When I looked at the biggest and most trusted brokers, I realized not all of them are easy for students to use. The trick is finding out which ones allow custodial accounts or even special teen accounts. Here’s what I found.
1. Fidelity Investments
Huge and stable, with nearly six trillion dollars in assets. The best part for students is the Fidelity Youth Account, which is designed for teens 13–17. They also offer traditional custodial accounts (UGMA/UTMA) if parents prefer that. Very student-friendly.
2. Charles Schwab
Known for being strong and trustworthy, with over 36 million client accounts. Schwab makes custodial accounts really easy if the parent already has an account. I know this from experience—it only took two days to get mine approved. They also have Stock Slices, which let you buy parts of big companies for as little as five dollars. Definitely custodial-friendly.
3. Interactive Brokers
Super powerful with global access, but not really made for younger students. They mainly focus on advanced and professional traders. They do offer custodial accounts, but it is more complicated and not as student-focused as Fidelity or Schwab.
4. Merrill Edge
Part of Bank of America, which makes it feel safe. They do allow custodial accounts, but it is more of a “traditional” setup where parents have to manage almost everything. Good if your family already uses Bank of America.
5. TD Ameritrade
A very respected name with the thinkorswim platform. Since merging with Schwab, their custodial accounts are basically handled the same way Schwab does. So yes, custodial-friendly, but maybe less beginner-focused compared to Fidelity’s youth account.
My mom also uses Robinhood along with Charles Schwab, and I noticed one cool feature. When you deposit money, Robinhood gives you instant access to trade even before the money fully clears at the bank. That makes it really convenient if you want to buy right away.
Unfortunately, Robinhood does not offer teen or custodial accounts, so I cannot use it yet. That means I have to start with more traditional methods, which is probably a good way to learn the basics first. Still, I really like the simple graphics and beginner-friendly design. It feels made for new investors.
For now, I will stick with my custodial account at Schwab. But once I turn 18, I definitely want to try Robinhood myself.
What I Learned
- Fidelity is the most teen-friendly with its youth account.
- Schwab is great for custodial accounts and makes it easy if parents already use it.
- Interactive Brokers has custodial options but feels too advanced for beginners.
- Merrill Edge is safe through Bank of America but not really student-focused.
- TD Ameritrade is now part of Schwab, so custodial support is strong there too.
Sources I Read & ChECKED
- Fidelity Youth Account FAQ (Fidelityhttps://www.fidelity.com/go/youth-account/faqs)
- Charles Schwab custodial accounts (Schwab)
- Interactive Brokers How can I set up a custodial account for a child? (Interactive Brokers)
- Merrill Edge custodial setup (Merrill Edge)
Next time: I want to learn about dividends. Why do some companies pay them, and what should a beginner know?
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