Fidelity Investments has expanded its no-fee investing accounts to a new age group: teenagers, with parental permission and guidance. The investing firm announced on Tuesday, May 18th the opening of Fidelity Youth Account, a brokerage account specially designed to help kids aged 13 to 17 save, spend and invest. The accounts are available to teenagers whose parents or guardians have Fidelity accounts and allow young people to save, as well as buy and sell U.S.-listed stocks, most exchange-traded funds and Fidelity mutual funds.
The account comes with a debit card and allows teenagers to trade with no account commissions or fees. Parents will be able to monitor activity, which Fidelity says will help start conversations about personal finance and investments with their children.
“Our goal for the Fidelity Youth Account is to encourage young Americans to learn through action and foster meaningful family conversations around financial topics,” said Jennifer Samalis, Senior Vice President of Acquisition and Loyalty at Fidelity Investments, in a statement.