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Vanguard - Vanguard Brokerage Services - Commission and fee schedules

 Vanguard Brokerage Services® commission and fee schedules

 
 
  
 

As of August 2013

Stock and exchange-traded fund (ETFs) commissions

Assets invested in Vanguard funds and Vanguard ETFs®  Vanguard ETFs1 Stocks and non-Vanguard ETFs
  • Less than $50,000

    (Standard)2

     
  • Free
  • $7 for the first 25 trades3
  • $20 for subsequent trades
  • $50,000–$500,000
    (Voyager Services®)
  • Free
  • All trades: $7
  • $500,000–$ 1 million
    (Voyager Select Services®)
  • Free
  • All trades: $2
  • $1 million plus
    (Flagship Services®)
  • Free
  • Free for first 25 trades3
  • $2 for subsequent trades

1 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.

2 A $20 account service fee is charged annually. The fee is waived for Voyager, Voyager Select, and Flagship clients, as well as for any client who elects to receive statements and other important information electronically.

3 The reduced commission or commission-free transactions will apply to the first 25 transactions in each calendar year to any combination of stocks and non-Vanguard ETFs. The number of these transactions is limited to 25 per client, as identified by the primary Social Security number on the account. Vanguard Brokerage reserves the right to end these offers at any time.

Options

Standard Voyager Services Voyager Select Services and Flagship Services
$20 + $1 per options contract4 $7 + $1 per options contract4  $2 + $1 per options contract4, 5 

4 For Standard Services, option exercises and assignments resulting in a stock trade will be subject to a $20 + $.01 per-share commission. For Voyager Services, option exercises and assignments resulting in a stock trade will be subject to a $7 + $.01 per-share commission. For Voyager Select and Flagship Services, option exercises and assignments resulting in a stock trade will be subject to a $2 + $.01 per-share commission. All option exercises and assignments resulting in a cash settlement are subject to a $2 + $1 per-contract commission.
5 For Flagship clients, options transactions are included in the offer of 25 commission-free transactions described in footnote 3. Subsequent transactions are at the rates shown in the options fee schedule.

Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com. It may also be obtained from your broker, any exchange on which options are traded, or by contacting OCC at One North Wacker Drive, Suite 500, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. Call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.

Bonds and CDs

Vanguard Brokerage Services may act as an agent, executing your order at cost plus a commission, or as a principal, adding markups to purchase prices or subtracting markdowns from sales prices.6 When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.

Security type New issues Existing issues
U.S. Treasury securities
  • Commission-free
  • Commission-free
U.S. government agency securities, corporate bonds, and certificates of deposit
  • Commission-free7 
  • Standard and Voyager Services: $2 per $1,000 face amount ($250 maximum)
  • Voyager Select and Flagship Services: $1 per $1,000 face amount ($250 maximum)
  • Selling CDs prior to maturity: Commission-free
Municipal bonds
  • $50 commission if a fee concession isn’t available7 
  • Standard and Voyager Services: $2 per $1,000 face amount ($250 maximum)
  • Voyager Select and Flagship Services: $1 per $1,000 face amount ($250 maximum)
Mortgage-backed securities and commercial paper
  • $50 per transaction
  • $50 per transaction
Unit investment trusts (UITs)
  • Not available
  • Selling UITs: $35 per transaction

6 Bond and CD prices are available at www.vanguard.com and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
7 Minimum purchase $10,000, subject to dealer minimum.

Mutual funds from other companies: FundAccess®

Security type Fee type and amount
No-transaction-fee (NTF) funds
  • Transaction fee
  • None
  • Minimum initial investment
  • For most funds, $3,000 for non-retirement accounts and $1,000 for IRAs8
  • Minimum additional investment
  • $1,000 for any account type8
  • NTF redemption fee
  • 1% of the proceeds ($50 minimum, $250 maximum), for shares held less than or equal to 180 calendar days. The holding period begins on the trade date of the purchase. Whether the NTF redemption fee applies is determined on the trade date of the redemption. The fee is waived for shares transferred from another brokerage firm or financial institution. 
  • Dollar-cost-averaging transactions
  • No fee; minimum purchase $100; minimum two transactions
Transaction-fee (TF) funds
  • Transaction fee
  • Standard: $35; Voyager® and Voyager Select®: $20; Flagship®, $89. 
  • Fees apply per trade—purchases, sales or exchanges—regardless of order size. Purchase fee is added to order cost. Sales fee is subtracted from order 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.
  • Initial and additional investments
  • $1,0008
  • Dollar-cost-averaging transactions
  • $3 per transaction; minimum purchase $100; minimum two transactions.

 8 NTF, TF, and load funds are subject to the greater of the FundAccess 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.

9 For Flagship clients, TF fund transactions are included in the offer of 25 commission-free transactions described in footnote 3. Subsequent transactions are at the rates shown in the fee schedule for TF funds above.

 Load funds

Class A shares
  • Front-end load (purchase fee): Varies by fund or fund family and may be as high as 5.75%.
  • Discounts (breakpoints): May be available if you make a large purchase, already hold other mutual funds offered by the same fund family (individually or combined with a spouse or other qualifying person), or commit to regularly purchasing the fund’s shares.
Class B shares
  • Back-end load or contingent deferred sales charge (redemption fee): Decreases to zero over a period of years.
Class C shares
  • Back-end load or contingent deferred sales charge (redemption fee): Smaller than a Class B redemption fee, it decreases to zero after one year.
All share classes
  • Sales charges and minimum purchases: The schedule for a specific load fund may vary, perhaps significantly, from the general description shown here. Check a fund’s prospectus for the details. Initial and additional investments $1,000.8 
  • Fees: Vanguard Brokerage does not charge additional fees for a purchase, sale, or exchange of any load fund offered through FundAccess.
  • Dollar-cost-averaging transactions: Vanguard Brokerage does not charge a fee, but sales charges imposed by the fund still apply. Minimum transaction $100; minimum two transactions.

8 NTF, TF, and load funds are subject to the greater of the FundAccess 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.

Note: Individual fund families may impose additional minimums, fees, or charges. For complete information, read the fund prospectus carefully before investing. The offering conditions of the various funds included in the FundAccess program are subject to change at any time, including, but not limited to, fee classification (NTF, TF, or load) and transfer eligibility.

Fees for other services

 

Fee type Amount
VanguardAdvantage® Account
  • Offered to clients of Voyager Select ($30, charged annually) and Flagship (free).
  • Insufficient funds: $20. Stop payment: $15. Checkbook reorder: Voyager Select, $9.95; Flagship, free. VanguardAdvantage Billpay® service: Voyager Select, $4.95 per month; Flagship, 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®, or Vanguard Flagship Services®. Other discounts and fee waivers from standard commissions may be available. A separate commission schedule may apply to certain Vanguard Flagship Services clients.

 
 
 
 

* 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, and $1 million for Vanguard Flagship Services. We determine eligibility by aggregating assets of all qualifying 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. 

Notes: We can't accept written instructions for trades. 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 execute in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.

You must buy and sell Vanguard ETF Shares through a broker like Vanguard Brokerage Services (we offer them commission-free) or through another broker (you may incur commissions). Vanguard ETFs are not redeemable directly with an applicant fund other than in creation unit aggregations. Like stocks, ETFs are subject to market volatility, so you could pay more than net asset value when buying and receive less than net asset value when selling any ETF.

For more information about Vanguard funds and mutual funds from other fund companies offered through Vanguard Brokerage Services, visit www.vanguard.com, or call 800-992-8327, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investments are subject to risk, including the possible loss of the money you invest.

Investments in bonds are subject to interest rate, credit, and inflation risk.

Note on account protection: Securities in your brokerage account are held in custody by Vanguard Brokerages Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. Account protection information.

 

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