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Fidelity vs Public for self-directed investors in 2026

Nicolas StrautBy Nicolas StrautLast updated 7 min read
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Key takeaways

  • 41% of IRA assets, or $8.0 trillion, was invested in mutual funds at the end of Q2 2026.1
  • When choosing between Fidelity and Public, start with whether your IRA needs mutual funds or a contribution match before you compare apps and features.
  • Fidelity is the stronger fit for a fund investor who wants $0 index funds and no fee to leave, while Public fits an ETF or bond investor who wants a 1% IRA match and a stated rate on idle cash.
In this article

Fidelity vs Public comes down to funds vs a match: Fidelity offers its own index funds at a 0% expense ratio and charges nothing to open, hold, or transfer out an account. Public pays a 1% match on annual Traditional and Roth IRA contributions, which Fidelity does not offer at any balance.2 Fidelity is a full-service broker with mutual funds, bonds, and research, while Public is an app built around stocks, ETFs, bonds, and a high-yield cash account. This guide compares Fidelity and Public across trading costs, funds and bonds, cash yield, and the cost of leaving.

Fidelity vs Public at a glance

Fidelity vs Public is a tie on the cost most people check first, $0 stock and ETF trades. The two brokers differ on almost everything else. Each row below comes from Fidelity's or Public's own pages, read between September 30 and October 6, 2026, including Public's fee schedule updated September 23, 2026.

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FidelityPublic
Stock and ETF commissions$0 online$0
Options$0 commission plus $0.65 per contract$0 per contract on stock and ETF options, plus a $0.06 to $0.18 rebate
Index mutual fundsZERO funds at a 0% expense ratioNot among the products Public lists
Bonds and TreasuriesTreasuries $0 online; secondary bonds $1 per bondBonds and Treasuries in the app; Treasuries shown at 4.31%
IRA contribution matchNone1% on annual contributions
Uninvested cashSPAXX 7-day yield of 3.49% (October 5, 2026)3.30% APY; 3.75% with Reserve
SubscriptionNonePublic Reserve, $20 a month (free tier is Public Core)
Fee to transfer out$0$100 outgoing ACAT

What is Fidelity?

Fidelity is a full-service brokerage with $0 online commissions on US stocks, ETFs, and options, and it charges no account fee and no minimum to open.3 Fidelity's own mutual funds trade at $0, and Treasuries cost nothing to buy online. Transferring an account out is free, too.

Fidelity is built for an investor who wants funds, bonds, and research under one login, not a single-screen trading app. Tweed's Fidelity IRA review covers Fidelity's retirement accounts in full, and Robinhood vs Fidelity compares Fidelity with the best-known app broker.

What is Public?

Public is an app-first brokerage, run by Open to the Public Investing, Inc., that charges no commission on stocks, ETFs, options, or crypto and keeps bonds, Treasuries, and a high-yield cash account in the same app. Public says it takes no payment for order flow on standard equity trades. Options are the exception: Public runs a separate rebate program on options orders, and that program is funded by payment for order flow.

Public's IRA has paid a 1% match on annual contributions since March 24, 2025. On September 14, 2026, Public added the same 1% on IRA transfers and on ACATS transfers into taxable accounts. The Public review covers Public's fees, its crypto custody through Zero Hash, and its app ratings.

Fidelity vs Public features compared

Each comparison below opens with what the winning side gets. A tie on stock commissions tells you little about which account costs less once you add options, funds, idle cash, and the fee to transfer the account out.

Stock, ETF, and options trading costs

Options traders pay less at Public, which charges $0 per contract on stock and ETF options and pays back $0.06 to $0.18 per contract through its Options Rebate Program, according to its fee schedule. Fidelity charges $0 commission plus $0.65 per contract, published on its commissions page.4 Stocks and ETFs cost $0 at both brokers, so your options volume decides which broker costs less.

Mutual funds, bonds, and Treasuries

Fund investors get far more at Fidelity. Fidelity's four ZERO index funds charge a 0% expense ratio with no minimum, and Fidelity's own funds trade free. Funds from other companies that carry a transaction fee cost $49.95 per purchase. Public lists no mutual funds. Public sells bonds and Treasuries in fractional amounts instead, and fractional bonds are where Public does better than most apps.

Interest on uninvested cash

Idle cash earns slightly more at Fidelity on a free account, where the SPAXX money market fund's 7-day yield was 3.49% as of October 5, 2026. Public pays 3.30% APY on cash with no fees, or 3.75% with its $20-a-month Reserve plan. Public's partner-bank network extends FDIC coverage to $5 million in aggregate. A 7-day yield and an APY measure different things, and both move with short-term rates.

Subscriptions

Fidelity wins here because it has no subscription tier to pay for. Public's paid tier is now Public Reserve at $20 a month, which replaced Premium. Reserve adds a 3.75% cash rate, a 4% IRA contribution match paid monthly over 12 months, and priority support. The free tier is called Public Core.

Research and platform

Research depth goes to Fidelity, which pairs its trading screens with fund research, bond tools, and a managed account for anyone who would rather not pick investments. Public keeps everything in one app. A long-term fund investor will use more of Fidelity, while an investor who checks a phone more than a desktop may never miss what Public leaves out.

Fidelity vs Public costs for three kinds of investor

The tables below price a year at each broker using only figures each company publishes. Where Public's pages leave a cost unstated, the table says so.

A saver with $10,000 in cash

A saver holding $10,000 in uninvested cash earns about $19 more a year at Fidelity than on Public Core, assuming both rates hold for twelve months. Neither company promises that. Public Reserve pays more interest, but its $240 fee is more than the extra interest at this balance. The $19 gap is too small to be a reason to switch.

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$10,000 of uninvested cash for a yearFidelity (SPAXX)Public CorePublic Reserve
Rate observed3.49% 7-day yield3.30% APY3.75% APY
Approximate interest$349$330$375
Subscription$0$0$240
Net$349$330$135

An options trader

An options trader pays Fidelity a fixed $0.65 per contract, so the cost rises with every contract traded. Public charges $0 per contract on stock and ETF options. Public's rebate runs $0.06 to $0.18 per contract and isn't counted below, because the rate varies.

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Contracts per yearFidelityPublic, before rebate
100$65$0
500$325$0
1,000$650$0

An IRA saver weighing Public Reserve

Public Reserve costs $240 a year and lifts the contribution match from 1% to 4%. On the match alone, Reserve breaks even at $8,000 of contributions, which is more than savers under 50 are allowed to contribute. The 3.75% cash rate is the other half of Reserve's value. The cash rate covers the $240 fee on its own only once idle cash passes about $53,333.

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Maxed 2026 IRA contributionFidelityPublic Core, 1%Public Reserve, 4% minus $240
$7,500 (under 50)$0$75$60
$8,600 (50 and up)$0$86$104

Fidelity vs Public for a Roth IRA

A Public Roth IRA earns a 1% match on annual contributions, while a Fidelity Roth IRA earns no match at all. Fidelity's Roth has no opening fee or minimum, and its managed option, Fidelity Go, charges no advisory fee under $25,000. If you're still deciding on the account type, start with what aRoth IRA is.

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Maxing a Roth IRA for 2026ContributionPublic match per yearPublic match over 5 yearsFidelity match
Under age 50$7,500$75$375$0
Age 50 and up$8,600$86$430$0

The 2026 limits come from the IRS, and the five-year column assumes the limit stays at the 2026 amount.5Public's offer, in its own words as of October 6, 2026, is "Earn a 1% match on your annual contributions," with no end date stated, plus "an uncapped 1% match" on IRA transfers and ACATS transfers made on or after September 14, 2026. Matched money has to stay at least five years, or Public charges an early removal fee.

Should you choose Fidelity or Public?

The choice between Fidelity and Public depends on what you will hold, since commissions are a tie. If neither fits, thebest brokerage accounts roundup andSchwab vs Public cover other brokers to consider.

Choose Fidelity if

  • You want index mutual funds, including ZERO funds at a 0% expense ratio
  • You want research, bond tools, and a managed account under one login
  • You might move the account later and want leaving to cost $0

Choose Public if

  • You contribute to an IRA every year and want the 1% match
  • You buy bonds or Treasuries in small, fractional amounts
  • You trade options and want $0 per contract plus a rebate

Price your own year before you open an account

Run the Tweed retirement calculator twice, once with Public's 1% match added to your contribution and once without, and compare the two balances at the age you plan to retire. Thebest Roth IRA accounts list covers more providers if the account is a Roth.

If Public fits, open a Public account.

Frequently asked questions about Fidelity vs Public

Is anything better than Fidelity?

Yes, something can be better than Fidelity, but only for a specific job. Fidelity already charges nothing to open, hold, or leave an account. A broker that pays an IRA match suits a saver who contributes every year, while a simpler app suits someone who only buys ETFs. Fidelity's menus can feel slow.

Is Public a good investing app?

Yes, Public is a good investing app for someone who wants stocks, ETFs, bonds, and Treasuries in one place with fractional shares. App Store users rated it 4.7 out of 5 in Tweed's August check, across tens of thousands of ratings. It is a thinner fit for anyone who wants mutual funds or deep research.

Is there an income limit for a Roth IRA at Fidelity or Public?

Yes, there is an income limit for a Roth IRA at Fidelity or Public, and it comes from the IRS, not the broker. For 2026 the contribution phases out between $153,000 and $168,000 for single filers and between $242,000 and $252,000 for joint filers. A traditional IRA has no income cap on contributing.

Is Public app safe?

Yes, the Public app is safe in the sense that matters most: its broker-dealer is a SIPC member. SIPC protects up to $500,000 of securities, including $250,000 in claims for cash, if the firm fails. Cash in the high-yield account sits at FDIC-insured partner banks. Crypto has neither protection.

How does Vanguard compare with Fidelity and Public?

Vanguard compares most closely with Fidelity, since both are built around their own low-cost index funds. Vanguard has less in common with Public, an app focused on stocks, ETFs, bonds, and cash. Vanguard charges a $25 annual account service fee unless you choose e-delivery, and $100 to close an account or transfer it out in full.

Should I move from Public to Fidelity?

Yes, moving from Public to Fidelity makes sense if you want mutual funds or a broker that charges nothing when you leave later. Public charges $100 for an outgoing ACAT, though. Matched IRA money moved out within five years can also trigger Public's early removal fee, so time the move around the five-year mark.

Can you use Fidelity and Public at the same time?

Yes, you can use Fidelity and Public at the same time, since nothing limits how many brokerage accounts you open. Some investors hold index funds at Fidelity and Treasuries at Public. The limit to watch is on IRAs: every IRA you own shares a single IRS limit for the year, $7,500 or $8,600 with the catch-up.

Sources

  1. https://www.ici.org/statistical-report/ret_26_q2
  2. https://public.com/ira
  3. https://www.fidelity.com/why-fidelity/pricing-fees
  4. https://www.fidelity.com/trading/commissions-margin-rates
  5. https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500
Nicolas Straut
Nicolas Straut

Personal finance writer, former Forbes contributor and This Week in Fintech writer. He isn't a financial advisor or a CPA.

nicstraut.com

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