Voya vs TD Ameritrade

Voya vs Vanguard, Fidelity, and Charles Schwab (2024)

Voya vs Fidelity & Others: Cost

Broker Fees Stock/ETF
Mutual Fund
Annual IRA
Charles Schwab $0 $49.95 ($0 to sell) 13.575% $0 $0
Fidelity $0 $49.95 13.575% $0 $0
Firstrade $0 $0 13.75% $0 $0
Vanguard $0 $20 13.75% $20* $20*
Voya $8.50+ $6.50 na $47 $42.50

Voya vs Vanguard & Others: Services

Broker Review Cost Investment Products Trading Tools Customer Service Research Overall Rating
Charles Schwab

New Account Promotions

Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.

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Firstrade: Get up to $250 in transfer fee rebate.

Visit Firstrade Website

Robinhood: 1% IRA match and up to $200 FREE stock at Robinhood.

Visit Robinhood Website

Voya vs Charles Schwab & Others Intro

Voya Financial offers brokerage accounts and a host of other products. Investors will find IRAs, CD's, mutual funds, and life insurance. But other brokers have some of the same offerings. These include Fidelity, Schwab, Vanguard, and Firstrade. Let's compare these firms against each other, and see how Voya measures up.


For self-directed accounts, Voya charges $8.50 for stock and ETF trades when placed as a market order. There is also a surcharge of 1¢ for each share over 5,099 shares. Limit orders are $7.50 + $0.0125 per share. Using a live broker carries a base charge of $37.50. A Voya brokerage account also carries an annual inactivity charge of $47 for a regular securities account. The fee is reduced to $20 if the account only has mutual funds in it. There is also a $110 fee for closing an account.

By comparison, Fidelity has no inactivity or closing fee, and equity trades, both market and limit, are $0. Completing a trade with a Fidelity rep tacks on an extra $25.

Schwab also has no account fees, and trades cost $0. Placing a trade with a human broker costs $29.95.

A brokerage account at Vanguard carries no special fees if it is signed up for e-delivery of statements. Stock trades are $0; representative-helped trades are $25.

Firstrade charges nothing for inactivity or closing an account. Equity trades are $0 when placed on-line and $25 when placed with help of a live broker.


Mutual Funds and ETFs

Voya clients can buy and sell ETFs according to the broker's regular commission schedule. The broker does not offer any commission-free ETFs. All other brokers in this review offer exchange-traded funds free of charge.

Voya also offers mutual funds. The broker charges $6.50 on both the buy and sell sides for no-load mutual fund transactions. Load funds don't carry the transaction charge. The broker also has a selection of no-load, no-transaction-fee funds called FundVest. All of Voya's rivals in our survey also have mutual funds without loads and transaction fees. However, the fees for trading other funds vary widely.

Charles Schwab charges $49.95 on the buy side, although there's no transaction fee on the sell side. Fidelity clients pay $49.99 on both sides. Vanguard's fee is $20, while Firstrade is at $0.

Charles Schwab

Individual Retirement Accounts

Voya offers several IRA types. These include Rollover, Traditional, Roth, SEP, SIMPLE, and Spousal. The broker does not charge an inactivity fee for retirement accounts, although there is a $95 closeout fee. An IRA with Voya can be opened as one of three types: a regular brokerage, a mutual fund IRA, or a managed account. The first two versions require at least a $5,000 opening deposit requirement or a $100 monthly direct deposit, while the managed account has a $10,000 minimum.

Firstrade has a Minor IRA (in both Roth and Traditional formats) in addition to the usual types. There are no IRA fees from this broker, either.

Fidelity offers an Inherited IRA. The firm has no opening deposit requirement and no on-going IRA fees.

Schwab also offers an Inherited IRA along with a Custodial version. The company's retirement accounts have no regular fees, although there is a $1,000 opening deposit requirement.

Vanguard clients can open an IRA with no deposit. Signing up for electronic delivery of account documents waives a $20 annual fee. A SIMPLE IRA has a $25 annual fee if it has a Vanguard mutual fund in it. Accounts with more than $50,000 in assets are exempt from the fee.

Other Offerings

In addition to securities, Voya also offers life insurance, workplace retirement plans, annuities, education savings plans, and employee benefits.

Charles Schwab offers estate planning and education savings plans. Fidelity provides annuities, life insurance, IPO's, estate planning, and education savings assistance.

Firstrade provides crypto trading. Finally, Vanguard customers have access to annuities and 529 plans.

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

Voya vs Vanguard Final Thoughts

Voya is a large financial company that offers many services to its clients. It would be a good choice for investors who prefer to have everything in one place. On the other hand, frequent stock and ETF traders can find better commission schedules and advanced brokerage services at other brokers.

About the Author
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.