MemoryBank vs. Fidelity Youth

Parents of teens often weigh these two, but they answer different questions. The Fidelity Youth Account is a real brokerage account that a 13 to 17 year old owns and trades themselves. MemoryBank holds no money and places no trades: it shows a child of any age the accounts their family already opened, wherever they are, and explains what they own.

MemoryBank is

A read-only kids’ investment dashboard. You connect the UTMA, 529, custodial Roth IRA, Trump Account or savings account you already have at your brokerage, state plan or bank. Your child gets their own view of what they own and how it’s growing, with Penny, an AI money mentor, explaining it at their age. Nothing can be bought, sold or spent inside it.

Fidelity Youth is

A brokerage account that teens 13 to 17 own, opened by a parent who has a Fidelity account. The teen makes the investment decisions, buying most US stocks, some ETFs and Fidelity mutual funds from $1 with fractional shares, and can request a debit card. The parent can see activity and close the account but cannot trade in it. Fidelity notes it is not a custodial or joint account.

Side by side

	MemoryBank	Fidelity Youth
The main job	Show kids the real accounts their family already opened, and teach them what they own.	Let a teen own a brokerage account, invest their own money and spend with a debit card.
Who decides	The parent manages the accounts wherever they live; the child watches and asks questions.	The teen owns the account and makes every investment decision. The parent cannot transact or withdraw.
Can the kid trade?	No. No trading, transfers or withdrawals exist anywhere in the app.	Yes. Most US stocks, some ETFs and Fidelity mutual funds, from $1 with fractional shares.
Debit card	None. There is nothing to spend.	Optional debit card the teen can request; the parent can cancel it.
Accounts it shows	UTMA/UGMA, 529, custodial Roth IRA, Trump Account, brokerage and savings accounts at 10,000+ institutions through Plaid, including Schwab, Fidelity and Vanguard. Unlinkable accounts can be entered manually.	The teen’s Youth Account, inside the Fidelity app. The parent needs their own Fidelity account.
Ages	Any age from the first account at birth; Penny adjusts from 5 to 18+.	13 to 17. At 18 the teen is prompted to convert it to a regular Fidelity brokerage account.
Financial literacy	Penny answers questions at your child’s age level (5 to 18+), every holding gets a plain-English story, a weekly recap teaches one money word at a time, plus 90+ free parent guides.	Articles and videos on saving, budgeting and investing basics inside the Fidelity app.
Price	Free to start (up to 3 kids). Starter $6.99/mo (up to 3 kids, 3 linked accounts), Family $9.99/mo (up to 10 kids, 10 linked accounts). About two months free on annual billing.	No subscription, account fees or minimums to open. Fund expenses and some transaction costs can apply.
Platforms	iPhone, Android and any web browser; an always-on frame mode for a wall tablet or TV.	The Fidelity Investments app on iPhone and Android.

The main job

MemoryBank

Show kids the real accounts their family already opened, and teach them what they own.

Fidelity Youth

Let a teen own a brokerage account, invest their own money and spend with a debit card.

Who decides

MemoryBank

The parent manages the accounts wherever they live; the child watches and asks questions.

Fidelity Youth

The teen owns the account and makes every investment decision. The parent cannot transact or withdraw.

Can the kid trade?

MemoryBank

No. No trading, transfers or withdrawals exist anywhere in the app.

Fidelity Youth

Yes. Most US stocks, some ETFs and Fidelity mutual funds, from $1 with fractional shares.

Debit card

MemoryBank

None. There is nothing to spend.

Fidelity Youth

Optional debit card the teen can request; the parent can cancel it.

Accounts it shows

MemoryBank

UTMA/UGMA, 529, custodial Roth IRA, Trump Account, brokerage and savings accounts at 10,000+ institutions through Plaid, including Schwab, Fidelity and Vanguard. Unlinkable accounts can be entered manually.

Fidelity Youth

The teen’s Youth Account, inside the Fidelity app. The parent needs their own Fidelity account.

Ages

MemoryBank

Any age from the first account at birth; Penny adjusts from 5 to 18+.

Fidelity Youth

13 to 17. At 18 the teen is prompted to convert it to a regular Fidelity brokerage account.

Financial literacy

MemoryBank

Penny answers questions at your child’s age level (5 to 18+), every holding gets a plain-English story, a weekly recap teaches one money word at a time, plus 90+ free parent guides.

Fidelity Youth

Articles and videos on saving, budgeting and investing basics inside the Fidelity app.

Price

MemoryBank

Free to start (up to 3 kids). Starter $6.99/mo (up to 3 kids, 3 linked accounts), Family $9.99/mo (up to 10 kids, 10 linked accounts). About two months free on annual billing.

Fidelity Youth

No subscription, account fees or minimums to open. Fund expenses and some transaction costs can apply.

Platforms

MemoryBank

iPhone, Android and any web browser; an always-on frame mode for a wall tablet or TV.

Fidelity Youth

The Fidelity Investments app on iPhone and Android.

Fidelity Youth details are as described on Fidelity Youth's own website and help center in November 2026and can change; confirm current prices and features there before deciding. MemoryBank isn't affiliated with Fidelity Youth. Sources: Fidelity Youth Account overview and FAQ.

Which one fits your family

Choose Fidelity Youth if

Your teen is 13 or older and ready to pick and trade investments with their own money.
You want them to have a debit card tied to their own account.
Your family already banks or invests with Fidelity.

Choose MemoryBank if

Your child is under 13, or you want them to learn before they trade.
The money you most want them to see is the 529, UTMA, custodial Roth or Trump Account you manage for them.
Your kids’ accounts live at different firms and you want one view per child.
You want the learning explained at their age, with nothing they can buy, sell or withdraw.

Many families with teens use both. The Fidelity Youth Account is where the teen practices with their own earnings; MemoryBank shows that account next to the 529 and custodial accounts the parents manage, so the teen sees the whole picture of what is theirs.

Common questions

Is the Fidelity Youth Account a custodial account?

No. Fidelity describes it as a brokerage account the teen owns, not a custodial or joint account. In a custodial UTMA or UGMA account the adult custodian makes the investment decisions; in a Fidelity Youth Account the teen does.

Can MemoryBank show a Fidelity Youth Account?

MemoryBank connects to accounts at 10,000+ institutions through Plaid, including Fidelity, and any account that can’t be linked can be entered manually, so it can sit in the same view as the child’s 529 or UTMA.

Can kids trade in MemoryBank?

No. MemoryBank is read-only by design: no trading, transfers, withdrawals or card. It is for seeing and understanding accounts, not for placing trades.

What age is better for each?

The Fidelity Youth Account is for ages 13 to 17. MemoryBank works from a child’s first account at birth, with Penny’s explanations pitched for ages 5 to 18+.

Does the Fidelity Youth Account cost anything?

As of November 2026, Fidelity lists no subscription fees, no account fees and no minimum to open. Expenses inside funds and some transaction costs can still apply. MemoryBank is free to start, with paid plans at $6.99 or $9.99 a month.

Their money is growing. Let them see it.

Free to start. Connect the accounts you already have and give your kid their own view.

Try MemoryBank free See every feature

MemoryBank is not a brokerage. It cannot receive, keep or transfer securities, and it never holds your money.