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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 25, 2021

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

*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary market by telephone, in addition to the rate identified above. This fee will not be assessed for clients who hold $1 million or more in Vanguard ETFs and Vanguard funds or for fixed income products that are unavailable for trading online.

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

Vanguard Brokerage Services may act as either an agent (executing your order at cost plus a commission) or a principal (adding markups to purchase prices or subtracting markdowns from sale prices). When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.

Minimum investment requirements

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U.S. government agency securities, and corporate bonds

New issues and 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.