Update: This deal is still available.
Open a
Fidelity Youth™ Account for your teen, and $50¹ will be deposited into their account. No account fees or minimums.
Account Benefits:- Open a Fidelity Youth™ Account once they download the Fidelity Youth app and activate their Youth Account.
- The app is free²—plus, no monthly fees or account minimums to open.³
- Teens get their own debit card with no domestic ATM fees.⁴
- Interactive lessons, video, articles, tools, and calculators help jumpstart your teen's financial education. Teens get reward dollars for every level they complete.
- Learning to invest is easy. Teens can invest in stocks, mutual funds, and ETFs with as little as $1.⁵
- Parents can keep an eye on their teen's spending, set up alerts, and maintain visibility into account and trading activity.
- Teens are empowered to make, manage, and invest their own money so they feel more prepared for their financial future.
Slickdeals is not registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and nothing in these materials should be construed as advice concerning securities, the value of securities, the advisability of investing in, purchasing, or selling securities, or the merits of any investment adviser.
Disclosures:
The Fidelity Youth Account can only be opened by a parent/guardian. Account eligibility limited to teens aged 13-17.
¹Limited Time Offer. Terms Apply. Before opening a Fidelity Youth Account, you should carefully read the accent agreement and ensure that you fully understand your responsibilities to monitor and supervise your teen's activity in the account.
²The Fidelity Youth™ app is free to download. Fees associated with your account positions or transacting in your account apply.
³ Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.
⁴Your Youth Account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus®, or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited. Please note, for foreign transactions, there may be a 1% fee included in the amount charged to your account. The Fidelity® Debit Card is issued by PNC Bank, N.A, and the debit card program is administered by BNY Mellon Investment Servicing Trust Company. These entities are not affiliated with each other, and Fidelity is not affiliated with PNC Bank or BNY Mellon. Visa is a registered trademark of Visa International Service Association, and is used by PNC Bank pursuant to a license from Visa U.S.A. Inc.
⁵Fractional shares quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $0.01. Dollar-based trades can be entered out to 2 decimal places (e.g. $250.00)
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
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I don't have an account with them.
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People, please don't get your financial information from random people on an internet forum. Educate yourself.
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1. Encourages kids to build a strong work ethic by doing chores without reminders, which is a big win for everyone. ✅ 🥳
2. Allows you to set a % for spend, save, give, so when you approve their payday, everything's automatic. 🪣 💵
3. Allows them to use their savings to buy stocks, with your approval, encouraging great discussions along the way. E.g.: My daughter wanted to buy stock in Bumble because she likes bees. 🐝 😆
* Stocks have WAY more potential to grow then a savings account or CD. 💹 🤑
The potential values are endless. Check it out:
https://busykid.com/
On a related note, I would highly highly recommend this book that explains how money works with easy to understand visuals.
https://www.amazon.com/gp/aw/d/1465444270
There are gifting limits but you can get around those by gifting to the limit in multiple years if you are only looking at 1k each year. Someone of age will need the money a lot more as an adult compared to as a child.
Teaching your kids about finance and investing from an early age is great parenting, and something all parents should be doing. Unfortunately, a lot of parents never learned how themselves. Good on you, sir.
Most other savings and debit card options for teens are rip-offs. This is a really good option and pretty most won't cost anything.
Does it have to be a brokerage account, or cash management account?
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