Fees & Commissions

Costs, fees & minimums

See how Vanguard's low-cost approach can help you make the most of your money. You'll never pay a commission to buy or sell Vanguard mutual funds or ETFs in your Vanguard accounts.

Investment costs

Expense ratios

The average Vanguard mutual fund and ETF (exchange-traded fund) expense ratio is 83% less than the industry average.*

See the difference low-cost funds can make

Vanguard fund trading fees

Never pay a commission when you buy and sell Vanguard mutual funds and ETFs in your Vanguard account.

A few Vanguard mutual funds charge fees designed to help cover high transaction costs and discourage short-term trading.

Find out which mutual funds charge purchase & redemption fees

$0 trading commissions

Pay nothing to trade stocks, ETFs, and Vanguard mutual funds online. Enjoy access to more than 160 no-transaction-fee mutual funds from Vanguard and more than 3,000 funds from other companies.

Review our commission schedule for details

Account & advice fees

A $20 annual fee applies to each of your brokerage and mutual-fund-only accounts.

Find out how easy it is to avoid these fees

SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts have special account service fees.

Personal Advisor Services asset managment fee

The annual fee for Vanguard Personal Advisor Services® is only 0.30% of assets under management.

Learn more about the fee for this advice service

Digital Advisor asset management fee

The annual fee for Vanguard Digital Advisor™ is only 0.15% of assets under managment.**

Learn more about the fee for this advice service

Minimum investing requirements

Mutual funds

Most Vanguard mutual funds require a minimum investment of $3,000.***

But you can invest in any Vanguard Target Retirement Fund or in Vanguard STAR® Fund with as little as $1,000.

Get details on fees & minimums for Vanguard mutual funds

SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts have special account service fees.

Minimums for non-Vanguard mutual funds vary by fund. Details are available in each fund profile.

Search for other funds by name or ticker

ETFs

The minimum investment for all Vanguard and non-Vanguard ETFs is simply the price of one share.

Get details on costs & minimums for Vanguard ETFs

Search for other ETFs by name or ticker

Stocks, CDs & bonds

The minimum investment for individual securities is also the price of one share.

Buy and sell:

CDs

Bonds

*Vanguard average expense ratio: 0.09%. Industry average expense ratio: 0.54%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2020.

**Vanguard Digital Advisor is an all-digital service that targets an annual net advisory fee of 0.15% across your enrolled accounts, although your actual fee will vary depending on the specific holdings in each enrolled account. To reach this target, Vanguard Digital Advisor starts with a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts. However, we’ll credit you for the revenues that The Vanguard Group, Inc. ("VGI"), or its affiliates receive from the securities in your Digital Advisor managed portfolio (i.e., at least that portion of the expense ratios of the Vanguard funds held in your portfolio that VGI or its affiliates receive). Your net advisory fee can also vary by enrolled account type. The combined annual cost of Vanguard Digital Advisor's annual net advisory fee plus the expense ratios charged by the Vanguard funds in your managed portfolio will be 0.20% for Vanguard Brokerage Accounts. For more information, please review Form CRS and the Vanguard Digital Advisor Brochure.

Vanguard Digital Advisor’s services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI, Digital Advisor, VGI, nor VMC guarantees profits or protection from losses.

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

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). See the Vanguard Brokerage Services commission and fee schedules for limits. 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.

Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.

The services provided to clients who elect to receive ongoing advice will vary based upon the amount of assets in a portfolio. Please review the Forms CRS and Vanguard Personal Advisor Services Brochure for important details about the service, including its asset-based service levels and fee breakpoints.