| Feature | Vanguard Charitable | Fidelity Charitable | Charityvest | Daffy |
|---|---|---|---|---|
| Account Opening Minimum | $25,000 | $0 | $0 ($15 minimum activity) | $0 |
| Minimum Additional Contribution | $5,000 | $0 | $15 | $0 |
| Grant Minimum | $500 | $50 | $15 | $0 (for account balance) / $50 typical |
| Annual Administrative Fee | 0.60% on first $500K, 0.30% on next $500K, 0.12% on next $4M (tiered down further) | 0.60% or $100 minimum (whichever is greater) on first $500K (tiered down above $500K) | Cash Account: $0; Invested Account: 0.60% or $100/year minimum on first $500K, 0.30% on next $500K, 0.20% on next $1.5M (continues to tier down) | Flat Monthly Fee: Free (under $100 balance), $3/month (Contributor), $5/month (Family), $20/month (Benefactor). No AUM-based fees |
| Minimum Balance Fee | $250/year if balance below $25K (for accounts older than 6 months) | None | None | None |
| Investment Expense Ratios | Average: ~0.14%; Portfolio Solutions: 0.04%-0.15%; Individual pools vary by asset class | Average: ~0.39%; Range: 0.015%-0.91%; Varies by pool selection | Core Portfolio: ~0.05%; ESG Portfolio: ~0.15%; Single asset ETFs: ~0.05%; Much lower than competitors' similar options | Average: 0.05% (Standard); Conservative, Standard, ESG, and Crypto portfolios available; Uses Vanguard, Schwab, BlackRock funds |
| Specify Investment(s) for Grants | No - grants liquidated proportionally across all investments held in account | No - grants liquidated proportionally across all investments held in account | No - grants liquidated proportionally and portfolio automatically rebalanced to target allocation | No - contributed stock is liquidated upon receipt; grants come from account balance regardless of allocation |
| Investment Options | 35+ curated options: Portfolio Solutions (diversified), Building Blocks (single asset), Active and passive options, Primarily Vanguard funds | Multiple pools: Asset Allocation pools, Single-asset pools, Sustainable/ESG options, Legacy Pool, Mix of Fidelity and third-party funds | Core Portfolio (Vanguard ETFs), ESG Portfolio (BlackRock), Single asset class ETFs, Custom portfolios (with advisor, $1M+ minimum) | 13 modern portfolios: Conservative, Standard, ESG, Crypto; Can request custom from 450+ ETFs (Benefactor level) |
| Mobile App | Limited functionality | Available | Available | Full-featured native mobile app (first in industry) |
| Key Advantages | Lowest fees for accounts $1M+; Excellent investment quality; Very low expense ratios; Established reputation | No opening minimum; Lowest grant minimum ($50); Established reputation; Easy to use | Completely free cash account; Very low minimums ($15); Modern interface; Lower fees than most on invested accounts | No AUM fees (flat monthly); Modern mobile-first experience; Very low expense ratios; Can involve family members |
| Key Disadvantages | High opening minimum ($25K); High grant minimum ($500); $250 fee if balance drops below $25K | Higher investment expense ratios on average (0.39%); AUM-based fees can add up | Relatively new organization (founded 2019); Grants liquidated proportionally; Limited track record | Relatively new (launched 2021); Limited track record; Stock contributions limited on lower tiers; All stock liquidated upon receipt |
Important: None of these four DAF providers allow donors to specify which specific investment(s) grants should come from. Here's how each handles grant liquidation:
This differs from some advisor-managed or self-directed investment accounts where you might be able to choose to liquidate specific positions.