Maybe you want to purchase mutual funds to plan for your retirement or another big goal. But deciding which online platform is best for mutual fund investments can be confusing.

First things first: Personal finance experts recommend buying funds directly from the mutual fund company rather than through a brokerage account to save on fees. Alternatively, opening a brokerage account with a mutual fund company can also keep costs low. For example, you can buy Fidelity funds from Fidelity Investments, Vanguard funds from The Vanguard Group, and so on.

Next, compare features and fees, including the mutual funds available on the platform and any charges, such as early redemption fees. Actively managed accounts, overseen by a person or team aiming to beat the market, typically have higher expense ratios than passive index funds, which aim to replicate the performance of a specific market.

Here’s a closer look at some of the best mutual fund brokers for 2024 to help you find the right fit for your investing journey.

Fidelity Investments

Fidelity Investments launched four zero-fee funds in 2018, becoming the first financial company to offer mutual funds with zero expense ratios in the ongoing price war. These funds include the Fidelity Zero Total Market Index Fund, Fidelity Zero International Index Fund, Fidelity Zero Large Cap Index Fund, and Fidelity Zero Extended Market Index Fund. Additionally, all Fidelity funds come without transaction fees as long as you hold the fund for at least 60 days.

The Boston-based retirement giant, a prominent name in the mutual fund space, offers nearly 3,400 no-transaction-fee mutual funds. Using Fidelity, you’ll have access to extensive research, screening tools, and its flagship mutual funds, such as the iconic Magellan fund. You can also integrate all of your financial accounts with its Full View feature, providing a comprehensive view of your finances similar to a budgeting app like Mint.

Minimum amount to open an account: $0
Standard pricing: Free for Fidelity funds and other no-transaction-fee funds; $49.95 to buy and $0 to sell non-Fidelity transaction-fee funds
Mutual fund highlight: Offers four zero-fee index funds and nearly 3,400 no-transaction-fee mutual funds

Charles Schwab

Charles Schwab, a pioneer in low-cost investing since the 1970s, continues to offer competitive pricing. At Charles Schwab, you’ll find a vast selection of mutual funds without sales commissions — more than 4,300 no-load, no-transaction-fee mutual funds.

However, fees can be steep for funds outside this selection, with the broker charging up to $74.95. Like many of its rivals, Schwab does not require a minimum to open an account or get started. Its stellar customer service, robust brokerage platform, and extensive research resources make it a solid choice.

Minimum amount to open an account: $0
Standard pricing: $0 on non-transaction-fee funds; up to $74.95 for other funds
Mutual fund highlight: Over 4,300 no-load, no-transaction-fee mutual funds

E-Trade Financial

E-Trade offers over 6,000 no-load, no-transaction-fee mutual funds. In late 2022, E-Trade removed commissions and early redemption fees for all online mutual fund trades to enhance its wealth management services. Acquired by Morgan Stanley in 2020, E-Trade provides a diverse range of investment options.

At E-Trade, you’ll have access to extensive research and tools to aid in your investment decisions. The platform’s screener allows you to search for funds by expense ratio, performance, yield, and other categories. Each fund link provides detailed information, including top holdings, costs, and annual performance.

Minimum amount to open an account: $0
Standard pricing: $0
Mutual fund highlight: Over 6,000 no-load, no-transaction-fee mutual funds

Ally Invest

Ally Invest provides access to over 17,000 mutual funds and, in 2023, reduced its commission on no-load mutual funds to $0 from $9.95 per trade. This change makes Ally Invest an excellent choice for investors focused on mutual funds.

As a digital-only financial institution, Ally prioritizes its online experience. Its sister brand, Ally Bank, frequently receives accolades and is well-regarded for its customer service.

Minimum amount to open an account: $0
Standard pricing: $0 on no-load funds
Mutual fund highlight: Mutual fund commission reduced to $0 from $9.95 in 2023

Vanguard

Founded in 1975, The Vanguard Group is renowned for its low-cost index funds. Its legendary founder, the late John C. Bogle, is credited with launching the first index fund for retail investors, now known as the Vanguard 500 Index Fund.

As a Vanguard client, you won’t pay transaction fees for any of the 160 Vanguard mutual funds. The firm also offers more than 3,000 no-transaction-fee mutual funds from other providers. For the other funds available on its platform, you’ll pay $8 to $20 per trade, though accounts with more than $1 million in Vanguard funds receive their first 25 trades for free.

While Vanguard is famous for index investing, it also offers actively managed funds.

Minimum amount to open a brokerage account: $0
Standard pricing: Free for family funds and other no-transaction-fee funds; $0-$20 for others, depending on Vanguard assets
Mutual fund highlight: Long regarded for its low-cost index funds

J.P. Morgan Self-Directed

J.P. Morgan Self-Directed offers more than 2,800 no-transaction-fee mutual funds, making it one of the top brokers for mutual funds. This pricing structure makes J.P. Morgan an attractive option for both new and experienced investors.

Self-directed investing customers can access a customizable screener for mutual funds and ETFs. This tool allows you to screen funds based on technical indicators and Morningstar ratings and convert screens into watchlists. The screener is available both online and through the mobile app, making it convenient to research funds from anywhere.

J.P. Morgan also provides a wide selection of other investment types, including stocks, bonds, options, Treasuries, and brokered CDs. Existing Chase customers can benefit from viewing all their Chase accounts on a single, easy-to-navigate dashboard.

Minimum amount to open a brokerage account: $0
Standard pricing: $0
Mutual fund highlight: No fees on any of their more than 2,800 funds

Interactive Brokers

Interactive Brokers, known for catering to advanced traders and professionals, also offers a feature popular among regular investors: access to about 19,000 no-transaction-fee funds. This is part of a larger offering of over 48,000 funds, with transaction fees for other funds up to $14.95 per trade and international funds costing 4.95 euros or the equivalent.

In 2020, the broker expanded its mutual-fund platform, now providing the largest single place for investors to find no-load mutual funds. Additionally, Interactive Brokers allows trading in 33 countries across various asset classes, including stocks, bonds, and more, making it a versatile “go anywhere” broker.

Minimum amount to open a brokerage account: $0
Standard pricing: $0 for no-transaction-fee funds; otherwise, 3 percent of purchase value, up to $14.95
Mutual fund highlight: About 19,000 no-transaction-fee mutual funds

Merrill Edge

Merrill Edge provides access to over 800 no-transaction-fee funds. Investors can utilize Merrill’s fund screener or the Select Funds feature to craft a diversified portfolio across various company sizes and investment styles. Each fund’s page on Merrill Edge clearly presents essential information, including Morningstar ratings, top holdings, and annualized performance.

Additionally, Merrill Edge offers an automatic investing plan, allowing you to set a regular investment schedule. This feature lets you automate your mutual fund investments similarly to 401(k) deductions, and you can adjust the plan anytime.

Minimum amount to open a brokerage account: $0
Standard pricing: $0 for no-transaction-fee or load-waived funds; $19.95 for transaction-fee funds
Mutual fund highlight: More than 800 no-transaction-fee funds

Firstrade

Firstrade may not be as well known as some of the other brokers on this list, but it earns its spot by offering over 11,000 mutual funds without charging clients a commission. While other brokers often have a list of commission-free funds but charge up to $49 for trading funds not on that list, Firstrade eliminates commissions on all its mutual funds. This extensive selection provides more than enough options for any investor’s portfolio.

Traders can easily access fund commentary and profiles on the Firstrade platform to gain insight into the fund’s performance history, asset allocation, manager information, and other details. Experienced investors will appreciate the advanced screener, which allows searches by minimum investment amounts, load types, risk categories, beta, and more.

It’s important to note that while Firstrade doesn’t charge commissions, mutual fund managers might still charge sales commissions on load funds. However, Firstrade offers no-load funds without additional commissions, so check the fund’s details to avoid any transaction fees.

Minimum amount to open a brokerage account: $0
Standard pricing: $0 on funds
Mutual fund highlight: No broker commissions on any of their more than 11,000 funds