If you’re on the lookout for a platform to kickstart your teenager’s investment journey, consider exploring the Fidelity Teen Account or Fidelity Youth Account. You and your teen have the opportunity to share a $50 bonus, providing a valuable boost to their initial steps toward savings and investment goals.
When thinking about setting up an investment account for your child, take a look at the important features of the (fidelity teen account)Fidelity Youth Account. These accounts are made to help your child learn about money and become more independent.
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Fidelity Teen account – Fidelity Youth Account.
Teens using the Fidelity Youth Account can buy and sell most U.S. stocks, ETFs, and Fidelity mutual funds with zero account fees and zero commissions for online trading.
The account comes with a debit card for spending, and teens are not tied to any minimum investment requirements.
Additionally, the Fidelity Youth app offers features such as earning money by completing lessons on financial basics.
Unwanted gift cards can also be turned into cash for saving or investing. Parents can monitor their teen’s trades and transactions through the app and receive notifications of account activity.
To open a Fidelity Youth Account for teens is as follows
For the Parent/Guardian:
- If you don’t have an account with Fidelity, you’ll need to open a brokerage account. Fidelity will guide you through this process.
- Follow the instructions provided by Fidelity to open the Fidelity Youth Account for your teen.
- Provide a valid photo ID for your teen, such as a driver’s license, birth certificate, or student ID card.
- Make sure to enter your teen’s mobile number during the application process. This is a crucial step to open a fidelity teen account.
- Finish the application process and submit the required documents. Ensure that all steps are completed to avoid delays in account activation.
- Once the application is complete, your teen will receive an email/SMS with further instructions. Incomplete steps may prevent the account from receiving funds or trading.
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For the Teen:
- Download the fidelity app from the relevant app store onto your mobile device.
- Use the app to create a unique username and password. You’ll likely need the last four digits of your Social Security Number (SSN).
- Log in to the app using the credentials you just created. Read and accept the Terms of Agreement.
- Follow the specific activation steps provided in the email/SMS. This may involve additional verification or security measures.
- After completing the activation process, the teen may receive a $50 reward, typically within 3-5 days.
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For Parents:
- As a parent, you’ll have the ability to transfer money from your Fidelity account to your teen’s Fidelity Youth Account.
- By following these steps, both the parent and teen can successfully open and activate the teen account on fidelity
How much does Fidelity Youth cost?
There are no subscription fees and no account fees associated with Fidelity Youth, and no minimum balances are required to open a Fidelity Youth account.
What is the minimum age to open a teen account in fidelity?
The Fidelity Youth Account has a minimum age requirement of 13 years old. This account is specifically crafted for teenagers aged 13 to 17.
To get started, parents or guardians need to open the account on behalf of their teen, and the process allows for both accounts to be opened simultaneously, simplifying the procedure.
Moreover, the Fidelity Youth app is available for free download, offering educational resources and tools for teens about money and the basics of investing.
Fidelity youth account $50
To get started, parents need to have an existing account with Fidelity, and teens must create a login and agree to the terms and conditions to activate their new account.
Fidelity also provides a $50 reward to teens who open an account and download the app.
Is the Fidelity Youth Account a joint account or a custodial account?
The Fidelity Youth Account is not a joint account or custodial account. Instead, it is a teen-owned brokerage account. In this type of account, the minor is the owner and has the authority to make all the investment decisions.
This differs from custodial accounts, such as Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts, where a designated custodian is responsible for making investment decisions on behalf of the minor.