Brokerage Account Comparison
Compare Fidelity, Schwab, Vanguard, and other brokerages on fees, features, and account types
Key Numbers
Stock/ETF Trades
$0 (All)
Fidelity
Best All-Around
Schwab
Banking + Investing
Vanguard
Index Pioneer
All major brokerages now offer $0 commission trading on stocks and ETFs, so the decision comes down to other factors: fund selection, cash yields, research tools, account types, and customer service. The "Big Three" (Fidelity, Schwab, Vanguard) serve most investors well; online-focused brokers like Robinhood and E*TRADE appeal to different niches.
Core Costs
| Broker | Stock/ETF | Options | Acct Min | MF Min | Transfer Out |
|---|---|---|---|---|---|
| Fidelity | $0 | $0.65/contract | $0 | $0 | $0 |
| Schwab | $0 | $0.65/contract | $0 | $0 | $50 |
| Vanguard | $0 | $1.00/contract | $0 | $1K–$3K | $0 |
| E*TRADE | $0 | $0.65/contract | $0 | $0 | $75 |
| Robinhood | $0 | $0 | $0 | N/A | $75 |
Non-proprietary mutual funds may incur transaction fees at all brokers. Cash sweep rates are variable and change with the Fed funds rate.
Standard at All Major Brokers
$0 stock & ETF commissions, $0 account minimums, fractional shares (except E*TRADE), IRA accounts, SIPC insurance ($500K), and mobile apps.
Where They Differ
Cash sweep yields, mutual fund minimums, research depth, customer service, branch locations, banking integration, and advanced trading platforms.
Features & Services
The table below compares the key differentiators across all five brokers. Cash sweep rates vary with the Fed funds rate; values shown are representative as of early 2026.
| Feature | Fidelity | Schwab | Vanguard | E*TRADE | Robinhood |
|---|---|---|---|---|---|
| Zero-ER Index Funds | ✓ | ✗ | ✗ | ✗ | ✗ |
| Cash Sweep Type | Money market | Bank sweep | Money market | Bank sweep | Bank sweep |
| Default Cash Yield | ~4%+ | ~0.45% | ~4%+ | 0.01% | 3.35%† |
| Fractional Shares | ✓ | ✓ | ✓ | DRIP only | ✓ ($1 min) |
| Mutual Funds | ✓ | ✓ | ✓ | ✓ | ✗ |
| Physical Branches | ~200 | ~400 | None | ~30 | None |
| Banking Services | Limited | Full | Minimal | Savings acct | Cash card |
| Robo-Advisor | Fidelity Go | Free (SIP) | 0.20%–0.30% | 0.30% (Core) | 0.25% |
| IRA Match | ✗ | ✗ | ✗ | ✗ | 1–3% |
| Crypto Trading | ETFs only | ETFs only | ✗ | Coming 2026 | ✓ |
| Research Quality | Excellent | Excellent | Basic | Excellent | Basic |
| Trading Platform | Active Trader Pro | thinkorswim | Basic | Power E*TRADE | Basic |
† Robinhood cash yield requires Gold membership ($5/mo). SIP = Schwab Intelligent Portfolios. Cash yields are approximate and change with Fed rate movements.
Cash sweep matters: Fidelity and Vanguard automatically sweep idle cash into money market funds at competitive rates. Schwab and E*TRADE default to low-yield bank sweeps — you must manually move cash to money market funds for better returns.
Account Types & Protection
The Big Three offer the widest range of account types. Robinhood focuses on individual and IRA accounts only; E*TRADE covers most types but lacks a few niche options.
| Account Type | Fidelity | Schwab | Vanguard | E*TRADE | Robinhood |
|---|---|---|---|---|---|
| Individual Brokerage | ✓ | ✓ | ✓ | ✓ | ✓ |
| Traditional / Roth IRA | ✓ | ✓ | ✓ | ✓ | ✓ |
| SEP IRA | ✓ | ✓ | ✓ | ✓ | ✗ |
| Solo 401(k) | ✓ | ✓ | ✓ | ✓ | ✗ |
| 529 Plan | ✓ | ✓ | ✓ | ✗ | ✗ |
| Custodial (UGMA/UTMA) | ✓ | ✓ | ✓ | ✓ | ✗ |
| HSA | ✓ | ✓ | ✗ | ✗ | ✗ |
Investor Protection
| Protection | Details |
|---|---|
| SIPC Insurance | Up to $500,000 per account ($250,000 for cash). All listed brokers are SIPC members. Does not protect against investment losses. |
| Excess SIPC | Fidelity, Schwab, and E*TRADE (Morgan Stanley) carry additional insurance in the millions beyond SIPC. Robinhood carries supplemental coverage. |
| FDIC (Cash) | Cash in bank sweep programs is FDIC-insured up to applicable limits. Money market fund sweeps (Fidelity SPAXX, Vanguard VMFXX) are not FDIC-insured but are SIPC-covered. |
Decision Guide
Any of the Big Three is a strong choice for long-term investing. The table below maps common investor priorities to the brokers that serve them best. Note that Schwab completed the TD Ameritrade integration in 2024 — all former TD Ameritrade accounts now operate under Schwab, and the thinkorswim platform remains available.
| Priority | Consider | Why |
|---|---|---|
| All-around quality | Fidelity | Zero-ER funds, strong research, high cash yield, 200+ branches |
| Banking + investing | Schwab | Full checking/savings, ~400 branches, free robo-advisor |
| Low-cost index purist | Vanguard | Investor-owned structure, fund ERs 84% below industry avg |
| Active trading platform | Schwab / E*TRADE | thinkorswim (Schwab) and Power E*TRADE are industry-leading |
| Simplest mobile app | Robinhood | Clean interface, $0 options, crypto, IRA match |
| IRA contribution match | Robinhood | 1% match (3% with Gold at $5/mo); 5-year vesting applies |
| In-person help | Schwab / Fidelity | Combined ~600 branch locations nationwide |
| Self-employed retirement | Not Robinhood | No SEP IRA, SIMPLE IRA, or Solo 401(k) accounts |
Robinhood IRA match details (2026): 1% match without Gold, 3% with Gold ($5/mo). Max annual contribution is $7,500 (under 50) or $8,600 (50+), so the maximum match is $225/$258 with Gold. Assets must stay in the IRA for 5 years and Gold must be maintained for 1 year after the first match, or the match is forfeited.
This content is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for guidance tailored to your situation.