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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

Vanguard mutual funds


INVESTMENT TYPE

Vanguard mutual funds

ONLINE

$0

BY PHONE

$0

A few Vanguard mutual funds charge special purchase and/or redemption fees that are paid directly to the funds to help cover higher transaction costs and protect long-term investors by discouraging short-term, speculative trading. Those fees vary from 0.25% to 1.00% of the amount of the transaction, depending on the fund.

Account service fees may apply.

Minimum investment requirements

  • Target Retirement Funds and STAR® Fund: $1,000.
  • Most index mutual funds: $3,000 for Admiral™ Shares. (Investor Shares not available.)
  • Most actively managed mutual funds: $3,000 for Investor Shares; $50,000 for Admiral Shares.
  • Most sector-specific index mutual funds: $100,000 for Admiral Shares. (Investor Shares not available.)

Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.

Mutual funds from other companies

No-transaction-fee (NTF) mutual funds


ASSETS INVESTED IN VANGUARD ETFs® & MUTUAL FUNDS

Less than $50,000
(Standard)

ONLINE

$0

BY PHONE

$50 per trade


ASSETS INVESTED IN VANGUARD ETFs® & MUTUAL FUNDS

$50,000 to $500,000
(Voyager Services®)

ONLINE

$0

BY PHONE

$50 per trade


ASSETS INVESTED IN VANGUARD ETFs® & MUTUAL FUNDS

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

ONLINE

$0

BY PHONE

$40 per trade


ASSETS INVESTED IN VANGUARD ETFs® & MUTUAL FUNDS

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

ONLINE

$0

BY PHONE

$0


ASSETS INVESTED IN VANGUARD ETFs® & MUTUAL FUNDS

$5 million or more
(Flagship Select Services®)

ONLINE

$0

BY PHONE

$0

You'll also pay a $50 early redemption fee for all sales executed within 60 calendar days of the trade date of your most recent purchase of the same fund.

Transaction-fee (TF) mutual funds


ASSETS INVESTED IN VANGUARD ETFs & MUTUAL FUNDS

Less than $50,000
(Standard)

ONLINE

$20 per trade

BY PHONE

$50 per trade


ASSETS INVESTED IN VANGUARD ETFs & MUTUAL FUNDS

$50,000 to $500,000
(Voyager Services)

ONLINE

$20 per trade

BY PHONE

$50 per trade


ASSETS INVESTED IN VANGUARD ETFs & MUTUAL FUNDS

$500,000 to $1 million
(Voyager Select Services)

ONLINE

$8 per trade

BY PHONE

$40 per trade


ASSETS INVESTED IN VANGUARD ETFs & MUTUAL FUNDS

$1 million to $5 million
(Flagship Services)

ONLINE

$0 for first 25 trades;*
$8 per trade thereafter

BY PHONE

$0 for first 25 trades;*
$8 per trade thereafter


ASSETS INVESTED IN VANGUARD ETFs & MUTUAL FUNDS

$5 million or more
(Flagship Select Services)

ONLINE

$0 for first 100 trades;*
$8 per trade thereafter

BY PHONE

$0 for first 100 trades;*
$8 per trade thereafter

*Learn more about commission-free eligibility

These also apply to sales of leveraged and inverse mutual funds.

Load mutual funds


SECURITY TYPE

Class A shares

FEE TYPE

Front-end load (purchase fee)

AMOUNT

Varies by fund or fund family; may be as high as 5.75%; discounts may be available


SECURITY TYPE

Class B shares

FEE TYPE

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

AMOUNT

Decreases to 0% 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; decreases to 0% after 1 year


SECURITY TYPE

All share classes

FEE TYPE

Sales charges and minimum purchases

AMOUNT

Schedule for specific load fund may vary—sometimes significantly—from general description shown here; check fund’s prospectus for details

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NTF mutual funds

Initial purchase: For most funds, $3,000 for nonretirement accounts and $1,000 for IRAs.
Additional purchases: $1,000 for any type of account.
Dollar-cost-averaging purchases: $100 for any type of account (minimum 2 transactions).

TF mutual funds

Initial purchase: $1,000.
Additional purchases: $1,000.
Dollar-cost-averaging purchases: $100 (minimum 2 transactions, $3 per transaction).

Load mutual funds

Initial and additional purchases: $1,000.

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. 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.

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Application of fees for transaction-fee (TF) mutual funds

Fees apply per trade for all purchases, sales, and 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.

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Commission-free eligibility

Commission-free eligibility applies to the first 25 transactions for Flagship clients and the first 100 transactions for Flagship Select clients in each calendar year for any combination of options and transaction-fee mutual funds. The number is limited to 25 per Flagship client and 100 per Flagship Select client as identified by the primary Social Security number on the account. Subsequent transactions are at the rates shown in the applicable fee schedule. Vanguard Brokerage reserves the right to end these offers anytime.

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Application of fees for load funds

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

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Minimum investment requirements

NTF, TF, and load mutual funds are subject to the greater of the minimum investment requirements or those identified in the fund's prospectus. Vanguard Brokerage Services may negotiate fund minimum investment requirements that are greater than or less than the program standards noted above. Individual fund families may impose additional minimums, fees, or charges. For complete information, read the fund's prospectus carefully before investing. The offering conditions of the various funds included in the Vanguard Brokerage Services program are subject to change at any time, including, but not limited to, fee classification (NTF, TF, or load) and transfer eligibility.