Charles Schwab on 26 March rolled out a new brokerage account that lets teenagers as young as 13 buy and sell stocks, exchange-traded funds, and mutual funds. The Schwab Teen Investor account is a joint brokerage account for young people aged 13 to 17 with a parent or legal guardian, the company announced in a statement.
The account carries no minimum deposit, charges no commissions on listed equity trades, and has no maintenance fees. Teens who complete an online investing course within 45 days of opening receive $50 (£37.80) in fractional shares, split across the top five stocks in the S&P 500.
