Charles Schwab Pricing Guide for Individual Investors

July 2020

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Pricing information in this guide supersedes prior versions.

The most recent pricing information is available at

How to Reach Us:

By Phone:

Schwab by Phone™: To reach an Investment Professional or to use our automated phone services, call 1-800-435-4000.

TeleBroker®: For access to our automated touch-tone services, call 1-800-2SCHWAB 1-800-272-4922).

For services in 中文: 1-800-662-6068

For services in español: 1-800-786-5174

International clients: For services in English, 中文 or español, call +1-415-667-8400.

By Web and Wireless:

Web-enabled phone: Look for Schwab on your phone's web menu.

PDA: Consult on your desktop.

Schwab reserves the right to change or waive fees at our discretion, subject to notification in accordance with applicable laws and regulations.


Schwab provides a broad range of value-added services, some of which have associated fees. This document provides you with an overview of standard pricing for commission rates, transaction fees, and key account charges and service fees.

Information detailed in this guide also applies to international clients (clients residing, or who later move, outside the U.S., its territories and possessions). Commissions and fees described in this guide are stated in U.S. dollars. Not all products and services are available in all countries, and may be subject to country-specific restrictions. A separate pricing guide applies to clients associated with Charles Schwab, Hong Kong, Ltd.

Certain clients may have a different pricing structure based on assets or activities in their accounts at Schwab.


Accounts of Your Household—Accounts that have been linked in accordance with Schwab's householding guidelines. Schwab makes a reasonable effort to automatically link qualified accounts of persons with the same last name at the same home address, including accounts held at certain Schwab affiliates.

Schwab aggregates the balances and activities of Accounts of Your Household to determine for your brokerage accounts: whether those accounts may qualify for certain fee waivers, and whether those accounts may qualify for certain benefits or features ("Household Calculations").

Schwab may consider other accounts to be in your household upon your request if account holders are in the same family, there is a dependent relationship, or in certain other similar instances at Schwab's discretion. You are responsible for identifying accounts that should be linked for purposes of determining Accounts of Your Household and Household Calculations. For example, if you or other members of your family who reside at your home address have a different last name (including a spouse, if applicable), you need to contact Schwab to request that we combine your accounts for purposes of Household Calculations. If an account is added to Accounts of Your Household, any impact on Household Calculations may not take effect until the following quarter.

Householding rules applicable to fiduciary accounts are as follows: IRA, Custodial and certain Trust accounts that meet Schwab's householding guidelines generally will be automatically included in Accounts of Your Household and Household Calculations. If you have an IRA, Custodial or Trust account and you are acting in a fiduciary capacity, it is your responsibility and not Schwab's to consider whether it is appropriate to consider the balances and activities of that account in Household Calculations, which could benefit the fiduciary account and/or other Accounts of Your Household. You must contact Schwab to request that the balances and activities of your fiduciary account not be included in Accounts of Your Household and Household Calculations if you determine that it is not appropriate.

Qualified Retirement Plan (QRP), Keogh, Company Retirement Account (CRA), Pension Trust, Individual 401(k) and 403(b)(7) accounts (collectively, "Retirement Plan Accounts") are not automatically included in Household Calculations. However, for certain services, the account holder of the Retirement Plan Account may elect to include the Retirement Plan Account in Accounts of Your Household and Household Calculations by providing Schwab with written instructions to do so. Please contact Schwab for the required form.

Automated Phone Trades—Trades placed through Schwab by Phone™ and TeleBroker®.

Direct Access—A feature that allows trades to be placed directly through an electronic communications network, market maker or exchange.

Household Balance—The total combined value, over a given period of time, of the assets in Accounts of Your Household, including margin balances and other outstanding debit balances like mortgage, Home Equity Line of Credit (HELOC) and credit card balances. In order to determine qualification for any fee waiver, Schwab will add up your daily Household Balances for the applicable time period, then divide this total by the number of days in the period.

Minimum Deposit Requirement—The minimum amount that must be deposited and maintained in an account to avoid account closure. For Schwab One International® Accounts, the amount that must be maintained in an account is $1,000—lower than the Minimum Deposit Requirement.

Online Trades—Trades placed through (which includes,, and the Chinese-language version of,®, StreetSmart Pro®, StreetSmart Edge®, StreetSmart Central®, StreetSmart Mobile®, Schwab Mobile, or Schwab software.

Minimum Deposit Requirements

Account Type

Minimum Deposit Requirement

Schwab One® Account, Schwab One® Trust, and Schwab Account


Schwab IRA (includes Traditional, Rollover, Roth and Roth Conversion accounts) and Education Savings Account


Schwab One® Estate Account and Inherited IRA Account


Schwab One® Custodial Account and Custodial IRA


SEP-IRA, SARSEP-IRA, SIMPLE IRA, Qualified Retirement Plan, Keogh, Company Retirement Account, Pension Trust, Individual 401(k), and 403(b)(7) Accounts


Schwab One® Organization Account

Schwab One® Organization accounts require a minimum deposit to open. Please contact Schwab for details.

Schwab One International® Account

Schwab One International® accounts require a minimum deposit to open. Please contact Schwab for details.

Commissions and Transaction Fees1

Stocks and Exchange-Traded Funds per Executed Trade*

Online2 $0

Automated Phone $5

Broker-Assisted $25

*These fees also apply to trades of Canadian stocks, American Depositary Receipts, and stocks of foreign-incorporated companies that are listed on U.S. or Canadian exchanges.

Foreign Stock Transactions

Trades placed on the U.S. over-the-counter (OTC) market

Online $50 foreign transaction fee3

Automated Phone $55: $5 plus a $50 foreign transaction fee3

Broker-Assisted $75: $25 plus a $50 foreign transaction fee3

Foreign Stock Transactions

Trades placed directly on a foreign exchange

Online Not available

Automated Phone Not available

Broker-Assisted The greater of $100 or 0.75% of principal, with no maximum

These fees apply to trades of foreign ordinary shares placed directly on a foreign exchange or on the U.S. over-the-counter (OTC) market.

Non-U.S. ETFs are available for eligible non-U.S. residents as broker-assisted trades, subject to a $50 transaction fee. For non-U.S. ETF orders, please contact the Global Services team from inside the U.S. at 1-800-992-4685 and from outside the U.S. at +1-415-667-8400.

Special Stock Transactions

  • Large block transactions (orders of 10,000 or more shares, or orders over $500,000): Can be eligible for special handling and/or pricing—please call us for information.
  • Restricted stock transactions: Broker-assisted commission pricing schedule applies for all restricted stock trades. Single orders that include restricted and unrestricted shares of the same security will be charged the broker-assisted rate.

    Note: Standard commission schedules apply to vested equity awards issued by an employer and corporate stock plan.

Stock Borrow Fees for Short Selling

For certain securities, if you have an open order or open short position in your Account, whether it is established through short selling, option exercise or assignment, account transfer, or otherwise, Schwab can charge a Stock Borrow Fee. The fee is calculated as the end of day short market value, multiplied by the quoted interest rate, divided by 360. This Stock Borrow Fee is subject to change on a daily basis and can be charged as long as you hold the open short position. The aggregate monthly Stock Borrow Fee will appear on your account statement. The interest rate charged will vary depending on the supply and demand for the particular security in the securities lending market. Schwab can seek to charge you any rate consistent with Schwab's view of competitive necessities.

Mutual Fund Transaction Fees per Executed Trade

Some funds also charge sales and/or redemption fees. Please read the prospectuses for details. You can buy shares directly from a fund company or its principal underwriter or distributor without paying Schwab's transaction or service charges (except Schwab Funds®).

No-Transaction-Fee Funds (includes funds available through the Mutual Fund OneSource® service)

Online and Automated Phone No service charge

Broker-Assisted $25 service charge per trade

Transaction-Fee Funds4

Online and Automated Phone Up to $49.95 per buy, $0 per sell

Broker-Assisted Online or automated phone fee
plus $25 service charge per trade

Note: Per-trade transaction fees do not exceed 8.5% of principal, up to $49.95. Trades below $100 in principal are exempt from the transaction fee. For information about offshore funds (funds registered outside the U.S. for purchase by non-U.S. persons only), please call us.

Option Commissions per Executed Trade

Online $0 base commission, $0.65 per-contract fee

Automated Phone $5, plus $0.65 per-contract fee

Broker-Assisted $25, plus $0.65 per-contract fee

Note: Per-contract fees are waived for buy-to-close options trades executed online for $0.05 or less.

Note: There are no commissions or per-contract fees assessed on transactions resulting from options exercises and assignments.

Futures and Futures Options Commissions

Futures $1.50 per contract

Futures Options $1.50 per contract

Broker-Assisted $1.50 per contract
with no additional fee

Note: Commission rates depicted above are quoted on a per-contract, per-side basis. Pricing does not include customary National Futures Association (NFA) and exchange fees. Additional fees can apply at some foreign exchanges. NFA and exchange fees can increase or decrease depending on the rates set by NFA or by the various futures exchanges, as applicable. Additional market data fees can apply at some futures exchanges.

Fixed Income Investments

Schwab reserves the right to act as principal on any fixed income transaction, public offering, or securities transaction. When Schwab acts as principal, the bond price includes our transaction fee (outlined below) and can also include a markup that reflects the bid-ask spread and is not subject to a minimum or maximum. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, may make (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it. When Schwab acts as agent, a commission will be charged on the transaction.

Product Type

Online Pricing

Broker-Assisted Pricing

New Issues, including Certificates of Deposit

$0 (a selling concession can be included in the offering price)

$0 (a selling concession can be included in the offering price)

Treasury Bills, Notes, Bonds and TIPS (Secondary and Auction)



Secondary transactions for Corporate Bonds, Municipal Bonds, Government Agencies, Zero-Coupon Treasuries (including STRIPS), and Certificates of Deposit

$1 per bond

($10 minimum/$250 maximum)

Online pricing plus $25 per trade

Preferreds or REITs

Stock commissions and minimums apply for secondary transactions.

Stock commissions and minimums apply for secondary transactions.

Commercial Paper, Foreign Bonds, Asset-Backed Securities, Mortgage-Backed Securities, Collateralized Mortgage Obligations, and Unit Investment Trusts

These are specialty products—please call us for information.

These are specialty products—please call us for information.

Note: Large block transactions (orders of more than 250 bonds) can be eligible for special handling and/or pricing—please call us for information.

Note: Our commissions and markups can be slightly less than our published schedule shown above due to rounding.

Account Activity Fees



Late settlement


Mutual fund short-term redemption fee:5

Online and Automated Phone


Mutual fund short-term redemption fee:5


$49.95, plus $25 service charge

Order out of certificates (for all U.S. and some Canadian securities):

Book entry of securities held electronically at transfer agent (Direct Registration System)

$0 per issue

Order out of certificates (for all U.S. and some Canadian securities):

Physical certificates*

$100 per certificate. Additional charges can apply for rush requests.

Order out of certificates (for foreign securities):

Physical certificates

Variable fee (based on the location of the transfer agent)

Security reorganization:



Security reorganization:



Transfer (out) of assets:


$50 per account

Transfer (out) of assets:


$25 per account

Transfer of title for certificates (re-registering securities held in certificate form)

$25 per position

*See Special Service Fee Waivers.

Cashiering and Administrative Services Fees



Overnight and/or bulk deliveries

$20 or more, subject to delivery speed and/or package size

Non-sufficient funds/returned item


Wire transfer:


$25 per transfer

Wire transfer:


No fee

See Special Service Fee Waivers.

Custody Fees for Non-Publicly Traded Securities



Annual custody fee for non-publicly traded securities

$250 per position

Maximum of $500 per account

Note: Custody fees for Non-Publicly Traded Securities are billed annually in arrears. Certain Non-Publicly Traded Securities may be exempt from certain fees. Non-Publicly Traded Securities include (list is subject to change and not exhaustive): promissory notes; church bonds; limited partnerships; private limited partnerships; limited liability companies; private common, preferred, and convertible preferred stock; private bonds; private warrants; private placements; and private REITs.

Special Service Fees

Exchange Process Fee—This is a fee Schwab charges to offset fees imposed on us by national securities and self-regulatory organizations or by U.S. option exchanges.

The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizations based on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically—at least once per year but sometimes more often. National securities exchanges and self-regulatory organizations offset the transaction fees by charging their member broker-dealers such as Schwab, and we, in turn, offset this fee by charging you an Exchange Process Fee for covered sell transactions.

U.S. option exchanges charge Schwab and other broker-dealers per-contract fees for purchases and sales of exchange-listed options. The exchanges may charge these fees even on transactions executed on other exchanges, which can result in multiple fees being imposed on Schwab for a single transaction. Schwab offsets these fees by charging you a single Exchange Process Fee for each covered transaction.

Any Exchange Process Fee that appears on your trade confirmation for a sale of an exchange-listed option combines the offsets for the fees charged both by the U.S. option exchanges and by the national securities and self-regulatory organizations.

Schwab's Exchange Process Fee will rise or fall periodically depending upon the rates set by the SEC or by the U.S. option exchanges, as applicable.

Exchange Process Fee for American Depositary Receipts (ADR)—This is a fee Schwab charges to offset fees imposed on us by executing brokers. It is associated with transaction taxes assessed by certain governments as a percentage of the purchase amount on certain securities, and the rate is subject to change. The fee will appear as an "Exchange Process Fee" on your trade confirmation.

American Depositary Receipt (ADR) Fee—Banks that custody ADRs are permitted to charge ADR holders a fee. Fees collected from Schwab by the Depository Trust Company for an ADR will be automatically deducted from your Schwab account(s) and shown on your account statement(s) as "ADR Pass-Thru Fee."

Transaction Fee—This fee includes either fees charged for purchases and sales of certain mutual fund shares or fees charged for purchasing U.S. Treasury obligations via the auction process. The amount of this fee will appear on your trade confirmation.

Futures Delivery Fee—Schwab Futures assesses a $100 per-contract fee to offset costs associated with client transactions to make or take delivery of a physically deliverable commodity. In addition, other fees not assessed by Schwab Futures may be passed through to you, including, but not limited to, fees charged by our clearing firms and others for commodity handling, inspections, storage and warehousing, delivery financing, etc. Some fees may be one-time delivery-related fees, while others may be recurring fees assessed at periodic intervals. You will see such fees itemized on your Schwab Futures trade confirmations and account statements. Delivery-related fees are subject to change without notice.

Futures trading is offered and positions are held through Charles Schwab Futures, Inc., a separate but affiliated company of Charles Schwab & Co., Inc.

Special Service Fee Waivers

  • Fees to order out physical certificates: Fees can be waived for households that meet certain asset levels.
  • Security reorganization fees: Fees are waived with $500,000 or more in Household Balances.
  • Wire transfer fee: With $100,000 or more in Household Balances, you will receive three free online domestic wire transfers per quarter.


1Excluding mutual funds, commissionable trades that execute over more than one day will be charged a separate commission for each additional day; each separate commission will apply to the portion of the trade executed on the corresponding additional day. Trade orders for which price or quantity are changed by the client and, as a result, execute over multiple trades on the same day are each charged a separate commission.

2Up to 999,999 shares can be placed per trade.

3Transactions for foreign ordinary shares incur additional custody, clearing, and settlement expenses. A foreign transaction fee is added to trades placed on the U.S. over-the-counter (OTC) market through all channels. The commission and foreign transaction fee will be combined and will appear as one line item, labeled "Commission," on your trade confirmation.

4Standard fees apply on both transactions when placing simultaneous orders to sell one or more transaction-fee fund(s) and purchase additional transaction-fee fund(s) with the proceeds.

5Schwab's short-term redemption fee will be charged on redemption of funds purchased through Schwab's Mutual Fund OneSource® service (and certain other funds with no transaction fee) and held for 90 days or less. Schwab reserves the right to exempt some funds from this fee, including certain Schwab Funds®, which can charge a separate redemption fee, and funds that accommodate short-term trading.

Commissions and Transaction Fees for Schwab Global Accounts


With your Schwab Global Account™, you can place trade orders for foreign securities on foreign exchanges in foreign currencies.

To establish a Schwab Global Account™, you must have a Schwab One® Account. Please see the information below about commissions and transaction fees for your Schwab Global Account™. To view other pricing information that may apply to your Schwab Global Account™, please refer to the rest of this guide.

Commissions and Transaction Fees

For Schwab Global Accounts, trades placed on foreign stock exchanges are subject to commissions and local broker fees, as follows:

Trades Placed on Foreign Stock Exchanges1

Commissions and Fees per Executed Trade in Local Currency


Commission: Online Trades

Commission: Broker-Assisted Trades

Local Broker Fee2


32 AUD

70 AUD

0.1% of principal


19 EUR

50 EUR

0.1% of principal



56 CAD



19 EUR

50 EUR

0.1% of principal


19 EUR

50 EUR

0.1% of principal


19 EUR

50 EUR

0.1% of principal

Hong Kong5

250 HKD

600 HKD

0.1% of principal


19 EUR

50 EUR

0.1% of principal


2000 JPY

6000 JPY

0.1% of principal


19 EUR

50 EUR

0.1% of principal


160 NOK

400 NOK

0.1% of principal

United Kingdom7


30 GBP

0.1% of principal

1This list of countries and fees is subject to change without notice.

2Schwab is charged a local broker fee for all trades placed directly on foreign markets. The fee is passed directly on to clients and reported separately as "Other fee/tax" on the trade confirmation.

3Local broker fees in Canada are up to $0.005 CAD per share for stocks trading at less than $1 CAD per share, and $0.01 CAD per share for stocks trading at or above $1 CAD per share.

4The additional fee charged is a financial transaction tax of 0.2% of principal imposed by the government of France. It applies on all buys for securities with a market capitalization in excess of €1 billion. This is reflected in "Other fee/tax" on the trade confirmation.

5Additional fees charged in Hong Kong include:

  • Transaction levy of 0.003% of principal on buys and sells, rounded to the nearest HK cent.
  • Trading fee of 0.005% of principal on buys and sells, rounded to the nearest HK cent.
  • Stamp duty of 0.1% of principal on buys and sells, rounded up to the nearest HK dollar.

6The additional fee charged is a financial transaction tax of 0.2% of principal imposed by the government of Italy. It applies on all buys for securities with a market capitalization in excess of €500 million. This is reflected in "Other fee/tax" on the trade confirmation.

7Additional fees charged in the United Kingdom include: PTM Levy £1 GBP on buys and sells where the principal amount is greater than £10,000 GBP and a stamp duty of 0.5% of principal on buys only.

Foreign Currency Transactions1

Foreign currency transactions are subject to a fee based on the amount of currency converted in a single transaction, as follows:

Foreign Exchange Fees

Amount Converted

Foreign Exchange Fees

Fee per Currency Conversion Transaction

Under $100,000

1% of principal


0.75% of principal


0.5% of principal


0.3% of principal

$1,000,000 and above

0–0.2% of principal

1To the extent that you hold a foreign currency in your Schwab Global Account™ that is paying a negative interest rate, Schwab can be charged interest to hold that currency. If that occurs, Schwab reserves the right to charge your Account, with no additional markup, the amount of interest charged to Schwab.

Please note that this does not apply to Schwab accounts managed by an independent investment advisor.

Independent investment advisors are not owned by, affiliated with, or supervised by Charles Schwab & Co., Inc. ("Schwab"). Certain investment advisors, such as Charles Schwab Investment Management, Inc. ("CSIM"), Charles Schwab Investment Advisory, Inc. ("CSIA"), and Schwab Private Client Investment Advisory, Inc., are affiliated with Schwab.

Not all products and services are available in all countries and may be subject to country-specific restrictions.

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