Pricing
The whole fee schedule, on one page
If a fee is not listed here, we do not charge it. No account minimums, no maintenance fees, no charge to close or transfer out.
$0
Online stock & ETF trades
$0
Account opening & maintenance
$0
Transfer out or close
0.02%
Lowest fund expense ratio
Trading
| Service | Fee | Notes |
|---|---|---|
| Online stock trades | $0 | U.S. listed, including fractional shares from $1 |
| Online ETF trades | $0 | All U.S. listed ETFs |
| MeridianClad mutual funds | $0 | No transaction fee on the MeridianClad family |
| Other mutual funds | $0 – $19.95 | No-transaction-fee funds are marked in the screener |
| Options | $0 + $0.65 per contract | Assignment and exercise are $0 |
| Bonds & CDs (secondary) | $1 per bond | New issues are free |
| Broker-assisted trade | $25 | Only when you ask a representative to place it |
Accounts & services
| Service | Fee | Notes |
|---|---|---|
| Account minimum | $0 | Every account type |
| Annual maintenance | $0 | Including IRAs |
| Inactivity fee | $0 | We never charge you for not trading |
| Full account transfer out | $0 | Your assets, your choice |
| Domestic wire transfer | $15 | ACH transfers are free |
| Paper statements | $2 per statement | Free with electronic delivery |
| Returned ACH or cheque | $25 | Charged by the receiving bank |
| Cash sweep yield | 4.85% | Paid to you on uninvested cash |
Advisory
| Service | Annual fee | Minimum | What is included |
|---|---|---|---|
| Self-directed | $0 | $0 | Full platform, research and tools |
| Digital portfolio | 0.25% | $500 | Managed allocation, rebalancing, tax-loss harvesting |
| Hybrid planning | 0.40% | $25,000 | Adds access to a planning team |
| Dedicated advisor | 0.50% | $50,000 | A named CFP® professional and full planning |
Advisory fees are in addition to fund expense ratios.
What fees really cost
The difference between 0.05% and 0.65%
Both look like rounding errors on a statement. Over a working life, on a balance that keeps growing, they are not.
Starting balance$50,000
Monthly contribution$800
Gross return7.0% a year for 30 years
Balance at 0.05% cost$1,366,220
Balance at 0.65% cost$1,193,864
Cost of the difference$172,356
Balance path at each cost level
Low-cost path
High-cost path
Hypothetical illustration; returns are not guaranteed.
Pricing questions
Is $0 commission really $0?
For online U.S. stock and ETF trades, yes. Regulatory pass-through charges of a fraction
of a cent per share apply on sales, and a broker-assisted trade costs $25 because a person places it.
What is an expense ratio and who charges it?
It is the annual operating cost of a fund, charged by the fund itself and deducted from
returns rather than billed to you. Our index funds range from 0.02% to 0.25%.
Do you charge to close an account?
No. There is no closing fee and no charge for a full or partial transfer out to another
firm.
How do you make money on $0 trades?
Primarily from the expense ratios on our own funds, advisory fees for managed portfolios,
net interest on cash balances, and fees for optional services like wires and broker-assisted trades.