T. Rowe Price vs Fidelity & Others: Key Points
• Various taxable and tax-deferred investment accounts can be opened at T. Rowe Price, Vanguard, Schwab, and Fidelity.
• Both managed and self-directed brokerage accounts are available at all four institutions, though the range of tradable products differs significantly.
• Banking services are offered at all four companies, and these vary in terms of quality.
Fidelity vs. Schwab, T. Rowe Price, and Vanguard Introduction
If you have only been using T. Rowe Price for its mutual funds, you might want to explore its brokerage service. Below is how its brokerage setup stacks up against three of the industry’s largest names:
T. Rowe Price vs Vanguard & Co: Compare Fees
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Margin
Rate |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
12.575%
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
12.575%
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
12.75%
|
$20*
|
$20*
|
|
T. Rowe Price
|
$0
|
$0 or $35
|
$19.95 + $1.00 per contract
|
$10
|
$10
|
T. Rowe Price vs Charles Schwab & Co: Compare Services
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Vanguard, Fidelity, and T. Rowe Price: none
Investment Accounts
As an asset manager, T. Rowe Price creates and oversees mutual funds and ETFs. As a broker, it also provides advisory and trading accounts. These accounts can place orders for stocks, options, bonds, and mutual funds from T. Rowe Price and other fund families. The other three firms run their investment divisions in a similar manner.
T. Rowe Price charges $50 to close or transfer a brokerage account. There is also a $30 annual fee, which can be avoided through certain methods. Vanguard’s fee structure is somewhat similar. Schwab and Fidelity don’t impose these fees and have no minimum amounts for opening standard accounts. Meanwhile, T. Rowe Price typically wants $1,000 or $2,500 to open a brokerage account, depending on whether it’s retirement or not.
T. Rowe Price no longer has a precious-metals trading option, so gold and silver are off the table. Schwab goes beyond T. Rowe Price’s offerings by making futures and forex available. Fidelity includes cryptocurrencies.
Managed accounts at T. Rowe Price invest strictly in T. Rowe Price funds. The other three companies in this comparison have bigger selections within advisory accounts.
Winner: We rate Fidelity and Schwab equally here
Banking Services
T. Rowe Price has discontinued Brokerage Advantage accounts, which used to feature some banking tools. Some mutual funds in its brokerage accounts do allow checkwriting, and that’s about it.
The other three companies offer far more. Each has an FDIC-sweep service, which increases FDIC coverage well above the usual $250k figure. Schwab and Fidelity provide checks and debit cards, with perks like ATM fee reimbursements. These two giants also have credit cards offering additional benefits.
Winner: Very close between Fidelity and Schwab
Margin Accounts
All four broker-dealers in this review allow margin trading. Of course, taking out a margin loan incurs interest charges. Here are the rates:
Schwab: 10.825% to 12.575%*
Fidelity: 10.825% to 12.575%
Vanguard: 10.75% to 12.75%*
T. Rowe Price: 10.875% to 10.875%
*Schwab and Vanguard will negotiate these rates for clients who borrow over $500,000 on margin. This applies to a small group of customers.
Winner: T. Rowe Price
Websites
Clients at T. Rowe Price will see a straightforward website with multiple tools, including an order form, a research hub, a watchlist with trade buttons, a fixed-income marketplace, estimated cash flow data, and more.
The other three websites have comparable features. Schwab stands out with a high-level platform called thinkorswim, available in a web browser. It includes professional tools like Level II quotes and a paper-trading mode.
Winner: Schwab
Mobile Apps
Account management and trading continue on each company’s mobile app. T. Rowe Price users can research assets, check performance details, and make trades.
Vanguard’s app is simpler than T. Rowe Price’s and does not allow trading of non-Vanguard funds.
Both Schwab and Fidelity let you buy mutual funds from any family on their apps. Each has two apps: Schwab’s second app is thinkorswim for advanced trading, while Fidelity offers Bloom for specialized banking-investing. The thinkorswim app even surpasses its own website-based version in sophistication.
Winner: Schwab
Desktop Platforms
Fidelity and Schwab both provide sophisticated computer programs (Active Trader Pro and thinkorswim). These platforms offer a wide range of trading and charting capabilities, such as direct-access routing, advanced options strategies, pairs trading, live business news, time & sales information, conditional orders, and plenty of technical studies.
Winner: Schwab
Supplementary Services
IPO Service: Schwab and Fidelity both allow customers to get involved in new stock issues before public trading begins.
Fractional Shares: At T. Rowe Price and Fidelity, you can trade stocks and ETFs in fixed-dollar amounts. Schwab and Vanguard let you do this for a limited selection.
Recurring Mutual Fund Purchases: All four brokers let you set up automated buys of mutual funds, though T. Rowe Price needs them to be no-load funds. Schwab supports automatic selling, and Fidelity extends this setup to stocks.
Extended Hours: Schwab, Fidelity, and Vanguard provide pre-market and post-market stock trading, with the broadest session times at Schwab and Fidelity.
DRIP Service: All four firms let you reinvest dividends automatically.
Individual Retirement Accounts: Each of these four companies offers IRAs. Vanguard and T. Rowe Price have certain IRA fees.
Fully-Paid Securities Lending Program: Fidelity, Schwab, and Vanguard allow you to earn extra money by lending out your stocks.
Winner: Fidelity
Our Recommendations
Beginners: Try an advisory account at any of the top three: Vanguard, Schwab, or Fidelity.
Advanced Stock Trading: Schwab, with its strong platforms, is our favorite. Fidelity is next best.
Mutual Funds: T. Rowe Price is known for its funds, but the other three brokers have their own fund lineups. T. Rowe Price funds also appear in brokerage accounts at Schwab and Fidelity, and we rank those two highest overall.
Small Accounts: Vanguard and T. Rowe Price are more restrictive. Schwab and Fidelity have no minimums on brokerage accounts, and Fidelity even has no minimum on its robo offering.
Retirement Planning & Long-Term Investing: Fidelity and Schwab are best for both self-directed and advisory services.
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Vanguard, Fidelity, and T. Rowe Price: none
Judgment
T. Rowe Price is well-known for its mutual funds and ETFs, but that doesn’t necessarily mean its asset management branch is ideal for a brokerage or advisory account.
Updated on 3/23/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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