How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Fidelity is the largest 401k provider in the US, with low fees, a huge fund range and strong digital tools.
- Vanguard suits cost-conscious savers, with famously low expense ratios on index funds.
- Charles Schwab combines low costs with excellent customer service and banking integration.
- Empower, formerly Empower Retirement, is a major provider for employer plans, with strong planning tools.
- This is general information, not financial advice. Contribution limits, tax rules and investment choices depend on your situation, so talk to a financial adviser for personal guidance.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Fidelity | Largest provider, low fees | See website | No |
 Vanguard | Low-cost index funds | See website | No |
 Charles Schwab | Service and low costs | See website | No |
 Empower | Employer plans and planning tools | See website | No |
 T. Rowe Price | Active funds and advice | See website | No |
 Principal | Employer plans for mid-size firms | See website | No |
 John Hancock | Employer plans and guarantees | See website | No |
 Voya Financial | Employer plans and wellness | See website | No |
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The best 401k companies
Starting priceSee website
Free planNo
Fidelity administers more 401k plans than any other company in the United States, covering millions of workers across small businesses and Fortune 500 employers. Its scale brings low fees, a vast fund range including zero-expense-ratio index funds in some plans, and digital tools that make checking balances, changing contributions and modelling retirement straightforward.
For individual savers, Fidelity also offers IRAs, brokerage accounts and cash management in the same login, which simplifies managing money outside a workplace plan. Customer service is strong, with phone, chat and branch support, and educational content helps beginners understand contribution rates and asset allocation.
The sheer number of fund choices can overwhelm a new saver, though target-date funds solve that by handling allocation automatically. Advice and managed account services cost extra. For most workers, a Fidelity 401k is a low-cost, well-supported place to save for retirement.
What we like- Largest 401k provider in the US
- Very low fees
- Huge fund range and excellent digital tools
Watch out for- Fund choice can overwhelm beginners
- Advice services cost extra
Starting priceSee website
Free planNo
Vanguard is owned by its fund shareholders, which aligns its interests with savers and helps explain its famously low expense ratios. Its index funds and target-date funds are among the cheapest available, and low fees compound into meaningful savings over a 30-year career: even a 0.5 percent annual fee difference adds up to tens of thousands of dollars.
Vanguard's target-date funds are a particular strength for hands-off savers, automatically shifting from stocks to bonds as retirement approaches. The company also offers advice services and IRAs for savers outside a workplace plan.
The digital experience is less polished than Fidelity's, and Vanguard has fewer physical branches. But for a saver whose priority is keeping fees as low as possible, Vanguard is the benchmark other providers are measured against.
What we like- Lowest expense ratios in the industry
- Investor-owned structure
- Excellent target-date funds
Watch out for- Digital experience less polished than Fidelity
- Fewer branch locations
Starting priceSee website
Free planNo
Charles Schwab combines low costs with customer service that consistently ranks among the best in finance. Its 401k plans offer low-cost index funds, target-date funds and a wide range of investment options, with digital tools for contribution changes, retirement modelling and account management.
Schwab's banking integration is a practical advantage: checking, savings, brokerage and retirement accounts can live under one login, simplifying money management. Its advice services, including automated and human advice, suit savers who want guidance without a separate adviser.
Schwab's share of the 401k market is smaller than Fidelity's or Vanguard's, and some plans emphasise Schwab's own funds. But for a saver who values service alongside low costs, Schwab is an excellent choice.
What we like- Low fees
- Excellent customer service
- Banking and brokerage in one place
Watch out for- Smaller 401k market share than Fidelity
- Some proprietary funds
Starting priceSee website
Free planNo
Empower, formed from Empower Retirement and the retirement business of MassMutual and Prudential, is one of the largest 401k recordkeepers in the US, serving millions of workers through employer plans. Its planning tools stand out: retirement income projections, contribution modelling and a dashboard that shows whether you are on track, all in a clean mobile app.
For employers, Empower offers plan design, administration and employee education, which is why many mid-size and large companies choose it. For savers, the experience depends on the employer's plan design, including fund choice and fees, which vary.
Advice and managed account services cost extra, and fund fees depend on the plan. But as a recordkeeper with strong tools and scale, Empower is a solid provider for workers whose employer offers it.
What we like- Major provider for employer plans
- Strong retirement planning tools
- Good mobile app
Watch out for- Fund fees vary by employer plan
- Advice services cost extra
Starting priceSee website
Free planNo
T. Rowe Price is known for active fund management, with a long record in stock and bond funds, and its target-date funds are well regarded for savers who want a managed, diversified portfolio. Its 401k plans serve employers across sizes, with retirement planning tools and education for participants.
Active management is the trade-off: fees are higher than Vanguard's or Fidelity's index funds, and active funds do not always beat their benchmarks after fees. For savers who believe in active management, or whose employer plan features T. Rowe Price funds prominently, the company's research depth and fund quality are real strengths.
Its 401k footprint is smaller than Fidelity's or Empower's, so fewer workers will encounter it. But for active fund enthusiasts, T. Rowe Price remains a top-tier provider.
What we like- Strong active fund management
- Good target-date funds
- Solid retirement tools
Watch out for- Active fund fees higher than index funds
- Smaller 401k footprint than Fidelity
Starting priceSee website
Free planNo
Principal Financial Group is a major 401k provider, particularly for mid-size employers, with plan administration, recordkeeping and participant education. Its retirement income options, including guaranteed income products, appeal to savers approaching retirement who want predictable income alongside market investments.
Participant tools cover contribution modelling, retirement projections and education, though the digital experience is less polished than Fidelity's or Schwab's. Principal also offers IRAs, insurance and other financial products, which can simplify managing money with one provider.
Fees and fund choices depend on the employer's plan, so two Principal 401ks can look quite different. But for mid-size companies and their workers, Principal is a well-established, reliable provider.
What we like- Strong for mid-size employer plans
- Good participant education
- Retirement income options
Watch out for- Fund fees vary by plan
- Digital tools less polished than Fidelity
Starting priceSee website
Free planNo
John Hancock has a long history in US retirement plans, serving employers and workers with 401k recordkeeping, fund options and participant support. Its guaranteed income and stable value options appeal to conservative savers and those nearing retirement who want protection against market swings.
Employer services include plan design, compliance support and employee education, which is why many companies choose John Hancock as their plan provider. Participant tools cover account management, contribution changes and retirement projections.
Fees can be higher than at index-focused providers like Vanguard, and fund ranges vary by employer plan. But for workers whose employer offers John Hancock, and especially for those who value guaranteed income options, it is a solid provider.
What we like- Long history in retirement plans
- Guaranteed income options
- Strong employer services
Watch out for- Fees can be higher than index-focused rivals
- Fund range varies by plan
Starting priceSee website
Free planNo
Voya Financial provides 401k and other retirement plans to employers, with an emphasis on financial wellness: tools and education that cover not just retirement saving but budgeting, debt, emergency funds and health savings. That holistic approach suits employers who want to support workers' overall financial health.
Voya's plans integrate with health savings accounts and other benefits, which simplifies managing workplace benefits in one place. Participant tools include retirement projections, contribution guidance and mobile access.
Market share is smaller than Fidelity's or Empower's, and fees and fund choices depend on the employer's plan. But for employers and workers who value wellness support alongside retirement saving, Voya is a thoughtful choice.
What we like- Strong focus on financial wellness
- Good employer plan services
- Health savings integration
Watch out for- Smaller market share than leaders
- Fund fees vary by plan
How we chose
We compared providers on market scale, fees, fund range, digital tools, customer service and employer plan services. Fees and fund availability depend heavily on the specific employer plan, so we focus on provider-level strengths rather than quoting a single fee that may not apply to your plan. We also read public reviews and industry rankings to confirm reputations for service and reliability.
Getting the most from your 401k
If your employer offers a match, contribute at least enough to get the full match, since that is an immediate, guaranteed return. Otherwise, aim to save 10 to 15 percent of income for retirement across all accounts, increasing gradually when you get raises. Choose a diversified portfolio, often a target-date fund or a simple mix of stock and bond index funds, and avoid frequent trading based on market news.
Check fees and funds in your plan
Log into your plan at least once a year and check the expense ratios of the funds you own, since fees compound over decades. If your plan offers low-cost index funds, they are usually the best default. If you are unsure, use your provider's planning tools or talk to a financial adviser, and remember that past fund performance does not guarantee future results.
Frequently asked questions
What is the best 401k company overall?
Fidelity is the best all-round choice, thanks to its scale, low fees, fund range and digital tools. Vanguard is best for the lowest fees, Schwab for service, and Empower for employer plan tools. The best provider for you often depends on your employer's plan.
How much should I contribute to my 401k?
At minimum, contribute enough to get your employer's full match. A common guideline is to save 10 to 15 percent of income for retirement, including employer contributions, though the right amount depends on your age, income and goals.
What is a 401k match?
A 401k match is money your employer adds to your account based on your contributions, for example matching 50 percent of the first 6 percent you contribute. It is effectively free money, so missing the full match means leaving compensation on the table.
Are 401k fees important?
Yes, very. Even small fee differences compound over decades: a 1 percent annual fee can reduce a 30-year balance by tens of thousands of dollars compared with a 0.1 percent fee. Check your plan's fund expense ratios and prefer low-cost index funds where available.
Can I have a 401k and an IRA?
Yes. You can contribute to both, subject to income limits and tax rules that affect deductibility. An IRA is useful if your 401k has high fees or limited funds, or if you want to save more than your 401k allows.
What happens to my 401k if I change jobs?
You can leave it with your old employer, roll it into your new employer's plan, roll it into an IRA, or cash it out, though cashing out usually triggers taxes and a penalty if you are under 59 and a half. Rolling over to an IRA or new plan usually preserves tax benefits.
Sources we checked (8)
- https://www.fidelity.com
- https://www.vanguard.com
- https://www.schwab.com
- https://www.empower.com
- https://www.troweprice.com
- https://www.principal.com
- https://www.johnhancock.com
- https://www.voya.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.