Fidelity vs Charles Schwab (2026)
Fidelity and Charles Schwab charge the same $0 for online stock and ETF trades, $0.65 per options contract and the same published margin rates. They split on cash and extras: Fidelity holds idle cash in a money market core position you choose and charges $0 to transfer out, while Schwab pays 0.01% APY on uninvested cash, charges $50 for a full transfer and adds futures, thinkorswim and 24/5 trading.
By Wealthy Pot Editorial · Facts checked October 19, 2026
| Feature | Fidelity | Charles Schwab |
|---|---|---|
| Type | Full-service | Full-service |
| Stock/ETF commission | $0 | $0 |
| Options per contract | $0.65/contract | $0.65/contract |
| 10-contract options trade, open + close | $13 ($312 a year at 2 a month) | $13 ($312 a year at 2 a month) |
| Rate on uninvested cash | 3.48% 7-day yield if you pick SPAXX (no default named) | 0.01% APY (Uninvested cash in the brokerage account) |
| Margin rate on $10,000 | 12.075% | 12.075% |
| Transfer out (full account) | $0 | $50 |
| Paid tier | None | None |
| Account minimum | $0 | $0 |
| Fractional shares | Yes | Yes |
| Account types | IRA, Roth, SEP, SIMPLE, solo 401(k), HSA, 529, youth | IRA, Roth, SEP, SIMPLE, solo 401(k), custodial, 529 |
| Platforms | Web, iOS, Android, Desktop | Web, iOS, Android, Desktop |
Options, cash and margin rows are our arithmetic from each broker's published commissions, default cash rate and margin rates (commissions only, before small regulatory and exchange fees). Rates change with the Federal Reserve's rate.
Key differences
The cash line matters for anyone who leaves money uninvested. In a Fidelity taxable account, idle cash sits in a core position you pick: SPAXX had a 3.48% 7-day yield on September 30, 2026, FZFXX 3.52% and FCASH 1.94%, and Fidelity names no default. At Schwab, uninvested brokerage cash earned 0.01% APY on October 19, 2026; to earn a money market yield you buy a fund such as SWVXX (3.71% 7-day yield on October 16, 2026) yourself. Hypothetically, $10,000 left at 0.01% for a year earns $10,000 x 0.01% = $1; at 3.48% it would earn $348 if the yield held. See our money market fund comparison.
For active traders the options and margin costs in the table are identical, so the gap is in products. Schwab offers futures and futures options at $2.25 a contract per side plus exchange and NFA fees, 24/5 trading in over 1,300 stocks and ETFs, and thinkorswim on desktop, web and mobile. Fidelity's brokerage fee schedule lists no futures. Fidelity offers online trading in 25 countries and 16 currencies in non-retirement accounts; Schwab's Global Account covers 12 foreign markets. Both take payment for order flow: in Q2 2026, Schwab up to $0.67 a contract on marketable options orders and Fidelity $0.30 to $0.40 on marketable single-leg options orders.
Fund buyers and people who may switch firms see other differences. Fidelity charges $0 on its own funds and $49.95 per purchase on transaction-fee funds (some up to $100); Schwab offers thousands of Mutual Fund OneSource funds at $0 online and charges up to $49.95 or $74.95 per buy on transaction-fee funds. Neither publishes an exact count of its no-fee funds. Leaving costs $0 at Fidelity and $50 for a full transfer at Schwab, whose fractional shares cannot be transferred. Fidelity says it has 215 Investor Centers; Schwab reported more than 380 branches in 48 states and DC at the end of 2025.
Where Fidelity wins
- $0 to transfer out, close an IRA or send a domestic wire
- Money market core positions in taxable accounts, with SPAXX at 3.48% (7-day yield, September 30, 2026)
- Fractional shares in NYSE and Nasdaq-listed stocks and ETFs from $1
- Online trading in 25 countries and 16 currencies
- Excess of SIPC coverage with a $1.9 million per-customer cash limit
Where Charles Schwab wins
- Futures at $2.25 a contract, plus options, bonds and funds in one firm
- 24/5 trading in over 1,300 stocks and ETFs
- More than 380 branches in 48 states and DC
- Satisfaction Guarantee refunds eligible fees if asked within 90 days
- Online trading on 12 foreign markets through the Global Account
Which should you choose?
Pick Fidelity if
- You hold funds or ETFs for the long run and want $0 transfer-out, IRA closing and annual IRA fees.
- You want a money market fund as the core position for idle cash rather than a bank sweep.
- You want branches: Fidelity says it has 215 Investor Centers.
- You buy foreign shares on their home exchange in a taxable account (25 countries).
Pick Charles Schwab if
- You want thinkorswim on desktop, web and mobile with 24/5 trading in over 1,300 stocks and ETFs.
- You trade futures and want them in the same firm as your IRA.
- You want a branch nearby: Schwab reported more than 380 in 48 states and DC at the end of 2025.
- You want fractional shares in most US-listed stocks and ETFs from $1.
Fidelity vs Charles Schwab: FAQ
Is Fidelity cheaper than Schwab for options?
On the published schedules they match: $0 commission plus $0.65 a contract online at both, with exercise and assignment free. The differences are in edge cases. Fidelity makes buy-to-close orders at $0.65 or less free, while Schwab waives the fee on online buy-to-close orders at $0.05 or less. Fidelity adds index option fees, such as $0.50 a contract on SPX, and Schwab can pass through a proprietary index fee on options such as SPX and VIX. Compare others in our options platform guide.
Which pays more on cash, Fidelity or Schwab?
It depends on what you hold. Schwab's uninvested brokerage cash earned 0.01% APY on October 19, 2026, while Fidelity's SPAXX core position had a 3.48% 7-day yield on September 30, 2026. If you buy a Schwab money fund yourself, SWVXX had a 3.71% 7-day yield on October 16, 2026. Yields change daily, and these dates differ.
Can I move from Schwab to Fidelity for free?
Not entirely. You start the transfer at Fidelity, and Schwab charges $50 per account for a full transfer and $0 for a partial one. Fractional shares at Schwab do not transfer, so only whole shares move. Going the other way, Fidelity charges $0 to transfer assets out or close an IRA.
Compare these against every option in our online brokers comparison.
We summarize each company's published terms and pricing, not user reviews or our own testing. Facts come from our full reviews of both brokers, each checked against the broker's own fee schedule, rate and disclosure pages on October 19, 2026 with every source listed. Some outbound links may be affiliate links. That never affects our comparisons. Nothing here is investment advice.