Quote History Originally Posted By sigpros:
So is a brokerage account the way to go?
I’ll probably set these up this week
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I've had fidelity since the late 90s and never had a problem with them. I've had to call them a couple times and always got an American on the phone who quickly resolved whatever minor issue I had. I would not recommend anybody else.
They have too many account types to list - all the normal investment/retirement account types in addition to "cash management" accounts that have debit cards, custodial accounts, and numerous others.
The Fidelity credit card gives you 2% cash back on everything which is the best all-around cash-back you can get.
A standard brokerage account is probably not the best choice for a kid.
I just checked for you, Fidelity has a "fidelity youth account" that looks very attractive. You get SPAXX interest on your cash(currently about 5%), a debit card, ATM fees reimbursed, and all sort of other things that look very useful.
https://www.fidelity.com/go/youth-account/overviewYou of course can have multiple accounts at fidelity (or anywhere else). Fidelity's website and app are easy to use navigate and let you do virtually everything yourself. One login and you see all your accounts in one place.