Fidelity Youth Account is a checking account, not a savings account
Fidelity's Youth Account functions as a checking account
The account is designed for young people (typically under 18, though rules vary by state) who are new to managing money. It works like a standard checking account in most ways, but with some differences in how it's set up and what features come with it. The account includes a Visa debit card that works at ATMs and stores. You can set up direct deposit, receive transfers from other accounts, and write checks if you request a checkbook. Online banking lets you check your balance, see transaction history, and set up bill payments to pay companies directly from the account. One feature specific to youth accounts is parental controls. The adult who opens the account can set spending limits on the debit card, restrict where the card can be used, and monitor all transactions. This is different from a regular checking account, where the account holder has full control. Checking accounts are built for spending and paying bills. Savings accounts are built for storing money and earning interest. Fidelity Youth Account has no interest rate — money sits in the account earning nothing. It's meant for money you plan to use soon, not money you're setting aside. The account also allows unlimited transactions, which is typical of checking. Savings accounts traditionally limit how many withdrawals you can make per month (though this rule has loosened in recent years). If the account restricted your transactions, it would be more like a savings account. A parent or guardian opens the account online through Fidelity's website. You'll need the young person's Social Security number, date of birth, and address. The adult provides their own identification and becomes the account owner, with the young person as an authorized user. Once the account is open, the young person can use the debit card and access online banking. The parent can log in separately to adjust spending limits and review activity. Some families use this setup to teach spending habits before the young person turns 18 and takes full control. Fidelity Youth Account has no monthly maintenance fee, no minimum balance to keep the account open, and no overdraft fees if the account goes negative. This makes it lower-risk than many checking accounts at other banks, which charge fees when your balance drops below a certain amount or when you spend more than you have. The lack of overdraft fees is significant. At many banks, overdrawing your account by even a few dollars can trigger a $30 or $35 fee. With Fidelity Youth Account, the transaction is straightforward declined if there's not enough money, and no fee is charged. You can open a Fidelity savings account alongside the Youth Account. The savings account would earn interest (the rate changes based on market conditions) and would be a separate place to keep money you're not spending right away. You would transfer money between the two accounts as needed. Some families use this approach: the Youth Account is for weekly or monthly spending money, and the savings account holds money for longer-term goals. The young person learns to manage both types of accounts and sees the difference between money for now and money for later. Many banks offer youth checking accounts with similar features: no fees, parental controls, and a debit card. Some include a small interest rate on the checking balance itself, though rates are usually very low. Others bundle checking and savings together in one account with separate sections for each. The main difference between providers is usually the parental controls (how detailed they are), whether there's an interest rate, and whether the bank has branches near you. Fidelity is primarily online, so you won't visit a physical branch to deposit cash — you'd use ATMs or mobile deposit (photographing a check with your phone). The young person can use the debit card and check their balance online, but the parent controls the account settings and can see all transactions. The parent must approve any changes to spending limits or other account features. Once the young person turns 18, they can usually take full control. The account typically converts to a standard Fidelity checking account, and the young person becomes the sole owner. The parent's access ends unless the young person chooses to keep them on the account. You should check Fidelity's specific rules, as conversion policies can vary. Fidelity has no physical branches, so you can't walk in and deposit cash. You can use ATMs to withdraw cash, and you can deposit checks by photographing them with the mobile app. If you need to deposit cash regularly, you might want a bank with branches nearby. The Visa debit card works at any store, restaurant, or website that accepts Visa. It also works at ATMs worldwide, though you may be charged a fee by the ATM operator if it's not a Fidelity ATM. Check Fidelity's current ATM network to see which machines are fee-free. Fidelity Youth Accounts are typically for people under 18, but the exact age rules depend on your state. Contact Fidelity directly to confirm the age range and any state-specific requirements before opening an account.Key Takeaways
What comes with the Fidelity Youth Account
Why it's checking, not savings
How to open a Fidelity Youth Account
No fees, no minimum balance
If you want both checking and savings
How Fidelity Youth Account compares to other youth checking accounts
Frequently Asked Questions
Can the young person access the account without the parent?
What happens to the account when the young person turns 18?
Can you deposit cash into a Fidelity Youth Account?
Does the debit card work everywhere?
Is there an age limit for opening a Youth Account?