Broker fees at a glance (October 2026)
| Broker | Online stock/ETF trades | Options per contract | Account minimum | Fee to transfer out |
|---|---|---|---|---|
| Fidelity | $0 | $0.65 | $0 | Check Fidelity's fee schedule |
| Charles Schwab | $0 | $0.65 | $0 | $50 (full ACATS) |
| Vanguard | $0 | $1.00 | $0 | $100 (waived at $5M+ in Vanguard assets) |
| E*TRADE | $0 | $0.65; $0.50 at 30+ trades a quarter | $0 | $75 full / $25 partial |
| Robinhood | $0 | $0 | $0 | $100 full or partial |
| Interactive Brokers | $0 (IBKR Lite); per-share pricing on IBKR Pro | $0.65 (Lite); $0.15–$0.65 (Pro) | $0 | Check IBKR's fee schedule |
Source: Schwab competitor comparison (May 2026); Robinhood support; BrokerChooser (Schwab transfer); My Money Blog (Vanguard transfer fee); Wise (E*TRADE fees); NerdWallet (E*TRADE, Interactive Brokers); ThisMatter and ShopBack (Robinhood options and minimums). Checked October 2026.
What your uninvested cash earns
This is now one of the biggest cost differences between brokers, and it is easy to miss. When you sell a fund or deposit money, the cash sits in a default "sweep" until you invest it. Some brokers sweep it into a money market fund paying close to market rates. Others use a bank deposit program paying far less.
| Broker | Default for idle cash | Reported yield |
|---|---|---|
| Fidelity | Money market fund (SPAXX core position) | About 3.3% |
| Robinhood | Cash program | 3.6% for Robinhood Gold members ($5 a month) |
| Vanguard | Money market settlement fund (VMFXX) | Check Vanguard's site; reported figures conflicted |
| Charles Schwab | Bank sweep | Well under 1% (about 0.45% in one September 2026 comparison; Schwab has disclosed 0.05% on some sweep programs) |
| E*TRADE | Bank sweep | 0.01%–0.15% |
| Interactive Brokers | Interest on cash | Paid only above $10,000; best rates need $100,000+ in the account |
Source: ShopBack (Sept. 22, 2026); InvestorMint (2026); NerdWallet (E*TRADE, Interactive Brokers). Yields are variable and were reported by third parties; confirm the current rate with the broker.
On $20,000 of idle cash, the gap between a sweep paying 0.05%–0.45% and a fund paying 3.3% is roughly $570 to $650 a year. At brokers with a low default sweep, you can usually buy a money market fund yourself. Know the trade-off, though. Bank sweeps carry FDIC insurance. Money market funds do not.
Fractional shares
- Fidelity: stocks and ETFs from $1, covering more than 7,000 US securities.
- Schwab: in June 2026, Schwab extended fractional trading to most US stocks and ETFs with a $1 minimum, entered directly in the regular trade ticket. Older reviews describing "Stock Slices" limited to S&P 500 stocks with a $5 minimum are out of date.
- Interactive Brokers: more than 10,500 stocks and ETFs from $0.01.
- Robinhood: fractional shares from $1.
- Vanguard: fractional shares of Vanguard ETFs only.
If you want to invest small, exact dollar amounts in a variety of ETFs, Vanguard's restriction matters. If you only buy Vanguard funds, it does not.
Who each broker suits
Fidelity
Fidelity pairs $0 trades and $1 fractional shares with a default money market sweep that paid around 3.3% in September 2026. That combination makes it a good fit for people who keep cash in their brokerage account and want stocks, ETFs and Fidelity's own index funds, such as FXAIX at 0.015%, in one place. It offers 24/7 customer service.
Charles Schwab
Schwab has more than 400 branches, 24/7 service, and the thinkorswim platform for active traders and options users. It is a good fit if you value in-person help. Its default bank sweep pays well under 1%, so people who keep larger idle balances often buy a money market fund instead. Leaving costs $50.
Vanguard
Vanguard suits buy-and-hold investors who mostly use Vanguard funds. Its options fee ($1.00) is the highest in this group. Fractional shares are limited to Vanguard ETFs, and it does not offer 24/7 customer service. It charges $100 to close an account or transfer out unless you have $5 million or more in qualifying Vanguard assets.
E*TRADE
E*TRADE's Power E*TRADE platform and education resources are aimed at intermediate and active traders, and its options fee drops to $0.50 per contract at 30+ trades a quarter. It lists nearly 6,000 no-transaction-fee mutual funds and charges $19.99 for others. Interest on uninvested cash was minimal at 0.01% to 0.15%, so it is a weaker home for cash.
Robinhood
Robinhood charges no per-contract options fee, and its Gold subscription ($5 a month) earned 3.6% on cash in September 2026. It is simple to use on a phone. Weigh two costs. One options writer found Robinhood's fills were often worse than at Fidelity, Schwab or Vanguard, which can outweigh the fee savings. And it charges $100 to transfer assets out, even partially. Crypto held at Robinhood is not covered by SIPC.
Interactive Brokers
Interactive Brokers gives access to markets in dozens of countries, IBKR Pro's low per-share pricing for frequent traders, and fractional shares from a penny. It is a good fit for active and international investors. NerdWallet describes it as best suited to advanced traders. It does not offer IPO access, and cash interest only starts above $10,000.
What options and active trading really cost
Options fees are charged per contract, so they scale with how much you trade. Take someone who trades 40 contracts a month. At $0.65 per contract, that is $26 a month, or $312 a year, at Fidelity, Schwab or E*TRADE. At Vanguard's $1.00 it is $480 a year. At Robinhood the posted fee is $0. An E*TRADE customer who places 30 or more trades a quarter pays $0.50 per contract instead, or $240 a year at that volume.
The posted fee is not the whole cost. The price you get when the order fills matters too. The ThisMatter options writer, comparing his own trades, reported regularly getting price improvement at Fidelity, Schwab and Vanguard but rarely at Robinhood. In one March 2026 example he received $65 per contract at Robinhood versus $70 to $85 elsewhere. That is one investor's experience, not a controlled study, but it shows why a $0 fee is not automatically cheapest.
Very active stock traders may prefer per-share pricing. IBKR Pro's fixed rate of $0.005 per share works out to $0.50 on a 100-share order. IBKR Lite users pay $0 commissions instead.
Other fees to check before you open an account
- Outside mutual funds. E*TRADE charges $19.99 to buy mutual funds outside its no-transaction-fee list. Likewise, Fidelity's and Schwab's own index mutual funds may carry a transaction fee if you buy them at a different broker.
- Wires and paper. E*TRADE charges $25 for an outgoing wire and $60 for a stock certificate.
- Futures and bonds. E*TRADE charges $1.50 per futures contract and $0 to $1 per bond, with a $10 minimum.
- Currency conversion. E*TRADE charges up to 2.5% on the exchange rate for foreign currency disbursements, which matters if you send money abroad.
How to choose
- Start with what you will hold. Mostly index funds? Any of these works. Pick the one whose cash sweep and fund lineup fit. Our S&P 500 fund guide shows which funds are cheapest at which broker.
- Check the account types. Make sure the broker offers the IRA you want. See Roth vs traditional IRA.
- Look at your cash. If you often hold cash between investments, the sweep rate can matter more than any trading fee.
- If you trade options, multiply your typical monthly contracts by the per-contract fee, and consider execution quality as well as the posted fee.
- Know the exit cost. Transfer-out fees run from $25 to $100 at the brokers above. Some receiving brokers, such as Ally Invest, reimburse transfer fees, so ask before you move.
- Verify the firm. Look up any broker on FINRA's free BrokerCheck, which shows licenses, disciplinary events and arbitration awards.
Your protection at any broker
SIPC covers customers of member brokers up to $500,000, including $250,000 in cash, if a firm fails and assets are missing. It does not cover losses when investments fall in value, bad advice, or crypto that is not a registered security. Cash held in a bank sweep is covered by FDIC insurance at the partner bank rather than by SIPC.
New to investing? Read how to invest in stocks first. If you are considering crypto, our crypto exchange comparison explains why those holdings lack SIPC protection.
Frequently asked questions
Which online broker has the lowest fees?
All six major brokers here charge $0 for online stock and ETF trades. Robinhood charges $0 per options contract, Fidelity, Schwab and E*TRADE charge $0.65, and Vanguard charges $1.00. The bigger hidden cost is often the default yield on cash, which ranged from about 0.01% at E*TRADE to about 3.3% at Fidelity in September 2026.
Which brokers charge to transfer my account out?
Robinhood charges $100 for full or partial transfers, Vanguard $100 (waived with $5 million or more in qualifying assets), E*TRADE $75 for a full transfer and $25 for a partial one, and Schwab $50. Some receiving brokers, such as Ally Invest, reimburse transfer fees, so ask before you move.
Is Robinhood safe for stocks?
Robinhood says crypto held through Robinhood Crypto is not covered by SIPC or FDIC insurance. For stocks and ETFs, SIPC protection at member brokers covers up to $500,000, including $250,000 in cash, if a firm fails and assets are missing; confirm membership on SIPC's site. SIPC never covers market losses.
Can I buy fractional shares at Vanguard?
Only of Vanguard ETFs. Fidelity and Schwab offer fractional shares of most US stocks and ETFs from $1, and Interactive Brokers from $0.01.
Why does my brokerage cash earn so little?
Some brokers sweep idle cash into a bank deposit program by default. In September 2026 Schwab's sweep was reported at well under 1% and E*TRADE's at 0.01%–0.15%, while Fidelity's default money market fund paid about 3.3%. You can usually buy a money market fund yourself to earn more, but money market funds are not FDIC insured.
How do I check whether a broker is legitimate?
Use FINRA's free BrokerCheck tool. It shows a firm's registration, history, disciplinary events and arbitration awards. Also confirm the firm is a SIPC member.
Sources
- Charles Schwab – Compare Schwab to other brokers (May 2026)
- Charles Schwab – Retail trading enhancements (June 2026)
- Robinhood – Transfer your assets out
- BrokerChooser – Charles Schwab asset transfer
- My Money Blog – Vanguard adds $100 account closure and transfer fee
- Wise – E*TRADE fees explained
- NerdWallet – E*TRADE review
- NerdWallet – Interactive Brokers review
- NerdWallet – Best brokers for fractional shares
- ShopBack – Vanguard vs Fidelity vs Schwab vs Robinhood (Sept. 2026)
- InvestorMint – Vanguard vs Schwab vs Fidelity cash options (2026)
- ThisMatter – Comparing option trading prices at Fidelity, Robinhood, Schwab and Vanguard
- TopRatedFirms – Brokerage account transfer fees
- SIPC – What SIPC protects
- FINRA – About BrokerCheck
Rates, fees and terms change often. Figures were checked in October 2026; confirm current details with the provider before you apply.