Voya vs Fidelity & Others: Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Margin
Rate |
Maintenance
Fee |
Annual IRA
Fee |
|
Chase
|
$0
|
$0
|
na
|
$0
|
$0
|
|
TD Ameritrade
|
$0
|
$49.99 ($0 to sell)
|
14.25%
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
13.075%
|
$0
|
$0
|
|
Charles Schwab
|
$0
|
up to $74.95
|
13.075%
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
13.25%
|
$20*
|
$20*
|
|
Voya
|
$8.50+
|
$6.50
|
na
|
$47
|
$42.50
|
Voya vs Vanguard & Others: Services
Voya vs TD Ameritrade & 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 TD Ameritrade. Let's compare these firms against each other, and see how Voya measures up.
Pricing
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.
TD Ameritrade 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.
Schwab charges $49.95 on the buy side, although there's no transaction fee on the sell side. TD Ameritrade
clients pay $49.99 on both sides. Vanguard's fee is $20.
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.
TD Ameritrade 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.
Schwab offers estate planning and education savings plans. Fidelity provides annuities, life insurance, IPO's, estate
planning, and education savings assistance.
TD Ameritrade provides futures and forex trading, annuities, and IPO's. Finally, Vanguard customers have access to
annuities and 529 plans.
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.
TD Ameritrade: $0 commissions + transfer fee reimbursement.
Open TD Ameritrade Account
Charles Schwab: Get commission-free online stock trades.
Open Schwab Account
Fidelity Investments: Get $0 stock commissions.
Open Fidelity Account
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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