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With low bond trading costs, dedicated support, and innovative tools, it's easy to see why many investors turn to Fidelity for their bond investing needs. per bond compares to certain competitors whose online prices for corporate and municipal bonds were found to be an 2 Trade new issues and new issue CDs for free3 Purchase U.S. Treasuries online for free or for a flat rate of just $19.95 when placed with a representative Pay a maximum mark-up/down of $250 for individual bond orders or just $50 for those maturing in a year or less can work with you and your financial consultants on all aspects of your financial planning. Receive an in-depth analysis of your bond and bond fund holdings, including your outside accounts Get help constructing a bond or short-term CD ladder to help make your cash work harder For investors with bond portfolios of $3 million and higher, provides even greater levels of personalized service and trade with ease on our online platform Build a to help generate regular cash flow Use our to get an analysis of your entire bond portfolio Receive alerts to help track upcoming new issue offerings, maturities, and credit rating changes Questions
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Join us for exclusive fixed income events designed to help you optimize your fixed income strategy and knowledge. Hidden markups can hurt your returns. Learn how to shop smart. Read up on Fidelity's latest thought leadership about the bond and CD market. Gain a deeper understanding of fixed income and bonds. 1. Minimum markup or markdown of $19.95 applies if traded with a Fidelity representative. For U.S. Treasury purchases traded with a Fidelity representative, a flat charge of $19.95 per trade applies. A $250 maximum applies to all trades, reduced to a $50 maximum for bonds maturing in one year or less. Rates are for U.S. dollar-denominated bonds; additional fees and minimums apply for non-dollar bond trades. Other conditions may apply; see for details. Please note that markups and markdowns may affect the total cost of the transaction and the total, or "effective," yield of your investment. The offering broker, which may be our affiliate, National Financial Services LLC, may separately mark up or mark down the price of the security and may realize a trading profit or loss on the transaction. 2. Fidelity commissioned Corporate Insight to study bond pricing, available online, for self-directed retail investors from three brokers (Merrill Lynch, Morgan Stanley, and Wells Fargo) that offer corporate and municipal bonds for comparison to Fidelity's standard online pricing. The compared online bond prices for more than 27,000 municipal and corporate inventory matches from February 4 through March 7, 2022. It compared municipal and corporate inventories offered online in varying quantities. The study found that, on average, the three online bond brokers were asking $15.14 more per bond. Corporate Insight determined the average price differential by calculating the difference between the prices of matching corporate and municipal bond inventory at Fidelity, including Fidelity’s $1 per bond markup for online trades vs. the prices offered online for the same bonds from the three brokers, then averaging the differences of the financial services firms. The analysis included investment grade corporate and municipal bonds only. 3. Fidelity makes certain new issue products available without a separate transaction fee. Fidelity may receive compensation from issuers for participating in the offering as a selling group member and/or underwriter. For representative assisted treasury auction orders, a $19.95 transaction fee applies. 4. For the purposes of FDIC insurance coverage limits, all depository assets of the account holder at the institution that issued the CD will generally be counted toward the aggregate limit (usually $250,000) for each applicable category of account. FDIC insurance does not cover market losses. All of the new issue brokered CDs Fidelity offers are FDIC insured. In some cases, CDs may be purchased on the secondary market at a price that reflects a premium to their principal value. This premium is ineligible for FDIC insurance. For details on FDIC insurance limits, see . In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Any fixed-income security sold or redeemed prior to maturity may be subject to loss. 625674.12.0 Footer
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depth of book
refers to the display of numerous bids and offers in a given security in addition to the best bid and offer price mark-up
For secondary market bonds and CD purchases, the difference (dollar and %) between the Prevailing Market Price (PMP) and the trade price. Mark-up% is calculated as: Mark-up / Total initial price x 100. The mark-up includes, but may not be limited to, Fidelity’s $1 per bond pricing. Details available on our fee schedule.