In brief
Fidelity and Charles Schwab are both broad, established brokerage platforms with $0 opening and maintenance fees and $0 minimums for their standard brokerage accounts and IRAs. Both advertise $0 commissions for online U.S.-listed stock and ETF trades, subject to each firm’s exclusions and other charges.
I would start with Fidelity when recurring dollar purchases of individual ETFs and broad fractional-share access are central to the plan. I would start with Schwab when branch access, phone support, and Schwab’s education ecosystem matter more. That is a workflow distinction—not a claim that either firm will produce better returns.
Terms were reviewed from official pages on August 7, 2026. Verify the current fee schedule before moving money.
Side-by-side decision table
| Question | Fidelity | Charles Schwab |
|---|---|---|
| Standard brokerage opening/maintenance fee | $0 | $0 |
| Standard brokerage or IRA minimum | $0 | $0 |
| Online U.S. stock and ETF commission | $0, with stated exclusions and other charges | $0 for online listed stocks and ETFs, with stated exclusions and other charges |
| Recurring ETF purchases | Officially supports recurring dollar investments in eligible stocks and ETFs | Verify the eligible security and automation path for the intended account |
| Fractional shares | Eligible U.S. stocks and ETFs, starting at $1 | Schwab Stock Slices focuses on eligible S&P 500 stocks; check current ETF support |
| Human access | Phone and investor centers | Phone, branches, and education are prominent parts of the offering |
What the headline price omits
“$0 commission” is not “free investing.” Fund expense ratios, bid-ask spreads, options contract charges, mutual-fund transaction fees, foreign-security charges, wires, advice, and transfer-related costs may still apply. Compare the particular investments and services you will use—not only the first row of a pricing page.
Cash treatment also deserves attention. A brokerage’s default cash position, bank sweep, money market availability, and yield can change. Do not select a long-term brokerage from a temporary cash rate without checking how uninvested money is actually held.
Automation and small-dollar investing
Fidelity documents recurring investments in stocks, ETFs, mutual funds, and Fidelity Basket Portfolios. It also documents fractional purchases of eligible U.S. stocks and ETFs from $1. That combination is useful for a simple plan such as automatically purchasing one diversified ETF after each payday.
Schwab offers automatic-investing and fractional-share features, but eligibility depends on the product. Confirm that the exact ETF, account, dollar amount, and frequency you want are supported rather than assuming every “automatic investing” feature works the same way.
IRAs, service, and the transfer decision
Both firms offer traditional and Roth IRAs with no stated opening or maintenance fee. The tax rules come from federal law, not the brokerage. Provider choice affects investments, service, cash handling, beneficiaries, and operational convenience—not Roth eligibility or the annual IRA contribution limit.
Before transferring, download statements and cost-basis records, identify assets that cannot move in kind, check outgoing and receiving-firm fees, and ask whether fractional shares will be liquidated. Selling to facilitate a taxable-account transfer can create a tax consequence.
My decision framework
- List the account types needed now and within several years.
- Confirm the intended funds support recurring and fractional purchases.
- Compare the complete fee schedules for mutual funds, options, fixed income, advice, and transfers actually used.
- Test the service channel you would use during a rollover, beneficiary change, or account restriction.
- Keep the investment plan portable so changing providers does not require changing strategy.
Bottom line
Fidelity and Schwab can both support a low-cost long-term portfolio. The meaningful differences appear in the specific funds, automation, service channels, account features, and transaction types you will use, so test those workflows instead of choosing from a generic brand ranking.