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Fidelity Breaks New Ground With No-Fee Saving, Spending, and Investing Account for 13- to 17-Year OldsBuilding on Fidelity Investments' commitment to educate and support the next generation of investors, the firm today launches Fidelity Youth Account, the industry's first brokerage account designed exclusively for 13- to 17-year old teens to save, spend, and begin investing. Parents and guardians can monitor the teen's activity in the account, fostering new learning opportunities and topics for discussion. The Fidelity Youth Account combines a new library of tailored educational content and tools, Fidelity's award-winning brokerage platformi, mobile app with a simplified user experience, and customer-centric practices such as zero subscription fees, zero account fees, zero minimum balances, zero domestic ATM feesii, and zero online commissions. Parents and guardians with a Fidelity account can work with their teen to establish the Youth Account and engage together in financial learning, giving the teen hands-on experiences and helping create better financial habits as the teens age. "Fidelity is committed to responsibly supporting young investors," said Jennifer Samalis, senior vice president of acquisition and loyalty at Fidelity Investments. "Importantly, our goal for the Fidelity Youth Account is to encourage young Americans to learn through action and foster meaningful family conversations around financial topics. Designed alongside teens and parents, the account is charting a new course by providing the ability for teens to build healthy money habits through learning by doing." Once an account is established and the teen sets up their unique username and password (which, importantly, does not give them access to the parent's/guardian's account), they can:
The Fidelity Youth Account is designed to grow with the teen as their age, learning, and financial needs change overtime. When the customer reaches the age of 18 the account will transition to a standard brokerage account that comes with more choice and flexibility, and this can be completed without the need to transfer assets to a different account or generate a new account number or login credentials. Learnings from Fidelity Youth Account Pilot Participants Fidelity surveyed the parents/guardians and their teens about their experiences with the Youth Account pilotiii. While teen responses to the survey were limitediv the select highlights can suggest the following:
Fidelity's Commitment to Financial Literacy The educational tools available with the Fidelity Youth Account are an extension of Fidelity's commitment to bringing financial literacy to the communities in which we work and live. Fidelity Financial Forward? offers educators, parents, and anyone with a vested interest in a child's education with the tools to teach the nuances of financial management. With an understanding of how finances work, young investors can make better personal finance and investing decisions for their lives. Fidelity partners with national non-profit organizations like Council for Economic Education and Junior Achievement, and schools and teachers to provide them with the necessary tools to teach children about healthy money habits from an early age. These efforts have reached 3,500 teachers, who in turn have shared these financial concepts with more than 400,000 students nationwide since 2015. In addition, Fidelity offers the free online game Five Money Musts for individuals who want to learn about how to manage their money to prepare for the "real world." Open to everyone, Five Money Musts allows users to explore the basics of budgeting, credit cards, debt, investing, and retirement. The game tracks progress and grants points based on the decisions users choose for different financial choices. About Fidelity Investments Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $10.3 trillion, including discretionary assets of $3.9 trillion as of March 31, 2021, we focus on meeting the unique needs of a diverse set of customers: helping more than 35 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 institutions with investment and technology solutions to invest their own clients' money. Privately held for 75 years, Fidelity employs more than 47,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company. # # # $0.00 commission applies to online U.S. equity trades and Exchange-Traded Funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. See Fidelity.com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Clearing & Custody Solutions® are subject to different commission schedules. Fidelity now offers the Fidelity ZERO Total Market Index Fund (FZROX), Fidelity ZERO International Index Fund (FZILX), Fidelity ZERO Large Cap Index Fund (FNILX), and Fidelity ZERO Extended Market Index Fund (FZIPX) available to individual retail investors who purchase their shares through a Fidelity brokerage account. Zero account fees and minimums are available for retail brokerage accounts only. Expenses charged by investments, (e.g., funds and managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. All Fidelity funds that previously required investment minimums of $10k or less, and in stock and bond index fund classes that previously had minimums of $100 million or less, now have zero minimums. See the fund's prospectus and Fidelity.com/commissions for further details. Fidelity, Fidelity Investments, and the pyramid logo are registered service marks of FMR LLC. Investing involves risks, including the loss of principal. Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
Fidelity Distributors Company, LLC
National Financial Services LLC, Member NYSE, SIPC,
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