Compare our commissions and fees

Competitor information obtained from their respective websites as of 6/25/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.

Fields with dashes (—) indicate information that was not publicly available as of 6/25/2026.

¹For all held share-based marketable orders and dollar-based orders, sized up to 1,999 shares, for the 12-month period ending December 31, 2025, midpoint pricing was determined using the National Best Bid and Offer (NBBO) at the time of trade execution.

²E*TRADE offers ETF fractional shares through automatic investing with a minimum of $25.

Competitor information obtained from their respective websites as of 6/25/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.

Competitor information obtained from their respective websites as of 6/25/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.

¹The margin rate shown represents the lowest publicly disclosed margin rate and may not be available to all clients. Actual margin rates may vary based on client type, account type, asset balances, margin loan balances, pricing tier eligibility, or other factors. Certain clients may qualify for different rates, including rates available through negotiated pricing or by contacting the broker directly by phone.

²To qualify for the Vanguard Premier margin rate, the account owner must have Qualifying Assets (QA) of at least $5 million. For joint accounts with multiple owners, only the QA of the primary owner applies. For more information about QA, see the Vanguard Brokerage Services commission and fee schedules.

³The first $1,000 of margin investing is included with the subscription fee for Robinhood Gold subscribers ($5/month).

⁴APY (annual percentage yield) reflects the total amount of interest earned on an investment over one year, assuming interest is compounded and no withdrawals are made. APY might change at any time at any of the financial firms’ discretion. The settlement fund options available at each firm are different and the terms and features may vary. For example, there are bank sweep programs which sweep eligible balances to banks which offer FDIC coverage, while money market funds held in a brokerage account are securities eligible for SIPC coverage. The yield or rate offered by each program will vary. It’s important to consider the differences between each program before choosing what’s best for you.

⁵The performance data shown represents past performance, which is not a guarantee of future results. Investment returns will fluctuate. Current performance may be lower or higher than the performance data cited. For Vanguard performance data current to the most recent month-end, visit www.vanguard.com/performance. Vanguard Federal Money Market Fund (VMFXX) is a money market fund used as a sweep (settlement) option for Vanguard Brokerage Accounts. For competitor performance data, please go to their respective websites. The money market yields listed more closely reflect the current earnings of the fund than the average annual total returns shown.

⁶Vanguard Brokerage Services® (VBS®) offers various account types with varying settlement fund options for a client to choose from. The settlement fund is where VBS automatically sweeps uninvested cash deposited into a brokerage account. The Federal Money Market Fund is currently the highest-yielding settlement fund option offered in a Vanguard Brokerage Account. Vanguard Cash Deposit (VCD) is also available, at a lower rate, for investors who prefer to have their settlement funds FDIC insured. Cash Plus Accounts only offer the bank sweep program as a settlement fund option which, like VCD, offers FDIC coverage. Bank sweep balances swept to Program Banks are FDIC insured subject to applicable limits and certain conditions. VMC is not a bank. FDIC insurance only covers failure of the program banks. VCD and bank sweep balances are held at one or more Program Banks, earning a variable APY. The applicable sweep option and terms are described in the Vanguard Brokerage Account Agreement and related disclosures.

⁷The Fidelity fund yield is the average amount earned by the fund after expenses over the past 7 days (per date indicated) and annualized. For Schwab, APY is the amount of total interest earned on a bank product in 1 year and reflects the Schwab Default Sweep for the Schwab One Interest for retail and Bank Sweep Account for retirement. Other rates may be available for other non-default core options, which may be available and are not reflected in the above average. For E*TRADE, the Bank Deposit Program (“BDP”) is the only sweep vehicle available to most clients. Free credit balances are automatically deposited into an interest-bearing account(s), at FDIC-insured banks. Deposit balances below $500,000 are 0.01%, from $500,000 to $999,999 are 0.05%, and $1 million and above are 0.15% interest rate tier. Interest rate tiers are based upon value of total deposit balances in the account. Any deposit balance above $20 million in an account are swept, without limit, to Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio (Participant Share Class), MGPXX, which had a 7-day effective yield of 3.28% as of June 25, 2026. For Robinhood non-Gold members, uninvested cash in Robinhood self-directed investing accounts will not be swept to a bank and will be held as a free credit balance and will not earn interest. Free credit balances, while covered by SIPC, are not FDIC insured. Robinhood's Cash Sweep program is now part of the High-Yield Cash Program, which allows Robinhood Gold subscribers ($5/month) to earn a 3.35% annual percentage yield (APY) on eligible uninvested brokerage cash. Eligible cash up to and including $10,000 in Robinhood accounts will earn 3.35% APY as free credit balances as part of the Brokerage-Held Cash program, while cash over $10,000 will also earn 3.35% APY but be swept to FDIC-insured program banks as part of the Cash Sweep program. Please consider each type of account and products carefully, as there are differences in services and fees. You could lose money by investing in a money market fund. Although these funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee that it will do so. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

Competitor information obtained from their respective websites as of 6/25/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.

¹All brokered CDs may fluctuate in value between purchase date and maturity date. CDs may be sold on the secondary market, which may be limited, prior to maturity subject to market conditions. Any CD sold prior to maturity may be subject to a substantial gain or loss. Vanguard Brokerage Services® does not make a market in brokered CDs. For information regarding FDIC coverage eligibility, visit fdic.gov.