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Vanguard Brokerage Account

$0 online stock and ETF commissions, $0 Vanguard funds and a 3.81% 7-day yield on cash. The only one here that takes no payment for order flow.

Rates verified October 14, 2026
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The Bottom Line

Best for
Long-term, buy-and-hold investors who want Vanguard funds and a broker that takes no payment for order flow.
Stock and ETF trades
$0 (verified Oct 14, 2026). All rates and fees

Key facts

  • Account minimum: None
  • Options: $1 per contract
  • Cash sweep: 3.81% 7-day yield

Pros

  • States it receives no payment for order flow
  • $0 Vanguard funds with a long track record
  • Default cash earns a money market yield (3.81% 7-day yield, 13 October 2026)
  • Waives its $25 account fee with e-delivery

Cons

  • Fractional trading limited to Vanguard funds and ETFs
  • Phone support is available on weekdays only
  • $100 to transfer out, and many funds have $1,000 to $100,000 minimums

At a glance

Rates verified October 14, 2026
Stock and ETF trades
$0 per online trade
Options
$0 base commission, $1.00 per contract (less with larger balances)
Mutual funds
Vanguard funds $0 online. Non-Vanguard no-transaction-fee funds $0. Transaction-fee funds $20 online
Account minimum
None
Cash sweep rate
3.81% 7-day yield in the default money market fund, VMFXX (as of Oct 13, 2026). Not FDIC-insured. The optional FDIC-insured Vanguard Cash Deposit paid 2.00% APY on Oct 14, 2026
Margin rates
10.25% to 12.25%, depending on balance
IRAs
Traditional IRA, Rollover IRA, Roth IRA, SEP IRA
Fractional shares
Yes, dollar-based trades in Vanguard ETFs from $1 and in mutual funds; not in individual stocks
Research and tools
Watchlists, fund and ETF comparison tools and articles.
Support
Phone Monday to Friday, 8 a.m. to 8 p.m. Eastern, and an online support center.
Mobile app
Vanguard app with trading.
SIPC
Member
Transfer out
$100 for a full transfer out
Payment for order flow
No, Vanguard's Q1 2026 Rule 606 report says it receives no payment for order flow and no other payment for routing customer orders.
Other fees
$25 annual account service fee, waived with e-delivery and in other cases. $25 for a phone-assisted trade. Many mutual funds have their own $1,000 to $100,000 minimums.

Sources: investor.vanguard.com/client-benefits/investmen…, investor.vanguard.com/accounts-plans/brokerage-…, 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 $381 over a year at 3.81% 7-day yield (rate as of Oct 13, 2026). That is the 7-day yield of its default money market fund, which is variable. 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.

  • Many Vanguard mutual funds still require a $1,000 to $100,000 minimum, even though the account itself has no minimum.
  • Fractional (dollar-based) trading is limited to Vanguard ETFs and mutual funds, not individual stocks.
  • No 24/7 phone support: lines are open Monday to Friday, 8 a.m. to 8 p.m. Eastern.
  • A $25 annual account service fee applies unless waived (for example by choosing e-delivery), and a full transfer out costs $100.

Regulator record

  • Sep 23, 2026, FINRA. FINRA order against Vanguard Marketing Corporation: it communicated inaccurate cost basis information in account statements, trade confirmations and Forms 1099 because of technology issues, and failed to reasonably investigate red flags. It voluntarily paid about $1.9 million to customers. Fine: $950,000. (Date and amount per FINRA BrokerCheck.) Read the source
  • Jan 17, 2025, SEC. SEC order on Vanguard's Investor Target Retirement Funds: the 2020 and 2021 prospectuses were materially misleading about capital gains distributions, leaving holders in taxable accounts with larger tax bills. Vanguard agreed to pay $106.41 million, with parallel state settlements. Read the source
  • May 25, 2023, FINRA. FINRA found Vanguard Marketing Corporation sent misleading account statements, including an overstated projected yield and income for nine money market funds on about 8.5 million statements from November 2019 to September 2020. Fine: $800,000. 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 Vanguard Brokerage Account?

Sources read on the date shown
Vanguard is built for long-term, buy-and-hold investors. Its brokerage account has no minimum, charges $0 for online stock and ETF trades and sells Vanguard's low-cost mutual funds and ETFs at $0. It is the only broker on this list whose order-routing report says it receives no payment for order flow. Options cost $0 plus $1.00 per contract at standard balances, less with more assets. IRAs come as Traditional, Roth, Rollover and SEP. Idle cash goes by default into the Vanguard Federal Money Market Fund, which had a 3.81% 7-day yield on 13 October 2026. Margin loans cost 10.25% to 12.25% on the standard schedule. A full transfer out costs $100. All figures were read on Vanguard's own fee schedule (effective 10 July 2026) and pages on 14 October 2026. It is less flexible than the others: fractional trading only covers Vanguard funds and ETFs, phone support is weekdays only, and a $25 annual account service fee applies unless waived. In September 2026 FINRA fined Vanguard Marketing Corporation $950,000 over inaccurate cost basis reporting, and in January 2025 the SEC announced a $106 million settlement over its Target Retirement Funds.
Sourceinvestor.vanguard.com ↗

Key details

$0 online stock and ETF commissions$0 Vanguard mutual funds and ETFs, dollar-based trading from $1Default money market settlement fund at a 3.81% 7-day yieldTraditional, Roth, Rollover and SEP IRAsNo payment for order flow

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Vanguard Brokerage Account FAQ

Does Vanguard charge commissions?

Online stock and ETF trades are $0. Options cost $0 plus $1.00 per contract for balances under $1 million. A phone-assisted trade costs $25. Read on Vanguard's fee schedule (effective 10 July 2026) on 14 October 2026.

Is there a minimum to open a Vanguard brokerage account?

No account minimum, though most mutual funds have their own minimum, from $1,000 to $100,000. Vanguard ETFs can be bought for as little as $1.

What does Vanguard pay on cash?

The default settlement fund, VMFXX, had a 3.81% 7-day yield on 13 October 2026. It is variable and not FDIC-insured. The optional FDIC-insured Vanguard Cash Deposit paid 2.00% APY on 14 October 2026.

Which IRAs does Vanguard offer?

Traditional, Roth, Rollover and SEP IRAs. Opening a Vanguard IRA is free; its annual IRA fee is not stated on the IRA page.

Does Vanguard receive payment for order flow?

No, according to its Q1 2026 Rule 606 report: it says it receives no payment for order flow and no other benefit for routing customer orders.

Source: investor.vanguard.com