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Vanguard Brokerage Services commission and fee schedules

When you trade with us, you'll enjoy competitive commissions and fees and get unbiased service from investment professionals.

As of July 2017

Stocks & ETFs (exchange-traded funds)

 

ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

Less than $50,000
(Standard)2

VANGUARD ETFs1

Free

STOCKS AND NON-VANGUARD ETFs

Online. First 25 trades: $73; subsequent trades: $20
By phone. All trades: $25


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$50,000–$500,000
(Voyager Services®)

VANGUARD ETFs1

Free

STOCKS AND NON-VANGUARD ETFs

Online. All trades: $7
By phone. All trades: $25


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$500,000–$1 million
(Voyager Select Services®)

VANGUARD ETFs1

Free

STOCKS AND NON-VANGUARD ETFs

Online. All trades: $2
By phone. All trades: $20


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$1 million–$5 million
(Flagship Services®)

VANGUARD ETFs1

Free

STOCKS AND NON-VANGUARD ETFs

Online and by phone. First 25 trades: Free3; subsequent trades: $2


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$5 million and above
(Flagship Select Services®)

VANGUARD ETFs1

Free

STOCKS AND NON-VANGUARD ETFs

Online and by phone. First 100 trades: Free3; subsequent trades: $2

Options

 

STANDARD AND VOYAGER SERVICES

$7 + $1 per options contract4

VOYAGER SELECT, FLAGSHIP, AND FLAGSHIP SELECT SERVICES

$2 + $1 per options contract4,5

Bonds and CDs

 

Vanguard Brokerage Services may act as an agent, executing your order at cost plus a commission, or as a principal, adding markups to purchase prices or subtracting markdowns from sale prices.6

When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.


SECURITY TYPE

U.S. Treasury securities

NEW ISSUES

Commission-free

EXISTING ISSUES

Commission-free


SECURITY TYPE

U.S. government agency securities, corporate bonds, and CDs (certificates of deposit)

NEW ISSUES

Commission-free7

EXISTING ISSUES

Standard and Voyager Services
$2 per $1,000 face amount ($250 maximum)

Voyager Select, Flagship, and Flagship Select Services
$1 per $1,000 face amount ($250 maximum)

Selling CDs prior to maturity
Commission-free


SECURITY TYPE

Municipal bonds

NEW ISSUES

$50 commission if a fee concession isn't available7

EXISTING ISSUES

Standard and Voyager Services
$2 per $1,000 face amount ($250 maximum)

Voyager Select, Flagship, and Flagship Select Services
$1 per $1,000 face amount ($250 maximum)


SECURITY TYPE

Mortgage-backed securities and commercial paper

NEW ISSUES

$50 per transaction

EXISTING ISSUES

$50 per transaction


SECURITY TYPE

Unit investment trusts (UITs)

NEW ISSUES

Not available

EXISTING ISSUES

Selling UITs
$35 per transaction

Mutual funds from other companies

 

Vanguard Brokerage Services gives you entry to thousands of mutual funds offered by hundreds of fund companies. We offer funds with and without transaction fees. We also offer load funds.

No-transaction-fee (NTF) funds


FEE TYPE

Transaction fee

AMOUNT

None

Standard and Voyager Services
There's a service charge of $50 for trades placed by phone.

Voyager Select Services
There's a service charge of $40 for trades placed by phone.


FEE TYPE

Minimum initial investment

AMOUNT

For most funds, $3,000 for nonretirement accounts and $1,000 for IRAs8


FEE TYPE

Minimum additional investment

AMOUNT

$1,000 for any account type8


FEE TYPE

NTF redemption fee

AMOUNT

$50 for all sales within 60 calendar days of the most recent purchase trade date


FEE TYPE

Dollar-cost-averaging transactions

AMOUNT

No fee; $100 minimum purchase; minimum two transactions

Transaction-fee (TF) funds


FEE TYPE

Transaction fee

AMOUNT

Standard and Voyager Services
Online. $20
By phone. $50

Voyager Select Services
Online. $8
By phone. $40

Flagship, and Flagship Select Services
Online and by phone. $89

Fees apply per trade—purchases, sales, or 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.


FEE TYPE

Initial and additional investments

AMOUNT

$1,0008


FEE TYPE

Dollar-cost-averaging transactions

AMOUNT

$3 per transaction; $100 minimum purchase; minimum two transactions.

Load funds


SECURITY TYPE

Class A shares

FEE TYPE

Front-end load (purchase fee)

AMOUNT

Varies by fund or fund family and may be as high as 5.75%.


SECURITY TYPE
FEE TYPE

Discounts (breakpoints)

AMOUNT

May be available if you make a large purchase, already hold other mutual funds offered by the same fund family (individually or combined with a spouse or other qualifying person), or commit to regularly purchasing the fund's shares.


SECURITY TYPE

Class B shares

FEE TYPE

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

AMOUNT

Decreases to zero 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, it decreases to zero after one year.


SECURITY TYPE

All share classes

FEE TYPE

Sales charges and minimum purchases

AMOUNT

The schedule for a specific load fund may vary, perhaps significantly, from the general description shown here. Check the fund's prospectus for details. Initial and additional investments: $1,000.8


SECURITY TYPE
FEE TYPE

Fees

AMOUNT

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

Fees for other services

 

FEE TYPE

VanguardAdvantage®

AMOUNT

Offered to clients of Voyager Select ($30, charged annually), Flagship (free), and Flagship Select (free).

Insufficient funds: $20. Stop payment: $15. Checkbook reorder: Voyager Select, $9.95; Flagship, free; Flagship Select, free.

VanguardAdvantage Billpay® service:
Voyager Select, $4.95 per month; Flagship, free; Flagship Select, free.

Possible fees at automated teller machines not affiliated with PNC Bank.


FEE TYPE

Foreign securities transactions

AMOUNT

$50 processing fee for non-DTC-eligible securities (not applicable to American Depositary Receipts) 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

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

Wire transfers

AMOUNT

Vanguard Brokerage charges a $10 wire fee for each holding you are redeeming from. The fee is not charged to Flagship and Flagship Select clients. Your bank may also charge a fee to receive or accept a wire. We don't charge a fee for electronic bank transfers.


FEE TYPE

Miscellaneous

AMOUNT

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

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Monday through Friday
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If you're already a Vanguard client:

800-888-3751

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