Fidelity vs Vanguard vs Schwab 2026: Complete Brokerage Comparison
In-depth comparison of America's top 3 brokerages. Compare fees, fund selection, research tools, and customer service to find the best broker for your investment style.
Overview: The Big Three
When it comes to choosing a brokerage, three names dominate the conversation: Fidelity, Vanguard, and Charles Schwab. Together, they manage over $20 trillion in client assets. Each has distinct strengths, philosophies, and ideal customer profiles.
Here's the quick snapshot:
| Broker | Founded | AUM | Philosophy | Best Known For |
|---|---|---|---|---|
| Fidelity | 1946 | $4.5+ trillion | Full-service excellence | Zero expense ratio funds, research |
| Vanguard | 1975 | $8+ trillion | Low-cost indexing pioneer | Index funds, investor ownership |
| Schwab | 1971 | $8+ trillion | Discount broker innovation | Banking integration, accessibility |
Quick Take
- Fidelity: Best overall for most investors. Superior research, no minimums, Zero funds
- Vanguard: Best for buy-and-hold index investors. Pioneered low-cost investing
- Schwab: Best for those who want banking + investing under one roof
But the details matter. Let's dive deep.
Fee Comparison
All three brokers eliminated stock trading commissions in 2019. But fees go far beyond trades.
Trading Commissions
| Trade Type | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| US Stocks & ETFs | $0 | $0 | $0 |
| Options (per contract) | $0.65 | $1.00 | $0.65 |
| Mutual Funds (in-house) | $0 | $0 | $0 |
| Mutual Funds (third-party) | $0 (many NTF) | $0-$20 | $0 (many NTF) |
| Treasury Bonds | $0 | $0 | $0 |
| Broker-Assisted Trades | $32.95 | $25 | $25 |
Fund Expense Ratios
This is where the real competition happens:
| Fund Type | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| S&P 500 Index Fund | 0.015% (FXAIX) | 0.04% (VFIAX) | 0.02% (SWPPX) |
| Total Stock Market | 0.015% (FSKAX) | 0.04% (VTSAX) | 0.03% (SWTSX) |
| International Stock | 0.035% (FTIHX) | 0.11% (VTIAX) | 0.06% (SWISX) |
| Total Bond Market | 0.025% (FXNAX) | 0.05% (VBTLX) | 0.03% (SWAGX) |
Fidelity's Zero Funds
Fidelity's boldest move: mutual funds with 0.00% expense ratios. Not 0.01%. Zero.
| Zero Fund | Ticker | Expense Ratio | Tracks |
|---|---|---|---|
| Fidelity ZERO Total Market | FZROX | 0.00% | US Total Market |
| Fidelity ZERO Large Cap | FNILX | 0.00% | S&P 500 equivalent |
| Fidelity ZERO International | FZILX | 0.00% | International developed + emerging |
| Fidelity ZERO Extended Market | FZIPX | 0.00% | Mid and small caps |
The catch: These funds are only available at Fidelity and track proprietary indexes (not S&P 500 directly). For practical purposes, performance is nearly identical to their benchmarks.
Account Fees
| Fee Type | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Account Maintenance | $0 | $25/year (waivable) | $0 |
| IRA Closing Fee | $0 | $0 | $0 |
| Account Transfer (ACAT) | $0 | $0 | $0 |
| Wire Transfer (Outgoing) | $0 | $10 | $0 |
| Paper Statements | $0 | $10/mailing | $0 |
Winner: Fidelity. Zero funds are unbeatable for pure cost, and they have the fewest miscellaneous fees.
Fund Selection & Investment Options
Mutual Funds
| Category | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Proprietary Funds | 500+ | 200+ | 100+ |
| No-Transaction-Fee Funds | 3,500+ | 3,000+ | 4,000+ |
| Total Funds Available | 10,000+ | 3,000+ | 4,000+ |
| Active Fund Strength | Excellent | Limited | Good |
Vanguard's Index Fund Advantage
Vanguard pioneered index investing. Their Admiral Shares offer rock-bottom expenses once you hit $3,000 minimums. Key Vanguard funds:
- VTSAX: Total Stock Market. The gold standard
- VTIAX: Total International. Complete global ex-US exposure
- VBTLX: Total Bond Market. Core fixed income
- VTWAX: Total World. Everything in one fund
Vanguard's unique ownership structure (investors own Vanguard) means profits go back to reducing expenses.
Fidelity's Active Management
If you want active funds, Fidelity has the strongest lineup:
- Fidelity Contrafund (FCNTX): Large-cap growth, legendary track record
- Fidelity Blue Chip Growth (FBGRX): Top performer in growth category
- Fidelity Low-Priced Stock (FLPSX): Small/mid-cap value
- Fidelity Magellan (FMAGX): Peter Lynch's old fund, still relevant
ETFs
All three offer commission-free trading on thousands of ETFs. But proprietary ETF offerings differ:
| Feature | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Proprietary ETF Count | 70+ | 80+ | 30+ |
| Flagship S&P 500 ETF | - | VOO (0.03%) | SCHX (0.03%) |
| Fractional ETF Shares | Yes | No | Yes (Schwab Stock Slices) |
| Thematic ETFs | Limited | Limited | Limited |
Winner: Vanguard for pure indexing. Fidelity for variety and active funds.
Research Tools & Platform Features
Research Quality
| Feature | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Third-Party Research | 20+ sources | Limited | 10+ sources |
| Equity Research Reports | Excellent | Basic | Very Good |
| Stock Screeners | Advanced | Basic | Good |
| Fund Comparison Tools | Excellent | Good | Good |
| Portfolio Analysis | Full Analysis | Basic | Portfolio Checkup |
Fidelity's Research Advantage
Fidelity provides free access to:
- Zacks, Argus, Ned Davis Research
- Technical analysis from Recognia
- Real-time news and quotes
- Advanced charting with 100+ indicators
- Options analytics and probability calculators
Trading Platforms
| Platform | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Web Platform | Excellent | Functional | Very Good |
| Desktop Platform | Active Trader Pro | None | thinkorswim |
| Real-Time Streaming | Yes | Limited | Yes |
| Conditional Orders | Yes | Limited | Yes |
| Direct Market Access | Available | No | Available |
Schwab gained thinkorswim through the TD Ameritrade acquisition. It's one of the most powerful retail trading platforms available, particularly for options and futures.
Winner: Tie between Fidelity and Schwab. Fidelity for research, Schwab for advanced trading (thinkorswim). Vanguard lags significantly here.
Customer Service & Support
Support Channels
| Channel | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Phone Support | 24/7 | M-F 8am-10pm ET | 24/7 |
| Live Chat | Yes | Yes | Yes |
| In-Person Branches | 200+ | Limited | 300+ |
| Virtual Assistant | Yes | Yes | Yes |
| Callback Option | Yes | Yes | Yes |
Customer Satisfaction
Based on J.D. Power 2025 Self-Directed Investor Satisfaction Study:
- Fidelity: Consistently #1 in customer satisfaction
- Schwab: Strong #2, excellent for high-net-worth clients
- Vanguard: Good, but phone wait times can be long
Financial Planning Services
| Service | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Robo-Advisor | Fidelity Go (0.35%) | Digital Advisor (0.25%) | Intelligent Portfolios (free) |
| Hybrid Advisor | Fidelity Personalized Planning (0.50%) | Personal Advisor (0.30%) | Intelligent Portfolios Premium (0.30%) |
| Full Wealth Management | Private Wealth (varies) | Personal Advisor Services | Schwab Private Client |
| Minimum for Human Advisor | $25,000 | $50,000 | $25,000 |
Winner: Fidelity. Best hours, most branches, highest satisfaction scores.
Account Types & Minimums
Account Minimums
| Account Type | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Brokerage Account | $0 | $0 | $0 |
| IRA | $0 | $0 | $0 |
| Target-Date Funds | $0 | $1,000 | $0 |
| Admiral Shares / Equivalent | N/A | $3,000 | N/A |
| Robo-Advisor | $10 | $3,000 | $5,000 |
Available Account Types
All three offer:
- Individual and Joint Brokerage
- Traditional and Roth IRA
- SEP IRA and SIMPLE IRA
- Solo 401(k)
- 529 Education Savings
- Custodial Accounts (UGMA/UTMA)
- Trust Accounts
- HSA (Health Savings Account)
Cash Management
| Feature | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Cash Management Account | Yes | Yes | Yes (Schwab Bank) |
| Debit Card | Yes | Yes | Yes |
| ATM Fee Reimbursement | Unlimited worldwide | No | Unlimited worldwide |
| Bill Pay | Yes | Yes | Yes |
| Check Writing | Yes | Yes | Yes |
| FDIC Insurance | Yes (sweep) | No (SIPC only) | Yes (Schwab Bank) |
Winner: Tie between Fidelity and Schwab. Both have excellent cash management with ATM reimbursement. Vanguard has higher minimums for some products.
Mobile App Experience
App Store Ratings (iOS)
| Broker | Rating | Downloads | Key Features |
|---|---|---|---|
| Fidelity | 4.8/5 | 5M+ | Full trading, Face ID, widgets |
| Vanguard | 4.7/5 | 1M+ | Account management, simple design |
| Schwab | 4.8/5 | 5M+ | Full trading, voice commands |
Mobile Capabilities
| Feature | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| Stock Trading | Full | Full | Full |
| Options Trading | Yes | Limited | Yes |
| Research Access | Extensive | Basic | Good |
| Real-Time Quotes | Yes | Yes | Yes |
| Check Deposit | Yes | Yes | Yes |
| Biometric Login | Yes | Yes | Yes |
Winner: Fidelity. Best combination of functionality and usability. Vanguard's app is improving but still behind.
Who Each Broker Is Best For
Choose Fidelity If You:
- Want the absolute lowest fund expenses (Zero funds)
- Value extensive research and analysis tools
- Need 24/7 customer support
- Want the best mobile app experience
- Are starting with small amounts (no minimums)
- Want both active and index funds
- Need in-person branches for support
- Want excellent cash management with ATM reimbursement
Choose Vanguard If You:
- Are a committed index fund investor
- Appreciate Vanguard's investor-owned structure
- Plan to buy and hold for decades
- Don't need advanced trading tools
- Want to invest in the original index fund company
- Have enough for Admiral Shares minimums ($3,000)
- Value simplicity over features
- Believe in Jack Bogle's philosophy
Choose Schwab If You:
- Want banking and investing in one place
- Need powerful trading tools (thinkorswim)
- Travel internationally (ATM reimbursement + Schwab Bank)
- Want free robo-advisor services (Intelligent Portfolios)
- Prefer in-person service (300+ branches)
- Are an active trader who also wants long-term accounts
- Want seamless integration between checking and investing
- Trade options or futures frequently
Investor Profile Summary
| Investor Type | Best Choice | Runner-Up |
|---|---|---|
| Beginning Investor | Fidelity | Schwab |
| Buy-and-Hold Indexer | Vanguard | Fidelity |
| Active Trader | Schwab | Fidelity |
| Retiree | Fidelity | Schwab |
| High-Net-Worth | Schwab | Fidelity |
| Research-Focused | Fidelity | Schwab |
| Minimalist | Vanguard | Fidelity |
Final Verdict
After comparing every aspect, here's my honest assessment:
Overall Winner: Fidelity
Fidelity wins for most investors because it combines:
- Zero expense ratio funds (unbeatable)
- Best-in-class research and tools
- No account minimums anywhere
- 24/7 customer service
- Excellent mobile experience
- Strong cash management
The Case for Vanguard
If you're a pure index investor who plans to buy total market funds and hold them for 30 years, Vanguard is philosophically aligned with your goals. Their ownership structure is unique and ensures costs will stay low forever. For the true Boglehead, Vanguard remains home.
The Case for Schwab
If you want everything under one roof, banking integration with Schwab Bank, the power of thinkorswim, and extensive branch access make Schwab compelling. The free Intelligent Portfolios robo-advisor is also a unique offering.
The Reality
Here's the secret: all three are excellent. You won't go wrong with any of them. The differences are at the margins. The most important thing is to start investing, stay invested, and keep costs low. All three accomplish that goal.
If you're paralyzed by choice, just pick Fidelity and move on. Spend your energy on saving more and staying the course, not optimizing between three nearly identical options.
Can You Use Multiple Brokers?
Absolutely. Many investors use:
- Vanguard for long-term index investing (IRA)
- Fidelity for taxable accounts and research
- Schwab for banking and checking
There's no rule against having multiple accounts. Just keep it manageable.
This comparison is based on publicly available information as of January 2026. Fees, features, and services change frequently. Always verify current offerings directly with each broker before opening an account.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instruments. All investment decisions must be made at your own responsibility. Forex and cryptocurrency trading carries risk of capital loss.