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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 2016

Vanguard mutual funds & ETFs (exchange-traded funds)

 

There are no commissions when you buy and sell low-cost Vanguard mutual funds and ETFs.

If you buy and sell the same Vanguard ETF® in a Vanguard Brokerage Account more than 25 times in a 12-month period, you may be restricted from purchasing that Vanguard ETF through your Vanguard Brokerage Account for 60 days.

Stocks & ETFs from other companies

 

ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

Less than $50,000 Standard1

ONLINE

First 25 trades: $72
Subsequent trades: $20

BY PHONE

All trades: $25


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$50,000-$500,000 Voyager Services®

ONLINE

All trades: $7

BY PHONE

All trades: $25


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$500,000-$1 million Voyager Select Services®

ONLINE

All trades: $2

BY PHONE

All trades: $2


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$1 million-$5 million Flagship Services®

ONLINE

First 25 trades: Free2
Subsequent trades: $2

BY PHONE

First 25 trades: Free2
Subsequent trades: $2


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs®

$5 million and above Flagship Select Services®

ONLINE

First 100 trades: Free2
Subsequent trades: $2

BY PHONE

First 100 trades: Free2
Subsequent trades: $2

Options

 

ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs

Less than $50,000 Standard1

ALL TRADES

$20 + $1 per options contract3


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs

$50,000-$500,000 Voyager Services

ALL TRADES

$7 + $1 per options contract3


ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs

$500,000 and above Voyager Select, Flagship, and Flagship Select Services

ALL TRADES

$2 + $1 per options contract3,4

CDs & bonds

 

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 sales prices.5

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


SECURITY TYPE

Certificates of deposit, U.S. government agency securities, and corporate bonds

NEW ISSUES

Commission-free6

EXISTING ISSUES

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

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

Selling CDs before maturity: Commission-free


SECURITY TYPE

U.S. Treasury securities

NEW ISSUES

Commission-free

EXISTING ISSUES

Commission-free


SECURITY TYPE

Municipal bonds

NEW ISSUES

$50 commission if a fee concession isn't available6

EXISTING ISSUES

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

Voyager Select®, Flagship®, and Flagship Select®: $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

 

No-transaction-fee (NTF) funds


FEE TYPE

Transaction fee

AMOUNT

None


FEE TYPE

Minimum initial investment

AMOUNT

For most funds: $3,000 for nonretirement accounts and $1,000 for IRAs7


FEE TYPE

Minimum additional investment

AMOUNT

$1,000 for any account type7


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; minimum purchase $100; minimum two transactions

Transaction fee (TF) funds


FEE TYPE

Transaction fee

AMOUNT

Standard: $35

Voyager® and Voyager Select®: $20

Flagship and Flagship Select: $88

Fees apply per trade—purchases, sales, or exchanges—regardless of order size. Purchase fee is added to order cost. Sales fee is subtracted from order 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

$1,0007


FEE TYPE

Dollar-cost-averaging transactions

AMOUNT

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

Load funds


TYPE OF SHARES

Class A shares

DETAILS

Front-end load (purchase fee): Varies by fund or fund family and may be as high as 5.75%.

Discounts (breakpoints): 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.


TYPE OF SHARES

Class B shares

DETAILS

Back-end load or contingent deferred sales charge (redemption fee): Decreases to zero over a period of years.


TYPE OF SHARES

Class C shares

DETAILS

Back-end load or contingent deferred sales charge (redemption fee): Smaller than a Class B redemption fee, it decreases to zero after one year.


TYPE OF SHARES

All share classes

DETAILS

Sales charges and minimum purchases: 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 $1,000.7

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

Dollar-cost-averaging transactions: Vanguard Brokerage doesn't charge a fee, but sales charges imposed by the fund still apply. Minimum transaction $100; minimum two transactions.

Fees for other services

 

FEE TYPE

VanguardAdvantage® Account

AMOUNT

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

Insufficient funds: $20

Stop payment: $15

Checkbook reorder:
Voyager Select: $9.95; Flagship and Flagship Select: free.

VanguardAdvantage Billpay® service:
Voyager Select: $4.95 per month; Flagship and 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 Receipt (ADR) fees

AMOUNT

Banks that custody ADRs are permitted to charge ADR holders certain fees, which are 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 doesn't charge a fee to wire money to your bank. However, your bank may charge for receiving wires from your brokerage account or settlement fund.


FEE TYPE

Miscellaneous fees

AMOUNT

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

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