The teen must have a parent or guardian with an existing Fidelity account.
Teens will own the account and can trade most U.S. stocks, ETFs and Fidelity mutual funds, but are not permitted to trade options.
Deposits in the account are capped at $30,000 annually.
The service will not have subscription fees, account fees, minimum balances, debit card domestic ATM fees or commissions for online trading.
At age 18, the account will be transitioned to a retail brokerage account for free.
Parents or guardians will be able to have ongoing oversight by monitoring account activity through monthly statements, trade confirmations and by viewing debit card transactions. They can also set up alerts to be notified of trades, transactions, and cash management activity.
Fidelity launches saving, investing account for teenagers
May 17, 2021
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NEW YORK (AP) Looking to draw in the next generation of investors, Fidelity Investments is launching a new type of account for teenagers to save, spend and invest their money.
The account is for 13- to 17-year-olds, and it will allow them to deposit cash, have a debit card and trade stocks and funds. The teens can make their own trades through a simplified experience on Fidelity s mobile app, with zero account fees or minimum balances, though the youth account requires a parent or guardian to have their own Fidelity account as well.
NEW YORK Looking to draw in the next generation of investors, Fidelity Investments is launching a new type of account for teenagers to save, spend and invest their money.
The account is for 13- to 17-year-olds, and it will allow them to deposit cash, have a debit card and trade stocks and funds. The teens can make their own trades through a simplified experience on Fidelity’s mobile app, with zero account fees or minimum balances, though the youth account requires a parent or guardian to have their own Fidelity account as well.
Fidelity says it’s the first such account designed for teenagers, but it’s only the latest step in a broad push by the industry to draw more first-time investors into the market. Over the years, brokerages have slashed trading commissions to zero and offered easy-to-use apps in hopes of boosting the percentage of U.S. households that are in the stock market, which has climbed back above half. Holding stocks is one of the best ways to build wealth ove
by Staff, wire reports May 18, 2021 .
Looking to draw in the next generation of investors, Fidelity Investments is launching a new type of account for teenagers to save, spend and invest their money.
The account is for 13- to 17-year-olds, and it will allow them to deposit cash, have a debit card and trade stocks and funds. The teens can make their own trades through a simplified experience on Fidelity’s mobile app, with zero account fees or minimum balances, though the youth account requires a parent or guardian to have their own Fidelity account as well.
Fidelity says it’s the first such account designed for teenagers, but it’s only the latest step in a broad push by the industry to draw more first-time investors into the market. Over the years, brokerages have slashed trading commissions to zero and offered easy-to-use apps in hopes of boosting the percentage of U.S. households that are in the stock market, which has climbed back above half. Holding stocks is one of the
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