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Fidelity vs Schwab vs Vanguard, Part 2 (2026): The Fees That Aren't on the Homepage
- Leaving: Fidelity typically charges $0 to transfer out; Schwab lists $50 for a full transfer; Vanguard may charge $100 per account to close or fully transfer.
- Wires out: Fidelity $0; Schwab $25 ($15 online); Vanguard about $10.
- Phone trades: about $25 at Schwab and Vanguard, $32.95 at Fidelity.
- Other companies' mutual funds can cost up to $49.95 per purchase at Schwab (up to $74.95 for some fund families). Fidelity has the fewest hidden fees overall.
This is Part 2. Part 1 compared the headline features: commissions, funds, cash and account types. Read Part 1 here.
The fine print, side by side
| Fee | Fidelity | Charles Schwab | Vanguard |
|---|---|---|---|
| Full account transfer out (ACAT) | $0 | $50 per account | Up to $100 per account (closure/full transfer) |
| Partial transfer out | $0 | $0 | Check schedule |
| Outgoing domestic wire | $0 | $25 ($15 if requested online) | About $10 (reduced for higher-balance clients) |
| Paper statements / account service fee | $0 | $0 | $25/year account service fee, waived if you choose e-delivery (or have $5M+ in qualifying assets) |
| Broker-assisted trade | $32.95 | $25 | $25 |
| Other companies' mutual funds (transaction-fee funds) | Fee on purchases (about $49.95) | Up to $49.95 per purchase on non-OneSource funds (up to $74.95 for some fund families) | $20 per online purchase on many non-Vanguard funds (under $1M in assets) |
| Online stock/ETF trades | $0 | $0 | $0 |
From each firm's published fee schedule and pricing guide as of November 2026. These change; confirm before you act.
Which fees will you actually hit?
Leaving. This is the big one. If you open an account at Vanguard and move to another broker in five years, a $100 closure fee per account adds up fast: an IRA, a Roth IRA and a taxable account could cost $300. Fidelity charges nothing. Most receiving brokers will reimburse transfer fees on balances above a minimum, so ask before you move.
Wiring money. Closing on a house? Wires are common. Fidelity's $0 wire is a real advantage. At Schwab, request it online to save $10.
Calling to trade. If you'd rather speak to someone than click "buy," the $25–$32.95 per trade fee changes the maths. Monthly phone trades at Fidelity would cost ~$395 a year.
Buying another company's fund. Want an American Funds or T. Rowe Price fund inside your Schwab account? Expect a transaction fee unless it's on the no-transaction-fee list. ETFs avoid this completely.
How to pay none of these
- Trade online, not by phone.
- Turn on e-delivery for statements and tax forms.
- Use ACH transfers instead of wires when you can.
- Buy ETFs or the broker's own funds instead of transaction-fee mutual funds.
- Before switching brokers, ask the new one to reimburse the transfer-out fee.
So who wins Part 2?
Fidelity has the fewest hidden fees: free transfers out, free wires and no paper fees. Schwab is middle of the pack with a $50 exit fee and $25 wires. Vanguard has the cheapest funds but the most friction if you leave or prefer paper.
None of these should outweigh what matters most: low-cost funds, good tools and an account you'll stick with. For headline features, see Part 1. Considering an app instead? Read Robinhood vs Webull vs Moomoo.
Frequently asked questions
Does Vanguard charge a fee to transfer out?
Vanguard's fee schedule has included a processing fee of up to $100 per account for closing or fully transferring certain accounts to another firm. Check the current schedule; many receiving brokers reimburse transfer fees above a minimum balance.
Does Fidelity charge to transfer out?
Fidelity generally doesn't charge a fee for outgoing account transfers or outgoing domestic wires, which makes it the most flexible of the three if you might move money later.
How much does a broker-assisted trade cost?
About $25 at Schwab and Vanguard and $32.95 at Fidelity. Online trades of stocks and ETFs are $0 at all three.
What is a mutual fund transaction fee?
It's a fee for buying a mutual fund from another company that isn't on the broker's no-transaction-fee list. At Schwab it's up to $49.95 per purchase, or up to $74.95 for funds from certain fund families; Vanguard charges $20 online on many other companies' funds for clients under $1 million; Fidelity charges a similar fee on purchases of transaction-fee funds. Buying the broker's own funds or no-transaction-fee funds avoids it.
How do I avoid these fees?
Use online trades, sign up for e-delivery, buy ETFs or no-transaction-fee funds, use ACH instead of wires, and ask your new broker to reimburse transfer-out fees when you move.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 11, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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