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Charles Schwab Brokerage Account

$0 online stock and ETF commissions, no minimum, 24/7 support, 400+ branches, thinkorswim, and seven retirement account types.

Rates verified October 14, 2026
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The Bottom Line

Best for
Investors who want a big, full-service broker with branches, 24/7 support and the thinkorswim platform.
Stock and ETF trades
$0 (verified Oct 14, 2026). All rates and fees

Key facts

  • Account minimum: None
  • Options: $0.65 per contract
  • Cash sweep: 0.01% APY

Pros

  • No minimum, no commissions and no annual IRA fee
  • 24/7 support and a large branch network
  • Powerful free platforms (thinkorswim) and independent research
  • Seven retirement account types

Cons

  • Idle cash earned 0.01% APY in the default sweep
  • Fractional shares cannot be transferred out in kind
  • $50 to transfer the whole account out, and margin of 10.3% to 12.1%

At a glance

Rates verified October 14, 2026
Stock and ETF trades
$0 per online trade
Options
$0 base commission, $0.65 per contract
Mutual funds
Schwab OneSource and other no-load funds $0 online. Other funds up to $74.95 per purchase
Account minimum
None
Cash sweep rate
0.01% APY on uninvested cash (as of Oct 14, 2026). Schwab's own money market fund SWVXX showed a 3.70% 7-day yield on Oct 9, 2026
Margin rates
10.32% to 12.07%, depending on balance
IRAs
Traditional IRA, Roth IRA, Rollover IRA, Inherited IRA, SEP IRA, SIMPLE IRA, Solo 401(k) (no annual IRA fee)
Fractional shares
Yes, from $1 on most US-listed stocks and ETFs; only whole shares transfer to another broker
Research and tools
Schwab Equity Ratings, independent reports including Morningstar and Argus, screeners, charts and the thinkorswim platforms.
Support
24/7 phone and chat, and more than 400 local branches.
Mobile app
Schwab Mobile and thinkorswim mobile, with trading for stocks, ETFs, funds and options.
SIPC
Member, excess policy of $600 million in total
Transfer out
$50 for a full transfer out
Payment for order flow
Yes, Schwab says it receives rebates from liquidity providers and certain exchanges for order flow, which it calls payment for order flow, and that these help keep commissions low.
Other fees
Broker-assisted trades add $25. OTC stocks $6.95 online. Outgoing wire $25.

Sources: schwab.com/pricing, schwab.com/cash-investments, read October 14, 2026

What it costs in practice

$0 in commissions on 20 trades a year

Twenty online stock or ETF trades a year cost $0 in commissions here. Leave $10,000 sitting uninvested and the default setup pays about $1 over a year at 0.01% APY (rate as of Oct 14, 2026). Rates move, and a high-yield savings account or a money market fund may pay more.

What to know before you open an account

Every provider has trade-offs. These are the ones we found on its own pages and in regulator records.

  • Uninvested cash earned 0.01% APY on 14 October 2026, while Schwab's own money market fund showed a 3.70% 7-day yield, so idle cash in the default sweep earns very little.
  • Only some Schwab cash features are FDIC-insured, and accounts approved for options trading are limited to the one that is not.
  • Fractional shares cannot be moved to another broker in kind and are sold at market prices on transfer, which can trigger taxes.
  • Schwab receives payment for order flow, and in 2022 it agreed to pay $187 million to settle SEC charges over its Intelligent Portfolios cash allocation.

Regulator record

  • Jun 4, 2025, Massachusetts Securities Division, with other states. Multistate consent order led by Massachusetts: TD Ameritrade (now part of Schwab) charged commissions above 5% of principal on certain small equity trades from about June 2018 to June 2023 and did not reasonably surveil them. It paid restitution with interest plus a $15,000 fine and $35,000 in costs, about $913,000 in total. Read the source
  • Jan 13, 2025, SEC. SEC order: Schwab personnel used off-channel messaging about firm business that was not preserved as required, and the firm failed to supervise it. The action was shared with 11 other firms. Penalty: $10 million. Read the source
  • Jun 13, 2022, SEC. SEC order over Schwab Intelligent Portfolios (its robo-advisor): Schwab did not disclose how the cash allocation worked while advertising no advisory or hidden fees (March 2015 to November 2018). Schwab agreed to pay $187 million: a $135 million civil penalty plus about $52 million in disgorgement and interest. Read the source

Where these numbers come from

Each figure above was read on the provider's own page. Fees and rates change, so check the page before you act.

What is Charles Schwab Brokerage Account?

Sources read on the date shown
Schwab is a full-service broker for people who want branches, round-the-clock support and a strong set of tools without paying commissions. A Schwab brokerage account has no minimum, charges $0 for online US stock and ETF trades, offers fractional shares from $1 and gives free access to Schwab's research and the thinkorswim trading platforms. Options cost $0 plus $0.65 per contract. IRAs come as Traditional, Roth, Rollover, Inherited, SEP and SIMPLE, plus an Individual 401(k), all with no annual IRA fee. Phone and chat support is available 24/7 and there are more than 400 branches. Margin runs 10.325% to 12.075%. A full transfer out costs $50. All figures were read on Schwab's own pricing guide and pages on 14 October 2026. The catch is idle cash: the default cash features paid 0.01% APY on 14 October 2026, while Schwab's own money market fund showed a 3.70% 7-day yield, so you need to move cash yourself. Schwab receives payment for order flow, and in 2022 it agreed to pay $187 million to settle SEC charges over its Intelligent Portfolios cash allocation (a separate product).
Sourceschwab.com ↗

Key details

$0 online US stock and ETF commissions, no account minimumOptions $0.65 per contractFractional shares from $1Traditional, Roth, Rollover, Inherited, SEP, SIMPLE IRAs and an Individual 401(k)24/7 phone and chat support and 400+ branchesthinkorswim platforms and free research

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Charles Schwab Brokerage Account FAQ

Does Schwab charge commissions?

Online US stock and ETF trades are $0, except OTC equities at $6.95. Options cost $0 plus $0.65 per contract. Broker-assisted trades add a $25 service charge. Read on Schwab's pricing guide (April 2026) on 14 October 2026.

What is the Schwab account minimum?

$0. Fractional shares start at $1.

What does Schwab pay on cash?

0.01% APY as of 14 October 2026 on uninvested cash. Schwab's own money market fund, SWVXX, showed a 3.70% 7-day yield on 9 October 2026, but you have to move the money yourself.

Which IRAs does Schwab offer?

Traditional, Roth, Rollover, Inherited, SEP and SIMPLE IRAs, plus an Individual 401(k). There is no annual IRA fee.

Does Schwab take payment for order flow?

Yes. Schwab says it receives rebates from liquidity providers and certain exchanges for order flow, which it calls payment for order flow.

Source: schwab.com