Introduction
The Fidelity Youth Account, also known as the 12 Fidelity Youth Account, is a new savings account designed specifically for teenagers. This account offers teens the opportunity to start building their financial portfolio at a young age, putting them on the path to a more secure financial future.
What is the Fidelity Youth Account?
The Fidelity Youth Account is a savings account designed to help teenagers save money and learn how to be financially responsible. This account is available to teens aged 13 to 17 and offers a number of features to help them manage their money.
How Does the Fidelity Youth Account Work?
The Fidelity Youth Account works just like a regular savings account. Teens can make deposits into the account, earn interest, and withdraw funds when needed. The account also comes with a debit card, which can be used for purchases and ATM withdrawals.
What Are the Features of the Fidelity Youth Account?
The Fidelity Youth Account comes with a number of features designed to help teens manage their money. These features include:
- No account fees or minimum balance requirements
- A debit card with parental controls
- Access to online and mobile banking
- Earns interest on all balances
Why Should You Open a Fidelity Youth Account?
Opening a Fidelity Youth Account can be a great way for teenagers to learn about money management and start building their financial portfolio. Here are just a few reasons why you may want to consider opening an account for your teen:
- Teaches financial responsibility from a young age
- Encourages saving and budgeting habits
- Offers a safe and secure place to keep money
- Provides access to a debit card for purchases and ATM withdrawals
- Earns interest on all balances
How Do You Open a Fidelity Youth Account?
To open a Fidelity Youth Account, you will need to meet a few requirements. First, you must be between 13 and 17 years old. You will also need to have a parent or legal guardian co-sign the account.
To open the account, you will need to visit a Fidelity branch location with your parent or legal guardian. You will also need to bring a valid form of identification, such as a passport or driver’s license.
How Can You Manage Your Fidelity Youth Account?
There are a number of ways to manage your Fidelity Youth Account, including:
- Online and mobile banking
- ATM withdrawals
- Branch visits
- Deposits by mail
Are There Any Fees or Minimum Balance Requirements?
There are no account fees or minimum balance requirements for the Fidelity Youth Account.
What Are the Parental Controls on the Debit Card?
The debit card that comes with the Fidelity Youth Account has a number of parental controls to help parents manage their teen’s spending. These controls include:
- Limits on daily spending and ATM withdrawals
- Restrictions on certain merchant categories, such as bars and casinos
- Real-time spending alerts
What Are the Interest Rates for the Fidelity Youth Account?
The interest rates for the Fidelity Youth Account are competitive with other savings accounts. Currently, the account earns 0.25% APY on all balances.
What Happens When I Turn 18?
When you turn 18, your Fidelity Youth Account will automatically convert to a regular Fidelity Savings Account. At this point, you will have full control over the account and can continue to use it as a savings account.
Are There Any Risks Associated with the Fidelity Youth Account?
As with any savings account, there is some risk involved with the Fidelity Youth Account. While the account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, there is always the risk of loss of principal. It is important to make sure your teen understands the risks involved before opening an account.
What Are the Alternatives to the Fidelity Youth Account?
There are a number of other savings accounts available for teens, including accounts offered by traditional banks and credit unions. Some of these accounts may offer higher interest rates or different features, so it is important to do your research before deciding which account is right for you.
Conclusion
The Fidelity Youth Account is a great way for teens to start building their financial portfolio and learning about money management. With no account fees or minimum balance requirements, and a number of parental controls to help manage spending, this account is a safe and secure place for teens to keep their money. If you’re a teen or a parent of a teen, consider opening a Fidelity Youth Account today.
