Points to Know
• Brokerage accounts are available at Schwab, Vanguard, and Public.com.
• Schwab, Vanguard, and Public also provide investment-advisory services.
• Schwab has the strongest trading tools.
Public.com vs. Vanguard and Schwab Introduction
Schwab, Vanguard, and Public are very different brokerage firms, and each one takes a different approach to investment
management. Here is how they compare:
Public, Vanguard, and Schwab Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
Public
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
$1.00 per contract
|
$25*
|
$25*
|
Public, Vanguard, and Schwab Services
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Public: Get a 1% IRA contribution bonus at Public.com.
Vanguard: Currently, no promotions.
Available Assets
Vanguard customers can trade:
- Equities
- Options
- Funds, including closed-end, exchange-traded, and mutual funds
- Fixed income
Schwab adds more products to this list, including OTC and foreign stocks, futures, and forex. Public.com doesn’t offer foreign stocks, forex, futures contracts, or mutual funds. It does offer some OTC-listed securities, bonds, Treasuries, cryptocurrencies, high-yield cash, direct indexing, Generated Assets, and other specialized products.
Managed accounts are available at Schwab and Vanguard. These accounts are invested in different securities chosen by either firm’s investment advisor representatives, who may be digital or human. Fees and minimums depend on the package selected. Public also provides advisory services through Public Advisors for certain products, including direct indexing and Generated Assets.
Winner: Schwab
Margin
Self-directed accounts at all three firms can enable margin. Public.com does allow borrowing with
margin in eligible accounts.
Schwab customers pay margin interest on a tiered schedule that starts at 11.825% for smaller debit balances and uses lower rates for larger balances. Vanguard’s
stepped schedule ranges from 12% to 8.25%. Public’s margin schedule starts at 4.9% and uses lower rates for larger margin balances. Schwab’s trading platforms provide stronger margin and trading tools than the other two firms.
Winner: Schwab
Websites
To place a trade with or without margin, all three brokerage firms in this comparison provide websites with
charts and order tickets. Public’s trade form has 3 trade types: market, limit, and stop.
Vanguard goes one step further by adding stop limit to the list. Vanguard’s ticket also has more trade choices than Public’s basic ticket.
At Schwab, we found many more trade choices. These additional choices include OCO (order cancels the other) and contingent. Schwab also has something neither of the other two firms offers: a browser platform. Launched from the Trade tab in the top menu, it provides simulated and live trading with two order tickets and full-screen charting.
Winner: Schwab
Mobile Apps
Because one app is not enough for some customers, Schwab has built two apps. Combined, they include many useful features. Highlights include mobile check deposit, separate trade tickets for options and mutual funds, and many news and education resources.
Public has just one app, and it lacks some of Schwab’s mobile resources, such as check deposit. But it does have one useful feature: a digital bulletin board. This tool lets Public customers comment on assets and connect with one another; it works as a form of social networking.
The Vanguard app does not have a community forum, and overall it is very simple. Charts, for example, have only one plot style (line), and there is no horizontal mode. The app does support basic investing and account-management functions, but its advanced trading tools are limited compared with Schwab’s apps.
Winner: Schwab
Desktop Programs
Because Public.com and Vanguard don’t focus on short-term trading, they do not have desktop programs. Schwab serves both short-term and long-term investors. For short-term traders, it offers a very strong desktop program called thinkorswim. It has many advanced features, including Level II quotes and pairs trading. CNBC streams on the platform free of charge.
Winner: Schwab
Extra Services
IRA Lineups: Vanguard, Schwab, and Public offer Individual Retirement Accounts. Public offers Traditional and Roth IRAs, while Vanguard and Schwab offer broader IRA lineups. Vanguard, but not Schwab, charges some fees on business IRAs.
Fully-Paid Stock Lending: Eligible customers at all three firms can earn some extra cash by loaning out eligible equity shares.
Fractional Shares: Vanguard offers trading in Vanguard exchange-traded funds in whole dollars. At Public, the great majority of ETFs and stocks are eligible, in addition to cryptos. At Schwab, the selection consists of the 500 securities that make up the Standard & Poor's Index.
Dividend Reinvestment Plans: All three broker-dealers have DRIPs.
Extended Hours: After-hours trading is available at Vanguard. Public and Schwab also have pre-market trading. Cryptocurrencies trade around the clock at Public, and Schwab has 24/5 trading in more than 1,100 stocks and ETFs.
Systematic Mutual Fund Purchases: Traders at Schwab can enroll their mutual funds in autopilot trading. Vanguard allows recurring purchases of mutual funds, including Vanguard mutual funds.
IPO Access: Available at Schwab and Public when eligible offerings are available.
Winner: Schwab
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Public: Get a 1% IRA contribution bonus at Public.com.
Vanguard: Currently, no promotions.
Recommendations
Mutual Fund Trading: Vanguard has more funds, but Schwab has better fund resources. Take your pick.
Long-Term Investors & Retirement Savers: Schwab.
Small Accounts: Vanguard for advisory accounts. Any broker of the three for self-directed trading, with the exception of Vanguard for self-directed business IRAs.
Stock and ETF Trading: Schwab.
Beginners: A managed account at Vanguard or Schwab, preferably with a human advisor.
Verdict
To compete with Charles Schwab, Vanguard and Public still need to do much more.
Open Charles Schwab Account
Visit Schwab Website
Open Public Account
Visit Public Website
Updated on 5/30/2026.
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.
|