Voya Financial

Voya Financial Reviews

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Overall Rating2.0 out of 5
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About Voya Financial Reviews

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Voya Financial is a leading provider of retirement savings, investment and insurance products. The company has over $316 billion in assets under management and serves nearly 15 million customers. While it doesn’t offer checking and savings accounts, Voya Financial provides retirement, investment and insurance products to individuals, businesses and financial professionals nationwide.

Pros & Cons


  • Over $316 billion in assets under management
  • Helps customers achieve financial wellness and security
  • Offers a cash management account with 2.47% interest


  • No traditional banking services like checking and savings accounts
  • Fees may apply for some products and services

Bottom Line

Voya Financial aims to help its customers achieve financial wellness and security by offering a comprehensive range of financial products and services including retirement accounts, investment accounts and other employee benefits. However, it doesn’t offer any traditional banking services such as checking and savings accounts.

Featured Reviews

Middlesex, NJ

I was worried when I had to file a claim with Voya for critical illness having read the reviews on this site as well as the BBB. To my please surprise, I put in my claim on March ...

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Savannah, GA

I've read majority of the reviews on here and I have not experienced any issues with Voya. I called to request funds and I was told 5 to 7 business days I would receive my check. ...

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What is Voya Financial?

Voya Financial provides retirement, investment and insurance solutions to individuals, businesses and institutions in the U.S. Until 2014, it was known as ING U.S.

Voya Financial has over 7,200 employees and offers a wide range of products and services, including:

  • Retirement plans, such as 401(k)s and individual retirement accounts (IRAs)
  • Investment management for individuals and institutions
  • Insurance products, such as group life insurance and disability insurance

How does Voya Financial work?

Voya Financial does not offer traditional checking and savings accounts. Instead, the company specializes in employee benefits, including retirement, investment and insurance solutions. It also offers self-directed IRAs for individuals.

As a result, Voya Financial may be best suited for individuals and businesses looking to plan for their long-term financial future rather than those needing immediate access to cash or checking account services.

Voya Financial products and services

Voya Financial’s products and services include:

Voya provides retirement planning services and products, including 401(k)s and other workplace-sponsored plans, annuities and IRAs. It also offers 529 college savings plans as well as investment management services.
Voya Financial offers a variety of insurance products, including supplemental health insurance, group term and whole life insurance and disability insurance.
Voya’s financial planning services include retirement planning, investment planning and insurance planning.
Voya provides employee benefits solutions to businesses of all sizes, including group insurance plans, workplace retirement plans, health account solutions and more.
Voya Financial's Insured Bank Deposit Account earns 2.47% interest and is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $2.5 million. It’s the default cash sweep option for anyone who has an investment account through Pershing, LLC, which is the clearing broker-dealer for Voya Financial Advisors.

Voya Financial fees

Voya Financial's fees vary depending on the product or service you choose but may include administration fees, investment management fees and loan application fees.

Voya Financial FAQ

Who owns Voya Financial?

Voya Financial is a publicly traded company, so it’s owned by its shareholders. Its stock is listed on the New York Stock Exchange under the symbol VOYA.

What is Voya Financial's customer service like?

Voya Financial has a team of customer service representatives available to answer your questions and help with your needs. You can reach customer service by phone or email.

Does Voya Financial offer traditional banking services like checking and savings accounts?

No, the company primarily provides workplace benefits, such as retirement plans and group insurance. If you’re an individual, you can open a self-directed IRA or taxable brokerage account through the company.

How do I get started with Voya Financial?

You can open some accounts online, including self-directed IRAs. For other products, contact customer service to speak with an agent or enroll in your company’s benefit plan.

Is Voya Financial legit?

Voya Financial serves nearly 15 million customers and provides employee benefits solutions, life insurance products and retirement accounts to businesses and individuals nationwide. While Voya Financial may be ideal for employees who have access to Voya products through their workplace or individuals looking for an IRA, it’s not a good fit for those who need traditional banking services like checking and savings accounts.

Voya Financial Reviews

ConsumerAffairs has collected 318 reviews and 852 ratings.

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Page 1 Reviews 0 - 10

Reviewed Sept. 24, 2023

My company uses VOYA for our HSA and 401K. The website is horrible. I am unable to view past statements or see prior deposits. Any time I log in and attempt to click links to see balance info or historical information there is ALWAYS an error that says "Not available at this time" or "No historical information." How can a company have your money and not have a working webpage? They are holding millions (likely billions) of dollars of other people's money and the website is unable to perform simple tasks. Unbelievably frustrating. The IT chat is NOT helpful. BE BETTER VOYA!!! BE BETTER!!!

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Reviewed Sept. 20, 2023

I have been trying for over 2 months (12 phone calls - and mailed/faxed 4 different times their forms) to get a distribution from my retirement account and I keep getting people who do not know what is going on. They also do not have a way to upload documents online. To get a distribution or rollover, a form must be completed, then mailed or faxed to them. Once they receive the forms, then they will start the process of withdrawing - and the worst is it is not based on the day you called to get the distribution but when they actually process the request so your distribution is not what it was when you first initiated the distribution. They do not get back to you about the status either; you have to continually call and ask. This is the worst company and I cannot wait to get all of my money away from them.

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    Reviewed Sept. 8, 2023

    When talking about this company they decided to hold onto my Life Insurance from my father till I turned 18 and what they said has changed several times to it's in Unclaimed property in my state all the way to someone already claimed it. They refuse to help me no matter what section of their company that I call. Worst of all I had to get the company my father was insured with to give me the main manager's number. And it still took several calls to get this all resolved. This is something that is ridiculous to the self appointed most "Ethical" Company.

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    Reviewed Aug. 22, 2023

    I have had a horrible experience with this company regarding a SIMPLE rollover that I have requested to be transferred into my new employer's financial institution. The first customer service representative (Brandy) convinced me that I was able to have a portion of my funds sent directly to me and the vast majority would be sent to the new financial institution. I thought that sounded great until I never received that money. I call to follow up a couple times (eventually getting to a supervisor named Catherine **) and they looked into my situation and basically told me that the first representative was confused about what she was saying and that it was false.

    The amount I received was not the correct amount that I had initially in my retirement fund. So I am missing a significant amount of money that I will never get back. I work extremely hard to be able to put funds into this account so that I can use for retirement that I will NEVER see. If you ever have to work with this company to get simple tasks done, good luck and do not trust them. I feel as though money has been stolen from account and I have been scammed. I was patient from the very beginning and they basically told me that I was lying about the total amount that I have accrued and can do nothing else to help me.

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    Reviewed Aug. 18, 2023

    Retired and submitted a fund transference almost 4 weeks ago. No response. Finally, informed my recipient company that an additional for was needed. How can they can tie up someone else’s money for so long is incomprehensible. I’d give them a negative rating if I could. Don’t work with them. They suck…BBB complaint is next.

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    Reviewed Aug. 8, 2023

    They transferred my money from one account to another account of theirs. It's taking 3 weeks to get access to my money. And I have to wait for them to send some stupid pin. Because you only get one chance to do something on your phone period and my phone died, so you don't get a second chance. You have to wait 2 weeks to get a pin to get access to your money. After that, garbage straight **.

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    Reviewed July 31, 2023

    By far, the WORST 401k mgmt company I have ever experienced in 41 yrs on this Earth. Terrible. That is no exaggeration. One, their system is always down "for maintenance". Two, their reps are not knowledgeable and consistently give robotic responses. Only 401k plan I ever heard of a 7 day wait to add bank account info for disbursements. Then they sent me some bogus loan check from some Mom and Pop bank that my bank Chase could not even cash. Why would you send a fraudulent check to a person. Filing BBB complaint as well.

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    Reviewed July 21, 2023

    I have been trying to rollover my money from Voya to another institution for at least 2 years. Every single time I try to do this, they come up with another excuse or reason to keep my money. I have been through the process multiple times and they always find a problem with something. This time they said the institution's name was incorrect on the form, even though it wasn't. I corrected the form with the exact name from the acceptance letter (which was not really different from what was already on the form) and submitted it. A week later they sent another letter, this time telling me I need to submit some forms for a name change, but my name on my account is exactly the same as it is on the receiving account. I honestly can't believe I've been dealing with this for so long but based on other reviews, it seems common and is completely unacceptable.

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    Reviewed June 29, 2023

    Trying to access my account online but it won't let me into my account. I called the customer service number and all they can do is send me a code in 7-10 business days. I should be able to access my account any day, any time. So they are holding my account hostage until snail mail comes through. I just wanted to make changes to my account but I guess I can't. It's my 401K but I don't get any control of it. I will be transferring my money to a different financial institution in 7-10 business days

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    Reviewed June 28, 2023

    I had two 403B's through them and not by choice. My employers had the accounts with them. Trying to close the accounts is like pulling teeth. They give the wrong information on the phone, email the wrong forms and the address of the third party where the paperwork needs to be sent to is not on the forms. The process of closing the accounts was delayed for months due to their negligence!!!

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    Voya Financial Company Information

    Company Name:
    Voya Financial
    Formerly Named:
    ING Direct