25 annual fee applies to each of your brokerage and mutual-fund-only accounts. SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts have special account service fees.

Does Vanguard have an exit fee? ›

We don't charge any performance fees, exit fees or transfer fees.

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