Vanguard Brokerage Commissions Schedule
| Product | Price |
|---|
| Stocks and ETFs |
$7 for the first 25 trades, $20 for subsequent trades for account with less than $50,000. |
|
$7 for account with $50,000–$500,000 invested in Vanguard products (Voyager Services®). |
|
By phone trades $25. |
|
$2 for account with $500,000–$1,000,000 invested in Vanguard products (Voyager Select Services®). By phone trades $2. |
|
Free for first 25 trades, $2 for subsequent trades for account with $1 million-$10 million (Flagship Services™) |
|
Free for first 500 trades, $2 for subsequent trades for account with over $10 million (Flagship Select Services™) |
| Vanguard ETFs | Free* |
| Options |
Standard Service $20 + $1 per contract
Voyager Services $7 + $1 per contract
Voyager Select, Flagship, and Flagship Select Services $2 + $1 per contract
|
| Mutual funds | Vanguard mutual funds - free. All others: Standard - $35; Voyager® and Voyager Select® - $20; Flagship - $8 |
| U.S. Treasury | Free for new and existing issues. |
| U.S. government agency securities, corporate bonds, and CDs |
New issues free. Standard and Voyager $2 per $1,000 face amount ($250 maximum).
Voyager Select, Flagship, and Flagship Select $1 per $1,000 face amount ($250 maximum)
|
| Mortgage-backed securities & commercial papers | $50 per transaction. |
| UITs | Selling UITs $35 per transaction. |
* - 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.
Vanguard Stock Trading Fees
Vanguard has a complicated commission schedule. It applies to both retirement and non-retirement accounts. The broker's commissions are based on account size. The first 25 ETF and stock trades in a year cost $7 for accounts smaller than $50,000. After the first 25 trades, the commission changes to $20.
Retirement savers can simplify the investment process by trading NTF mutual funds with Vanguard. The broker manages its own suite of mutual funds. There are 127 Vanguard mutual funds currently available on the firm's website. All of these come with no load and no transaction fee. In total, more than 16,000 mutual funds are available at Vanguard. There are many no-load, no-transaction-fee funds in this list of 16,000. Funds with a transaction fee carry a $35 charge. This fee applies to purchases, sales, and exchanges. Large accounts (defined as more than $50,000 in assets) pay a lower fee.
Vanguard manages its own set of target date mutual funds. These products are designed for retirement investors. The portfolio of a target date fund becomes less risky as the target date approaches. This is the date when retirement is supposed to begin. These funds are no-load, no-transaction-fee products. They also have expense ratios at or below 0.16%.
Retirement savers at Vanguard also have access to the broker's 55 commission-free ETF's, all of which have low expense ratios and are free to trade.
Vanguard Fees Comparison
Having a commission schedule based on account size is more complicated than a low flat fee for all accounts. Ally Invest,
for example, charges just $4.95 for all trades for all accounts. Vanguard also has more IRA fees than TD Ameritrade and Charles Schwab.
On the positive side, Vanguard's mutual fund selection is one of the largest in the industry. Most brokers, including Fidelity
and Etrade, offer fewer funds.
Vanguard Margin Rates
|
Debit Balance
|
Margin Rate
|
|
under $19,999
|
9.75%
|
|
$20,000 – $49,999
|
9.25%
|
|
$50,000 – $99,999
|
8.75%
|
|
$100,000–$249,999
|
8.25%
|
|
$250,000–$499,999
|
8.00%
|
|
$500,000–$999,999
|
6.50%
|
|
above $1,000,000
|
6.00%
|
Investors approved for margin accounts can trade most eligible securities on margin, including: Exchange-listed securities (excluding Vanguard ETFs®),
over-the-counter (OTC) securities traded through Nasdaq or the National Market System, OTC securities approved by the Federal Reserve Board,
government, municipal, and corporate bonds.
Vanguard Brokerage Services Fees
| Fee Type | Amount |
|---|
| Annual Fee | $20 annual fee applies to each of brokerage accounts. | The fee is waived for Voyager, Voyager Select, Flagship, and Flagship Select clients, as well as for any client who elects to receive statements and other important information electronically. |
| VanguardAdvantage® Account | Offered to clients of Voyager Select ($30, charged annually), Flagship (free),
and Flagship Select (free).
Insufficient funds: $20. Stop payment: $15. Checkbook reorder: Voyager Select, $9.95; Flagship, free; and Flagship Select, free. VanguardAdvantage Billpay® service: Voyager Select, $4.95 per month; Flagship, free; and Flagship Select, free. Possible fees at automated teller machines not affiliated with PNC Bank.
|
| Foreign securities transactions | $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.
|
| American Depositary Receipt (ADR) fees | 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.
|
| Wire transfers | Vanguard does not charge a fee to wire money to your bank. However, your bank may charge for receiving wires from your brokerage account or settlement fund.
|
| Miscellaneous fees | Other securities transaction or maintenance fees may apply. Call us for additional information. |
You may receive a discount from standard commissions and fees if you're an enrolled client of Vanguard Voyager Services®,
Vanguard Voyager Select Services®, Vanguard Flagship Services®, or Vanguard Flagship Select Services™. Other discounts and
fee waivers from standard commissions may also be available.
Eligibility is based on total household assets held at Vanguard, with a minimum of $50,000 to qualify for Vanguard Voyager Services,
$500,000 for Vanguard Voyager Select Services, $1 million for Vanguard Flagship Services, and $10 million for Vanguard Flagship Select
Services. We determine eligibility by aggregating assets of all eligible accounts held by the investor and his or her immediate family members
who reside at the same address, including investments in Vanguard mutual funds, Vanguard ETFs®, certain annuities through Vanguard,
The Vanguard 529 Plan, and certain small-business accounts. Assets in employer-sponsored retirement plans for which Vanguard provides
recordkeeping services may be included in determining eligibility if the investor also has a personal account holding Vanguard mutual funds.
Vanguard ETFs and Vanguard mutual funds held in a Vanguard Brokerage Account are also included when determining a household’s eligibility; other
assets held in a brokerage account are not.
For further information, call Vanguard Brokerage Services® at 800-992-8327 on business days from 8 a.m. to 10 p.m. or on Saturdays from 9 a.m.
to 4 p.m., Eastern time.
Notes: A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions.
In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on
the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission
and fee schedules are subject to change.
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