Schwab vs Fidelity (2026): Fees, Account Minimums and Which Wins

For most small, self-directed accounts, Fidelity is the cheaper default, though the gaps are narrow. Both firms charge nothing per online US stock or ETF trade, and $0.65 per options contract, and neither lists an account opening fee. The real differences sit in bonds, fund purchases and robo-advisor minimums. A single bond costs $1 at Fidelity against $10 at Schwab, a transaction-fee fund purchase costs $49.95 at Fidelity against up to $74.95 at Schwab, and Schwab's robo-advisor charges no advisory fee but requires $5,000 to enroll.

Toolradar data: Fidelity is one of the 9 investment apps in our October 2026 ranking, with 940 reviews tracked across G2 and Trustpilot (Fidelity's Toolradar listing). Schwab is not in that ranking, so every Schwab figure on this page comes from Schwab's own published pages.

The figures below were read on each firm's published pages in October 2026. The scenarios are our arithmetic on those fees, and each one states its assumptions.

Fees side by side

Published fees, October 2026, from Schwab's pricing page, Fidelity's commissions page and Fidelity Go. "Edge" names the cheaper firm for that cost.

Trading: free stock and ETF trades, $0.65 options at both

Both firms charge nothing for online US stock and ETF trades. Schwab's free rate leaves out over-the-counter equities, which cost $6.95 online, and transaction-fee mutual funds. Fidelity's free rate does not apply to Professional Equity Traders, who pay $0.001 per share. An investor who buys a broad, exchange-listed ETF once a month pays nothing per trade at either firm, unless Fidelity's service-fee list includes that ETF. For trading-first platforms with different pricing, see best day trading platforms, and for another broker in the same investment apps ranking, see Webull's Toolradar listing.

Options carry the same headline rate. Fidelity adds an Options Regulatory Fee on buys and sells without giving an amount, so its true cost runs higher by an amount the commissions page does not give, and its Professional Options Trader accounts pay $0.50 more per contract. Schwab's pricing page lists no comparable fee. At 10 contracts a month, or 120 a year, the headline fee comes to $78 at either firm, whatever the account balance. For brokers built around options with other fee structures, see Interactive Brokers review and best options trading platforms.

Bonds: one bond costs $9 more at Schwab

Schwab's bond fee is per bond, with a $10 minimum on the order and a $250 maximum. Fidelity's fee is also per bond, with a $250 maximum and a $50 cap on bonds maturing within a year. A single bond therefore costs $10 at Schwab and $1 at Fidelity. Ten bonds in one order come to the same amount at both. Treasuries are free online at both.

The practical rule: an order of ten bonds or more costs the same at both firms. Below ten, Schwab's $10 minimum applies, so Fidelity is cheaper. For other investing apps and their fee lines, see best investing apps.

Mutual funds: a $500 monthly purchase can lose up to 15%

Schwab charges up to $74.95 per online purchase of a mutual fund from another company. Fidelity charges $49.95 per purchase of a transaction-fee fund from another company, and up to $100 on some funds. Both let you buy their own funds online with no purchase fee.

Take a $500 monthly purchase into a transaction-fee fund, which is $6,000 a year. At Schwab the fee could reach $899.40 a year, or 15% of what you invested. At Fidelity it comes to $599.40, or about 10%. Neither fee depends on your balance, so the result is the same at any account size. A fund from the firm you hold it with, or an ETF, avoids the purchase fee altogether.

Selling too soon costs the same flat fee at both firms. Schwab's charge applies to OneSource funds held 90 days or less. Fidelity's applies to no-transaction-fee funds held under 60 days, so its window is shorter. To track several fund positions across accounts, see best portfolio trackers.

Account minimums: who can open with $1,000

Schwab sets no minimum to open a brokerage account and lists no opening or maintenance fee for brokerage and IRA accounts. Fidelity says it has no minimum to open an account, and it lists no account opening fee. Fidelity Go also has no minimum to open.

Take an investor with $1,000. Schwab Intelligent Portfolios is closed to them, because enrollment requires $5,000. Fidelity Go accepts the account, and it charges no advisory fee at this size. For automated investing services with their own fee schedules, see best robo-advisors, Betterment review and Wealthfront review.

Robo-advisors at two balances

Fidelity Go charges 0.35% a year from $25,000, so the gap opens at that balance: $87.50 a year at $25,000 and $175 at $50,000 for the same account. Between $5,000 and $24,999, the two robo-advisors cost the same.

Schwab does not charge an advisory fee on Intelligent Portfolios. It says it skips that fee partly because of the revenue Schwab Bank earns on the program's cash allocation, which sits in FDIC-insured deposit accounts. Schwab also notes that some cash alternatives outside the program pay a higher yield, and that enrolled investors still pay the operating expenses of the ETFs they hold. Schwab's human advisory service starts at 0.80% a year with a $500,000 minimum, a tier this page does not model.

Which firm wins at each balance

Below the enrollment minimum, Fidelity is the only one of the two that will take a robo-advisory account, and it is cheaper or equal on every self-directed cost we could price. From $5,000 to $24,999, both robo-advisors cost nothing, so Fidelity keeps its edge on bonds and fund purchases. Above that point, Schwab's robo-advisor saves $87.50 a year at $25,000 and $175 at $50,000, while Fidelity still wins on bonds and fund purchases for anyone trading those directly.

For a self-directed investor, Fidelity costs the same or less on every cost we could price, at every balance we modelled. Its options regulatory fee has no stated amount, so the comparison cannot include it. For a robo-advisor buyer, Schwab is the cheaper choice from $25,000, and Fidelity Go is the only option of the two below $5,000.

What this comparison leaves out

We did not compare margin rates, cash sweep yields or the expense ratios of individual funds, and we did not verify fund ratios on either firm's pages. For a buy-and-hold portfolio, the expense ratio often outweighs trading fees. Check the ratio of the exact fund you would buy at each firm, then add the account costs above. For another head-to-head between brokers, see Fidelity vs Vanguard.

How we checked

We read Schwab's pricing page, Fidelity's commissions and margin page and Fidelity Go's overview in October 2026. The Toolradar count comes from our investment apps ranking, updated October 2026. The scenario inputs are our assumptions: a $500 monthly purchase, 10 options contracts a month, and balances of $1,000, $5,000, $25,000 and $50,000. Fees change, so check both firms' current pages before you open an account.

FAQ

Is Schwab or Fidelity cheaper in 2026?

For a self-directed investor, Fidelity is the cheaper or equal choice on every fee we could price, at every balance we modelled. Both charge nothing on online US stock and ETF trades and $0.65 per options contract, though Fidelity's options regulatory fee has no stated amount. Fidelity is cheaper for a single bond and for a transaction-fee fund purchase, where its fee is lower than Schwab's.

Do Schwab or Fidelity charge commissions on stock and ETF trades?

Not for online US stock and ETF trades, which are free at both, but there are exceptions. Schwab charges $6.95 online for over-the-counter equities and a commission on unlisted ETFs. Fidelity charges a $100 service fee on a limited list of ETFs, and Professional Equity Traders at Fidelity pay $0.001 per share.

What does a bond cost at Schwab and Fidelity?

Each charges a per-bond fee on secondary-market trades, capped at $250 per order. Schwab adds a minimum on each order, so a single bond costs more there. Fidelity caps bonds that mature within a year at $50. Treasuries are free online at both.

Do Schwab or Fidelity have an account minimum?

Neither requires a minimum to open a brokerage account. Schwab Intelligent Portfolios requires $5,000 to enroll. Fidelity Go has no minimum to open, and it starts investing from a small balance.

How much does Fidelity Go cost at $50,000?

Fidelity Go charges 0.35% a year from $25,000, which is $175 a year at $50,000. At smaller balances it charges no advisory fee. Schwab Intelligent Portfolios charges no advisory fee at the same balance, although the program's cash allocation and ETF expenses still apply.

Is it worth buying a mutual fund from another company at either firm?

A fund with a purchase fee costs more to build a monthly position in, at either firm. A $500 monthly plan loses up to 15% of each purchase to a transaction-fee fund at Schwab and about 10% at Fidelity. ETFs and no-fee funds avoid the purchase fee.

This page is general information, not personalized financial advice. Confirm current terms with Schwab and Fidelity before you open an account.

Cite this: Finpresso, "Schwab vs Fidelity (2026): Fees, Account Minimums and Which Wins", October 2026.

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