Fidelity launches saving, investing account for teenagers

Business News

NEW YORK (AP) — Fidelity 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.

It’s the latest step in a broad push by the industry to draw more first-time investors into the market.

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