Points to Know:
• Clients at Voya, Schwab, Vanguard, and Fidelity can open both brokerage and advisory accounts.
• Voya does not provide commission-free trading.
• The quality of trading tools differs significantly across these brokerages.
Fidelity vs. Schwab, Voya, and Vanguard Introduction
Is Voya a good choice for your next brokerage account? This comparison with some of the industry’s largest providers could help you decide.
Voya vs Fidelity & Others: Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Margin
Rate |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
12.575%
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
12.575%
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
12.75%
|
$20*
|
$20*
|
|
Voya
|
$8.50+
|
$6.50
|
na
|
$47
|
$42.50
|
Voya vs Vanguard & Others: Services
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Vanguard, Fidelity, and Voya: none
Investment Accounts
Every company in this review offers both advisory and brokerage accounts. Voya handles only full-service accounts, requiring each account to be opened through a financial advisor. The other three mostly support online account openings, though there are exceptions (like a Schwab 401k). While full-service choices typically involve a local advisor, Vanguard stands out because it has no branches.
Robo accounts, which use software instead of human advisors, are on offer at Fidelity, Vanguard, and Schwab. These programs invest only in ETFs, which results in lower fees than human-run accounts.
You can get a larger product list by choosing traditional advisory accounts or self-directed brokerage accounts. These allow trading in stocks, funds, bonds, and options. Fidelity and Schwab provide annuities, while Voya has SMAs (separately managed accounts). Fidelity includes crypto, and Schwab has futures and forex.
Voya charges a $30 inactivity fee each year ($20 if you only hold mutual funds), and Vanguard can force-close low-balance accounts. Fidelity and Schwab avoid both practices.
Winner: A close race between Fidelity and Schwab
Cash Management
All four firms have some sort of cash-management program. Voya uses a straightforward FDIC sweep, with checkwriting and a debit card, plus FDIC coverage of $2.5 million per customer.
Schwab doesn’t provide a sweep program, so it has a lower FDIC insurance level of $250k. On the upside, it refunds unlimited ATM fees globally, making it a nice pick for travelers.
Vanguard supplies a hybrid cash-brokerage account paying 4.60% on uninvested funds. It includes FDIC coverage of up to $1.25 million through a sweep, plus access to five money market funds currently yielding around 5.0%.
Fidelity offers standout banking tools. Its Cash Management Account (CMA) is a hybrid with FDIC coverage up to $5 million. It also has Bloom accounts, which are hybrid setups loaded with extra features, like automated savings and educational content, though they do not have an FDIC sweep.
Winner: Again, tight between Schwab and Fidelity
Trading on Margin
Brokerage accounts at all four firms allow margin trading. Voya works with Pershing, whose rates may apply. At the other three, margin interest starts near 12.575% and dips to 10.825% or even lower. Vanguard and Schwab can negotiate lower rates above $500,000 in borrowed funds.
Schwab stands out by displaying maintenance margin for each asset on its site and mobile app.
Winner: Schwab
Websites
Voya customers use the NetXInvestor site. It supports quotes, charts, market research, a screener, watchlists, alerts, and trade placement.
Vanguard’s site is a bit simpler; for instance, it lacks an alert system. But it does have a screener, charts, and an order ticket.
Schwab’s website offers a browser-based platform called thinkorswim with lots of pro-level features, including paper trading, something you won’t find at Vanguard or NetXInvestor.
Fidelity’s site doesn’t include a web-based platform, but it does have an impressive range of tools, including advanced option capabilities and full-screen charts loaded with features.
Winner: Schwab
Mobile Apps
Each company here has a mobile app. Voya uses the NetXInvestor app, featuring the same functionalities as its web-based sibling.
Vanguard’s mobile app has fewer features than its website. It lacks charting and won’t support options trading.
Fidelity’s app has advanced options functionality, plus other conveniences such as check deposit and advanced chart modes.
Schwab has two apps: its main mobile app and another for the thinkorswim platform. The latter focuses on sophisticated trading with plenty of technical studies and a robust order ticket.
Winner: Schwab
Desktop Platforms
Only Fidelity and Schwab provide desktop software. Schwab’s thinkorswim and Fidelity’s Active Trader Pro each have features like Level II quotes. thinkorswim feels slightly more advanced overall.
Winner: Schwab
Further Services
Extended Hours: Vanguard only supports after-hours trading. Schwab and Fidelity allow pre-market trading, too. Schwab’s futures and forex trade 24/6, while Fidelity’s crypto can be bought or sold around the clock. Schwab also has overnight ETF trading.
IPOs: Available at Fidelity and Schwab.
Fractional Shares: Voya uses Pershing for fractions, while Vanguard and Schwab limit certain securities, and Fidelity has a broader selection.
Periodic Mutual Fund Investing: All four support setting up regular mutual fund purchases. Fidelity extends its schedule to individual stocks, too.
DRIP Service: Dividends can be automatically reinvested at all four.
IRAs: Each firm has retirement accounts. Vanguard charges fees on some business IRAs, and Voya imposes a $95 termination fee plus a $42.50 annual IRA fee.
Fully-Paid Securities Lending Program: Fidelity, Vanguard, and Schwab all have it.
Winner: Fidelity
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Our Recommendations
High-Powered Stock Trading: Schwab with thinkorswim has near-professional features.
Mutual Funds: Fidelity has 9,263 funds, Schwab has 5,885 (but a better screener). Pick your favorite.
Small Accounts: Schwab imposes no minimum on brokerage or automated investing.
Beginning Investors: Any of these firms will do, with an advisory account and ideally a human advisor.
Long-Term Investing & Retirement Saving: Schwab and Fidelity shine for self-directed traders or advisory relationships.
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Vanguard, Fidelity, and Voya: none
Judgment
In today’s market, Voya’s brokerage services don’t compare well with the other choices.
Updated on 3/23/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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