Trading fees on Sav

Investing with a Sav investing account is commission free for stocks, ETFs, and their options. We don’t charge you fees to open or maintain your account.

However, the following regulatory organizations charge Sav fees for trading that we do pass on to you to cover our costs:

• The Financial Industry Regulatory Authority (FINRA) charges a regulatory transaction fee and trading activity fee for sell orders. All brokerages are charged these fees.

• Issuing banks may charge American depositary receipt fees.

• The Options Clearing Corporation charges for options regulatory and exchange fees.

Regulatory transaction fee

FINRA is required to pay this fee to the Securities and Exchange Commission (SEC) by law. To generate the funds necessary to do so, FINRA passes the fee on to its members, and many of these members, including Sav, pass the fee on to the customers. The fee is ultimately intended to cover the costs incurred by the government, including the SEC, for supervising and regulating the securities markets and securities professionals.

The SEC is required by law to set the fee rate level that generates fees equal to the Commission’s appropriated amount. As of May 14, 2025, the SEC requires no further collections for this fiscal year, and set the fee rate at $0. This fee rate will remain in effect until 60 calendar days after a new fee rate is published by the SEC.

Keep in mind

Stock and ETF option orders incur both the passthrough SEC fee and the FINRA trading activity fee (TAF) regardless of the sale order value. Index option orders are not charged the SEC fee or the TAF.

Trading activity fee

FINRA charges this fee to firms like Sav to recover the costs of supervising and regulating these firms. We pass this fee to our customers, except for sales of 50 shares or less.

As of January 1, 2024, the TAF is $0.000166 per share (equity sells). This fee is rounded to the nearest penny, which will be no greater than $8.30 per trade. Keep in mind, you may be charged more than the $8.30 fee because the fee limit is based on the execution of your order, which can occur with multiple trades.

Note

The SEC fee and the TAF are set by law and regulation that are subject to change without notice. Review our fee schedule before placing trades in your account.

American depositary receipt fee

American depositary receipts (ADRs) are certificates that represent foreign stocks that you can trade on US stock markets. The banks issuing these certificates may charge custodial fees that typically range from $0.01-$0.03 per share.

Consolidated Audit Trail fee

Starting on or after July 1, 2025, the following transaction fees will be applied to all equity and options orders:

• $0.0022 per contract for options

• $0.0000265 per share for National Market System (NMS) equities

• $0.000000265 per share for over-the-counter (OTC) equities

This amount covers charges by FINRA to support the ongoing maintenance of the Consolidated Audit Trail (CAT) system.

Keep in mind

• For a CAT fee that totals less than $0.01, we’ll round down to $0.

• For a CAT fee that totals more than $0.01, we’ll round to the nearest penny. For example, a $1.056 fee will round up to $1.06 and a $1.494 fee will round down to $1.49.