Fixed income pricing

  • Access the lowest prices available to Schwab from over 200 dealers.1
  • Place online trades for new issue CDs and Treasuries at auction for no additional cost.
  • Choose from hundreds of no-load, no-transaction-fee bond mutual funds. 

What does Schwab charge for fixed income investments?

What does Schwab charge for fixed income investments?
  • Products
  • Pricing
  • Products
    Individual bonds - new issues
  • Pricing
    $0*
  • Products
    Individual bonds - secondary trades 

    Corporate bonds 
    Municipal bonds
    Government agencies 
    Zero-coupon Treasuries (including STRIPS)
  • Pricing
    $1 per bond online 
    $10 minimum, $250 maximum online** 

    Broker-assisted trades:
    Online fee plus $25
  • Products
    Treasuries - new issues and secondary trades 

    Treasury bills, notes, bonds 
    Treasury inflation-Protected Securities (TIPS) 
    Treasuries Floating Rate notes
  • Pricing
    $0 

    Broker-assisted trades:
    $25
  • Products
    CDs - new issues 

    $1,000 minimum required and $1,000 increments per investment
  • Pricing
    $0*
  • Products
    CDs - secondary trades
  • Pricing
    $1 per CD online 
    $10 minimum, $250 maximum online** 

    Broker-assisted trades: 
    Online fee plus $25
  • Products
    Bond funds – in Mutual Fund OneSource® service
  • Pricing
    $0 transaction fee, no loads 

    Broker-assisted trades: 
    Online fee plus $25
  • Products
    Bond funds – Transaction Fee Mutual Funds
  • Pricing
    $74.95*** 

    Broker-assisted trades: 
    Online fee plus $25
  • Products
    Bond ETFs
     
    All listed ETFs, including Schwab ETFs™1
  • Pricing
    $0 commission for online trades 

    Broker-assisted trades: 
    Additional $25
  • Products
    Preferred securities
  • Pricing
    $0 online1 (Minimums may apply for secondary trades) 

    $5 automated phone trades 

    Broker-assisted trades: additional $25

Get assistance from our team of fixed income specialists if you have any questions. Call 877-903-8069.

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The fundamentals of bond pricing

The fundamentals of bond pricing

#1: Understand all costs and fees

Bonds are often quoted with several cost components bundled together, so it's important to understand any commissions or transaction fee built into the price (and indirectly the yield), as well as any additional fees.

#2: Compare costs to maximize your return potential

Because the yield you earn on a bond is impacted by what you pay for it, shopping around for the lowest price and transaction fees can help you potentially increase your return on a bond without adding risk.

#3: Compare price against yield

Consider a hypothetical bond with a 4% coupon rate and a 10-year maturity. The higher the price, the lower the yield.

The fundamentals of bond pricing
  • Dealer
  • A
  • B
  • C
  • Dealer
    Price
  • A
    $100.00
  • B
    $100.50
  • C
    $101.25
  • Dealer
    Yield to Maturity
  • A
    4.00%
  • B
    3.94%
  • C
    3.85%

Source: Schwab Center for Financial Research and Bloomberg. Assumes semi-annual coupon payments. For illustrative purposes only.

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