Voya vs Vanguard, Fidelity, TD Ameritrade, Charles Schwab, and Scottrade



Voya vs TD Ameritrade, Schwab, Scottrade, Fidelity, and Vanguard: Chart


Broker Fees Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
TD Ameritrade $6.95 $49.95 $6.95 + $0.75 per contract $0 $0
Scottrade $6.95 $17 $6.95 + $0.70 per contract $0 $0
Fidelity $4.95 $49.95 $4.95 + $0.65 per contract $0 $0
Charles Schwab $4.95 $76 ($0 to sell) $4.95 + $0.65 per contract $0 $0
Vanguard $7-$20 $8-$35 $20 + $1.00 per contract $20* see

** Vanguard is charging $20 annual maintenance fee (waived if user chooses to receive statements and other information electronically).

Broker Review Cost Investment Products Trading Tools Customer Service Research Overall Rating
TD Ameritrade
Scottrade
Fidelity
Charles Schwab
Vanguard


Introduction


Voya Financial offers brokerage accounts and a host of other products. Investors will find IRA's, CD's, mutual funds, and life insurance. But other brokers have some of the same offerings. These include Fidelity, Schwab, Scottrade, 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 $14.95 for stock and ETF trades when placed as a market order. There is also a surcharge of 1¢ for each share over 1,000 shares. Limit orders are $19.95 with the same surcharge. Using a live broker carries a base charge of $44.95. A Voya brokerage account also carries an annual inactivity charge of $50 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 closure fee, and equity trades, both market and limit, are just $4.95. Completing a trade with a Fidelity rep tacks on an extra $25. Schwab also has no account fees, and trades cost $4.95. 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 on a sliding scale between $0 and $20, depending on account balance. Large accounts can place trades with a Vanguard representative free of charge, while small accounts pay $25. TD Ameritrade charges nothing for inactivity or closing an account. Equity trades are $6.95 when placed on-line and $44.99 when placed over the phone. Investors at Scottrade pay $6.95 for ETF and stock trades. The broker imposes no account fees, but does charge $32 for broker-assisted trades.


Mutual Funds and ETF's


Voya clients can buy and sell ETF's according to the broker's regular commission schedule. The broker does not offer any commission-free ETF's. Fidelity, by comparison, offers 91 exchange-traded funds that are free to trade. TD Ameritrade clients can buy and sell 296 ETF's without paying a commission. Vanguard offers 55, and Schwab provides more than 200.

Voya also offers mutual funds. The broker charges $44.95 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. Scottrade charges $17 for no-load funds on both the buy and sell sides, assuming the funds aren't in the broker's NTF program. Schwab charges $76 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 ranges from $8 to $35, depending on account size.


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.

Scottrade offers the same range of IRA's except for the Spousal version. The broker has no IRA fees and no opening deposit amount. 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. Scottrade offers a Coverdell Education Savings Account, while TD Ameritrade provides futures and forex trading, annuities, and IPO's. Finally, Vanguard customers have access to annuities and 529 plans.


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.


Scottrade Update


Scottrade was acquired by TD Ameritrade last year. TD Ameritrade plans to fully integrate Scottrade by the end of first quarter. For this reason it makes more sense to open an account with TD Ameritrade directly and skip possible transition inconveniences. New customers could take advantage of TD Ameritrade's bonus that allows them to trade for free for two months and gives up to $600 bonus.


Broker Reviews


A lot more information is available on all of the companies in this article including brokerage firms ratings in these articles:

TD Ameritrade (see here),

Scottrade (see here),

Charles Schwab (see here),

Fidelity Investments (see here),

Voya Financial (see here),

Vanguard Brokerage (see here).



New Account Promotions

TD Ameritrade: Trade free for 60 days + get up to $600.

Scottrade: Trade free for 60 days + get up to $600.

Charles Schwab: Make $100,000 deposit and get 500 commission-free online equity and options trades.

Fidelity Investments: Get 500 free trades with $100,000+ deposit.