Mutual Fund Direct

At this time, there are no additional fees for Mutual Fund Direct accounts, and Vanguard will notify you of any changes to our fee structure.

You will receive a new login (separate from Vanguard.com and Vanguard’s mobile app) to access your MFD account. Please note that MFD accounts will not have access via a mobile app. You will receive confirmation of your account number as well.  Your account number, instructions for creating your new login credentials and setting up new security details will be provided by Vanguard in your upcoming welcome letter.

• Note to International Investors: If the address associated with the account is outside the US and/or you have a non-US phone number, please click “forgot password” and register with the email associated with your account.

If I make changes in another Vanguard account, such as updating my address for my VBA, Vanguard Brokerage Account, will that transfer over to my MFD account?

Because your MFD account is managed through a separate login, changes made to your other Vanguard accounts will not apply to your MFD account, and vice versa. Updates will need to be completed separately within each login.

After visiting MutualFundDirect.Vanguard.com you may see the address in your browser shift to my.accessportals.com/app/van/login.  Some areas of our online services use different web addresses to support specific functions and experiences. This is expected and does not impact the security of your account.

Restrictions were placed on your account on April 17, 2026. You won’t be able to make any new purchases, exchanges, or transfers into your existing account. This includes recurring purchases, recurring exchanges, and direct deposits, which will be suspended when the restrictions are applied. However, you'll retain the ability to redeem your assets or transfer the funds to another firm.

Most account information will be carried over in your MFD account. However, certain services will be discontinued or modified for Mutual Fund Direct accounts. If you’re currently enrolled in account services, you should review your MFD account setup and familiarize yourself with the differences in services. A few of our more popular services are highlighted below:

• Connected bank accounts: If you previously linked a bank to your mutual fund only account, you’ll want to verify that information on your MFD account. Banking information will be retained.
• Recurring transactions and direct deposits: Restrictions preventing these recurring purchases in the account will be applied on April 17 and will remain on all MFD accounts. If you have established a direct deposit to this account, it will be rejected.
• Required minimum distributions (RMDs) and calculation: If you had an RMD or recurring withdrawals set up on your account, they will be retained as previously setup. We will notify you if the service must be terminated. If you have a Vanguard Brokerage Account and Mutual Fund Direct account, RMDs will be calculated separately. Please review your account setup to ensure your calculation is correct and you are meeting your withdrawal requirement.
• Beneficiaries: Your beneficiary designation will remain the same for your MFD account, but we encourage you to review your selection. Remember that your beneficiary designations on your retirement account generally supersede any other instructions—even those in your will. You may want to consult with an estate attorney to review your options.
• Checkwriting: Any checks issued from your mutual fund only account must be fully processed by April 17,2026. Any attempt to cash or process a check after this date could be rejected. Checkwriting services are not available for MFD accounts, and any unused checks should be shredded.
• Cost Basis: Cost basis will only be available on statements for nonretirement accounts that are tax-reportable on Form 1099-B. MinTax and HIFO (highest in, first out) cost basis method elections are no longer supported, so if you had a MinTax or HIFO election you will now be defaulted to first in, first out (FIFO). If you would like to elect Specific Identification (Spec ID) or an alternate method, please contact the MFD team.
• Dividend and Capital Gains Election: The dividend and capital gain election to reinvest into a different fund is no longer supported. If you have this election, you will be defaulted to reinvest into the same fund.
• Tax Withholding Calculation: Tax withholding will be calculated using the standard withholding rates, which may result in different withholding amounts than are used today.

Have questions about these services list above? Contact the MFD service team and we will be glad to help with your account services.

There may be some impact to the delivery of information based on the type of party.  Please see table below for an outline of all changes.  Most authorized agents will not be able to register for online access or view your account information online.  Starting on or about August 17, 2026, if you have an authorized agent on your account, they will need to call the MFD servicing team for account information.  If you have previously authorized duplicate statements for your account, those duplicate statements will continue to be delivered.

Your mailing preferences will not change. If you are signed up for e-delivery, you will continue to receive email notifications. Please note the email notifications will now come from @conduent.com. We recommend you add that email address as a trusted sender to avoid the notifications going to your spam folder.

You have three options:

1. Transfer your assets to another investment provider*. If you choose this route, you will initiate the transfer process directly with your new provider.
2. Redeem your shares and withdraw your account balance (tax implications may apply).
3. Take no action and remain in a Mutual Fund Direct account with restricted services.

*If you have an education savings account (ESA), you have the option to transfer the ESA to a 529 plan. If you’d like to learn more about this option, visit vanguard.com/529decision or call us at 888-402-6001 to speak with an Education Savings associate.

Yes. Unless you transfer your account out of Vanguard, your investments will remain on the legacy mutual fund only platform, and you will continue to be a Vanguard client. This platform is being retired which will affect how your account is serviced, but not where your account is held.

You will continue to see your existing brokerage account information when you log-in to Vanguard.com or use the mobile app. All MFD account information will appear separately, requiring distinct credentials and navigation.

No. Your mutual fund holdings will remain invested in the same funds unless you choose to take action by transferring your assets to an alternative investment provider, or redeem your shares and withdraw your account balance.

Your historical statements, monetary confirmations, and tax forms will be available to view in accordance with Vanguard's record retention policies.

No. There are no additional tax implications for your MFD account caused by these changes. If you have specific tax questions, we encourage you to consult a tax advisor about your individual situation.

Although it may have a zero balance, your account will be maintained to ensure you have access to your 2026 tax forms and historical account information. As a result, you will receive a letter to confirm your account number and instructions for accessing your online MFD account.