Brokerage Fees in 2026: Where You're Still Paying
Every major broker advertises $0 commissions. That marketing victory, won in late 2019 when Schwab forced the industry's hand, convinced millions of investors that trading is free. It isn't. The real cost of your brokerage account hides in three places: the interest you don't earn on uninvested cash (much like [hidden expense ratios](/posts/2026-03-10/expense-ratios-the-fee-quietly-eating-returns)), the price improvement you don't receive on order execution, and the margin rate you pay when borrowing. With the fed funds rate at 3.64% and 10-year Treasuries yielding 4.27%, these hidden fees add up to hundreds — sometimes thousands — of dollars per year. A $50,000 account at the wrong broker silently loses over $1,700 annually in cash sweep yield alone compared to the best alternative.