Vanguard Fees, Commissions, IRA Account Rates Schedule, Brokerage Mutual Funds Fees, Stock Trading Costs, ACAT Fee in 2017



Vanguard Commission Structure and Investment Products


InvestmentsCommissions
Stocks and ETFs $7 for the first 25 trades, $20 for subsequent trades for account with less than $50,000 invested in Vanguard products
$7 for account with $50,000–$500,000 invested in Vanguard products (Voyager Services)
$2 for account with $500,000–$1,000,000 invested in Vanguard products (Voyager Select Services)
Free for first 25 trades, $2 for subsequent trades for account with $1,000,000-$10,000,000 (Flagship Services)
Free for first 500 trades, $2 for subsequent trades for account with $10,000,000+ (Flagship Select Services)
Options $20 + $1 per contract (Voyager: $7 + $1 per contract; Voyager Select and Flagship: $2 + $1 per contract)
Mutual funds Vanguard mutual funds - free. All others: Standard - $35; Voyager and Voyager Select - $20; Flagship - $8
Certificates of deposit (CDs) Purchase - $5 per $1,000, minimum is $50. Sale - $35 per transaction
Commercial paper $50 per transaction; minimum purchase is $100,000
U.S. Treasury Commission-free
Mortgage-backed securities $50 per transaction; GNMA minimum purchase is $25,000

Investments stocks, options, mutual funds, bonds, CDs, foreign securities, insurance, commercial paper, ETFs
Vanguard minimum deposit to open account $0; most Vanguard mutual funds have a minimum investment of $3,000
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Vanguard IRA Fees


Fee Amount
Vanguard IRA setup fee $0
Vanguard annual IRA fee $20
Vanguard annual SIMPLE IRA fee $25 for each mutual fund
Vanguard IRA termination fee $0
Vanguard account maintenance fee $0
Vanguard account inactivity fee $0
Vanguard outbound full account transfer (ACAT) fee $0
Vanguard outbound partial account transfer fee $0


Vanguard Margin Rates


When funds are borrowed in a margin account, interest will be calculated on a daily basis and charged based on the total debit (borrowed) balance. Interest charges will start to accrue on margin transactions involving borrowed funds on the settlement date and will post to your account around the end of each month.


Debit Balance Margin Rate
under $19,999 7.75%
$20,000 – $49,999 7.25%
$50,000 – $99,999 7.00%
$100,000–$499,999 6.00%
$500,000–$999,999 5.75%
above $1,000,000 5.25%



Vanguard No-load Funds Fees


No-transaction-fee
(NTF) funds
Transaction fee None
Minimum initial investment For most funds, $3,000 for non-retirement accounts and $1,000 for IRAs9
Minimum additional investment $1,000 for any account type
NTF redemption fee $50 for all sales within 60 calendar days of the most recent purchase trade date
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, $88. 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 $1,0009
Dollar-cost-averaging transactions $3 per transaction; minimum purchase $100; minimum two transactions.



Vanguard Load Funds Fees


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 $1,000.9  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.

9 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.




Vanguard Bonds and CDs Fees


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. When acting as a principal for a primary market issue, Vanguard Brokerage receives a fee concession from the issuer. If a concession is not available, Vanguard Brokerage reserves the right to charge a commission.6


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.




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Mutual Funds From Other Companies: FundAccess


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.


Other Vanguard Fees


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.


1Vanguard Brokerage Services® charges a $20 annual account service fee. However, we don't charge the fee for Voyager, Voyager Select, Flagship, and Flagship Select clients; clients who hold at least $10,000 in Vanguard funds and ETFs; or clients who have elected e-delivery of statements, our annual privacy policy notice, and brokerage and mutual fund confirmations, reports, prospectuses, and proxy materials.

2The reduced commission or commission-free transactions will apply to the first 25 transactions for Standard and Flagship clients and the first 100 transactions for Flagship Select clients in each calendar year to any combination of stocks and non-Vanguard ETFs. The number of these transactions is limited to 25 per Standard or Flagship client and 100 per Flagship Select client, as identified by the primary Social Security number on the account. Vanguard Brokerage reserves the right to end these offers at any time.

3For Standard Services, options exercises and assignments resulting in a stock trade will be subject to a $20 + $.01 per-share commission. For Voyager Services, options exercises and assignments resulting in a stock trade will be subject to a $7 + $.01 per-share commission. For Voyager Select, Flagship, and Flagship Select Services, options exercises and assignments resulting in a stock trade will be subject to a $2 + $.01 per-share commission. All options exercises and assignments resulting in a cash settlement are subject to a $2 + $1 per-contract commission.

4Options transactions are included in the offer of commission-free transactions (25 for Flagship clients and 100 for Flagship Select clients) described in footnote 2. Subsequent transactions are at the rates shown in the options fee schedule above.


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Vanguard fees are as of 2017 and are subject to change. For the most recent information on Vanguard fees go to their website:



Updated on 3/1/2017.




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