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Vanguard Brokerage Services® commission & fee schedules

Stay focused on your financial goals with confidence that you're not paying too much.

As of January 2, 2020

CDs (certificates of deposit) & bonds


INVESTMENT TYPE
CDs, U.S. government agency securities, and corporate bonds
NEW ISSUES

$0

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

Not available

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

Not available

SECONDARY MARKET

$35 per trade

All sales of CDs before they mature are commission-free.

Minimum investment requirements

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U.S. government agency securities, and corporate bonds

New issues: $10,000.

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.

REFERENCE CONTENT

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Other conditions & costs that may apply

Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. It also excludes leveraged and inverse ETFs, which can't be purchased through Vanguard Brokerage but can be sold with a commission. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. 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.