Pay $0 commission to trade stocks & ETFs online
Combine that with higher-yielding money market funds and industry-leading ETFs, and you'll see that a Vanguard Brokerage Account takes you well beyond zeros.
As of January 25, 2021
ETFs
Mutual funds
Stocks
Options
CDs & bonds
Other services
Vanguard ETFs (exchange-traded funds)
| Investment type | Online | By phone |
Vanguard ETFs |
$0 |
$0 |
ETFs from other companies
| Assets invested in Vanguard ETFs & mutual funds | Online | By phone |
Less than $1 million |
$0 |
Online rate + $25 broker-assisted fee |
$1 million or more |
$0 |
$0 |
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.
Vanguard mutual funds
| Investment type | Online | By 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 & mutual funds | Online | By 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 & mutual funds | Online | By 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 money market settlement fund.
| Security type | Fee type | Amount |
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.
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.
Stocks
| Assets invested in Vanguard ETFs & mutual funds | Online | By phone |
Less than $1 million |
$0 |
Online rate + $25 broker-assisted fee |
$1 million or more |
$0 |
$0 |
Learn more about other conditions & costs that may apply
These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).
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.
Options
| Assets invested in Vanguard ETFs & mutual funds | Online 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.
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 
. 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 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 type | New issues | Secondary 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 |
$35 per trade |
$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 market by 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.
Minimum investment requirements
U.S. government agency securities, and corporate bonds
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 markeup 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 issue.
**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
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
Fees for other services
| Fee type | Amount |
Effective September 5, 2022 Vanguard Brokerage Services charges a $20 annual account service fee. We don't charge the fee to any of the following:
|
|
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. |
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 wire 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 or wire, your bank may charge you 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 $300 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.
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
Vanguard ETFs (exchange-traded funds)
| Investment type | Online | By phone |
Vanguard ETFs |
$0 |
$0 |
ETFs from other companies
| Assets invested in Vanguard ETFs & mutual funds | Online | By phone |
Less than $1 million |
$0 |
Online rate + $25 broker-assisted fee |
$1 million or more |
$0 |
$0 |
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.
Vanguard mutual funds
| Investment type | Online | By 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 & mutual funds | Online | By 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 & mutual funds | Online | By 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 money market settlement fund.
| Security type | Fee type | Amount |
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.
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.
Stocks
| Assets invested in Vanguard ETFs & mutual funds | Online | By phone |
Less than $1 million |
$0 |
Online rate + $25 broker-assisted fee |
$1 million or more |
$0 |
$0 |
Learn more about other conditions & costs that may apply
These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).
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.
Options
| Assets invested in Vanguard ETFs & mutual funds | Online 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.
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 . 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 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 type | New issues | Secondary 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 |
$35 per trade |
$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 market by 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.
Minimum investment requirements
U.S. government agency securities, and corporate bonds
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 markeup 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 issue.
**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
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
Fees for other services
| Fee type | Amount |
Effective September 5, 2022 Vanguard Brokerage Services charges a $20 annual account service fee. We don't charge the fee to any of the following:
|
|
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. |
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 wire 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 or wire, your bank may charge you 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 $300 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.
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
Vanguard mutual funds
Investment type
Vanguard mutual funds
Online
$0
By phone
$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
Assets invested in Vanguard ETFs & mutual funds
Less than $1 million
Online
$0
By phone
Online rate + $25 broker-assisted fee
Assets invested in Vanguard ETFs & mutual funds
$1 million or more
Online
$0
By phone
Online rate + $25 broker-assisted fee
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 & mutual funds
Less than $1 million
Online
$20 per trade
By phone
Online rate + $25 broker-assisted fee
Assets invested in Vanguard ETFs & mutual funds
$1 million to $5 million
Online
$0 for first 25 trades;*
$8 per trade thereafter
By phone
$0 for first 25 trades;*
$8 per trade thereafter
Assets invested in Vanguard ETFs & mutual funds
$5 million or more
Online
$0 for first 100 trades;*
$8 per trade thereafter
By phone
$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 money market settlement fund.
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.
Security type
Class A shares
Fee type
Front-end load (purchase fee)
Amount
Varies by fund or fund family; may be as high as 5.75%; discounts may be available
Security type
Class B shares
Fee type
Back-end load (redemption fee, also known as a contingent deferred sales charge)
Amount
Decreases to 0% over a period of years
Security type
Class C shares
Fee type
Back-end load (redemption fee, also known as a contingent deferred sales charge)
Amount
Smaller than a Class B redemption fee; decreases to 0% after 1 year
Security type
All share classes
Fee type
Sales charges and minimum purchases
Amount
Schedule for specific load fund may vary—sometimes significantly—from general description shown here; check fund’s prospectus for details
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.
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.
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.
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
Stocks
Assets invested in Vanguard ETFs® & mutual funds
Less than $1 million
Online
$0
By phone
Online rate + $25 broker-assisted fee
Assets invested in Vanguard ETFs® & mutual funds
$1 million or more
Online
$0
By phone
$0
Learn more about other conditions & costs that may apply
These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).
Other conditions & costs that may apply
All stock 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
Options
Assets invested in Vanguard ETFs® & mutual funds
Less than $1 million
Online or by phone
$0 + $1-per-contract fee
Assets invested in Vanguard ETFs® & mutual funds
$1 million to $5 million
Online or by phone
$0 for first 25 trades;*
$0 + $1-per-contract fee thereafter
Assets invested in Vanguard ETFs® & mutual funds
Class C shares
Online or by phone
$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.
Other conditions & costs that may apply
All stock 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.
Options issued by OCC. A copy of this booklet is available at theocc.com . 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 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
CDs (certificates of deposit) & bonds
Investment type
CDs, U.S. government agency securities, and corporate bonds
New issues
$0 + $1-per-contract fee
Secondary market*
$1 per $1,000 face amount ($250 maximum)
Investment type
U.S. Treasury securities
New issues
$0
Secondary market*
$0
Investment type
Municipal bonds
New issues
N/A
Secondary market*
$1 per $1,000 face amount ($250 maximum)
Investment type
Mortgage-backed securities
New issues
$35 per trade
Secondary market*
$35 per trade
Investment type
Unit investment trusts (UITs)
New issues
N/A
Secondary market*
$35 per trade
*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary market by 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.
Minimum investment requirements
U.S. government agency securities, and corporate bonds
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.
**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
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
Fees for other services
Fee type
Effective September 5, 2022
Vanguard Brokerage Services charges a $20 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).
- Clients who’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.
- Brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard.
- Clients with at least $1 million in qualifying Vanguard assets.
Fee type
American Depositary Receipts (ADRs)
Amount
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.
Fee type
Foreign securities transactions
Amount
$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.
Fee type
Wire transfers
Amount
Vanguard Brokerage charges a $10 wire 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 or wire, your bank may charge you a fee.
Fee type
Tax filing for Master Limited Partnerships (MLPs) in an IRA
Amount
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 $300 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.
Fee type
Miscellaneous
Amount
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.
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