Brokerage Account Comparison

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

Non-proprietary mutual funds may incur transaction fees at all brokers. Cash sweep rates are variable and change with the Fed funds rate.

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.

† Robinhood cash yield requires Gold membership ($5/mo). SIP = Schwab Intelligent Portfolios. Cash yields are approximate and change with Fed rate movements.

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.

Investor Protection

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.

The pairings below address the most common direct comparisons investors search for. All three of the "Big Three" are strong default choices — differences are meaningful but narrow for most long-term investors.

Answers to the most common questions investors ask when choosing a brokerage.

Is Fidelity or Schwab better?

For most investors, Fidelity has a slight edge due to its higher default cash sweep yield (~4%+ vs ~0.45% at Schwab) and unique zero-expense-ratio index funds. Schwab is the better choice if you want full banking services (checking, savings, mortgage) integrated with your brokerage, or if you prefer the thinkorswim trading platform.

Does Vanguard have branch locations?

No. Vanguard operates entirely online and by phone — it has no physical branch locations. If in-person access matters to you, Schwab (~400 branches) or Fidelity (~200 branches) are the better alternatives.

What is Robinhood's IRA match and how does it work?

Robinhood matches 1% of IRA contributions without a Gold membership, and 3% with Gold ($5/month). The match applies to the annual contribution limit ($7,000 for under-50 in 2026). Matched assets must remain in the IRA for 5 years and Gold must be maintained for at least 1 year after the first match, or the match is forfeited.

Which brokerage has the best cash yield on uninvested money?

Fidelity and Vanguard both automatically sweep uninvested cash into money market funds yielding approximately 4%+ (as of early 2026). Schwab defaults to a low-yield bank sweep (~0.45%) — you must manually move cash to a money market fund like SWVXX to get a competitive rate. E*TRADE's default cash yield is 0.01%. Robinhood pays ~3.35% but requires a Gold membership.

Can I buy Vanguard funds at Fidelity or Schwab?

Yes. Vanguard ETFs (like VTI, VXUS, BND) trade on exchanges and can be purchased at any brokerage with $0 commission. Vanguard mutual funds are generally only available directly through Vanguard or may incur transaction fees at other brokerages.

Which broker is best for self-employed investors?

Fidelity, Schwab, or Vanguard are all strong choices for self-employed investors who need SEP IRAs, SIMPLE IRAs, or Solo 401(k) plans. Robinhood does not offer these account types and should be avoided by self-employed individuals who want to maximize retirement contributions.