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Vanguard Brokerage Services® commission & fee schedules

Enjoy competitive commissions on all your trades. Better yet, find out how often you'll pay no commission at all!

As of January 22, 2019

Vanguard mutual funds

All Vanguard mutual funds—more than 140 of them—have no transaction fees

It doesn't matter how much money you have in your Vanguard Brokerage Account or whether you trade online or by phone.

A few Vanguard mutual funds charge special purchase 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.

See which funds charge purchase & redemption fees

Minimum investment requirements²

You only need $1,000 to start investing in Vanguard Target Retirement Funds or Vanguard STAR® Fund. Most other Vanguard funds require a minimum of $3,000, depending on the share class.


INVESTMENT TYPE

Most index funds

INVESTOR SHARES

Not available to new investors

ADMIRAL SHARES

$3,000


INVESTMENT TYPE

Most actively managed funds

INVESTOR SHARES

$3,000

ADMIRAL SHARES

$50,000


INVESTMENT TYPE

Most sector-specific index funds

INVESTOR SHARES

Not available

ADMIRAL SHARES

$100,000

Mutual funds from other companies

No-transaction-fee (NTF) funds

More than 3,000 non-Vanguard mutual funds have no transaction fee when you trade online

But there's an early redemption fee of $50 for all sales within 60 calendar days of the most recent purchase's trade date.

Minimum investment requirements

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

ASSETS INVESTED IN VANGUARD
ETFs® & MUTUAL FUNDS
Less than $50,000
(Standard)
ONLINE

$0

BY PHONE

$50 service charge
per trade


ASSETS INVESTED IN VANGUARD
ETFs® & MUTUAL FUNDS
$50,000 to $500,000
(Voyager Services®)
ONLINE

$0

BY PHONE

$50 service charge
per trade


ASSETS INVESTED IN VANGUARD
ETFs® & MUTUAL FUNDS
$500,000 to $1 million
(Voyager Select Services®)
ONLINE

$0

BY PHONE

$40 service charge
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

Transaction-fee (TF) funds

More than 6,000 non-Vanguard mutual funds are also available with low transaction fees

Fees apply per trade—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.


Minimum investment requirements

  • Initial purchase: $1,000.³
  • Additional purchases: $1,000.³
  • Dollar-cost-averaging purchases: $100 (minimum 2 transactions, $3 per transaction).

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 trades⁴;
$8 thereafter

BY PHONE

$0 for first 25 trades⁴;
$8 thereafter


ASSETS INVESTED IN VANGUARD
ETFs & MUTUAL FUNDS
$5 million or more
(Flagship Select Services)
ONLINE

$0 for first 100 trades⁴;
$8 thereafter

BY PHONE

$0 for first 100 trades⁴;
$8 thereafter

Load funds

Fees apply regardless of how much money you have in your Vanguard Brokerage Account. Vanguard Brokerage doesn't charge additional fees for a purchase, sale, or exchange of any load fund offered through our program.


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 shares classes
FEE TYPE

Sales charges and minimum purchases

AMOUNT

The schedule for a specific load fund may vary—sometimes significantly—from the general description shown here. Check the fund's prospectus for details.

Initial and additional investments: $1,000.³

On January 22, 2019, Vanguard Brokerage stopped accepting purchases in leveraged and inverse mutual funds, ETFs (exchange-traded funds), and ETNs (exchange-traded notes). These products, which are speculative in nature, run counter to our investors' focus on the long term. If you already own these investments, you can continue to hold them or choose to sell them. If you choose to sell them, you'll have to pay a commission. You can also transfer them in kind from or to other institutions. For leveraged and inverse mutual funds, please see Transaction-fee (TF) funds above.

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. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See the Vanguard Brokerage Services commission and fee schedules for full details.

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Vanguard funds with purchase & redemption fees

Purchase fees are charged generally by funds that routinely face higher transaction costs when buying securities for the portfolio.

Redemption fees are charged generally by funds that want to discourage market-timing.

Neither is considered a sales charge or "load" because both are paid directly to the fund to offset higher transaction costs.

There are currently just a small number of Vanguard funds (each with multiple share classes) that charge one or both of these fees. Each has a corresponding ETF (exchange-traded fund) share class that excludes these fees and can be bought and sold in your Vanguard Brokerage Account commission-free.


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

1.00%

REDEMPTION FEE

None


PURCHASE FEE

1.00%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.50%

REDEMPTION FEE

None


PURCHASE FEE

0.50%

REDEMPTION FEE

None


PURCHASE FEE

0.50%

REDEMPTION FEE

None


PURCHASE FEE

0.50%

REDEMPTION FEE

None


You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). Vanguard ETF Shares aren't redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you'll pay or receive the current market price, which may be more or less than net asset value.