Fidelity Youth Account - Any Good?

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My daughter just turned 15 last month, and I’ve started looking into getting her setup with some sort of bank account. I was originally thinking about a checking account, as I really wanted her to be able to use a debit card (I know, against Clark’s 10 Commandments, but she can’t get a credit card at 15), and also be able to put the checks she gets for birthday/Christmas into her account, in order to start teaching her about saving and spending, and being responsible with her money. While looking, I came across this Fidelity account (linked below), that is a combination (at least, appears to be), savings/checking, and also a brokerage, with some sort of parental controls.

This looks like a fantastic choice, would allow for what I was looking for, but one requirement I had, is that I wanted to be able to transfer money from my account to her account, instantaneously. The problem is, I do not currently have a Fidelity account (I currently bank with Schwab, and don’t really want another account to keep track of, as I also have a small account with a local bank I use for all the things I don’t want to be able to touch my real money - Venmo, PayPal, etc).

With all that rambling out of the way, are any of you using this type of account with your kids? How do you transfer money to your kids account? I see there is some kind of Venmo integration, and am wondering if maybe I am able to Venmo her money that way, and have it instantly available in her Fidelity account, or if there is the standard 1-2 day transfer time between Venmo and her account? I asked my Schwab Financial Advisor if they had a similar account, which they don’t, but she was very interested in hearing about it when I told her…so maybe it won’t be too long until they offer something like that.

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Can you open another account (Joint) with Schwab.

When my kid was going to school out of state, I transferred money from my BOA Account to our joint (his).

Now he is working outside the Country, we have 3 USAA Accounts, Mine, His, and a joint which we refer to as the Transfer Account. We keep $1 in the Transfer account to keep it open.

I email whenever I make a Transfer.
Works for Gifts etc.

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Interesting, never thought about a joint account. That would make transferring easier, I’d think. I might have to research that one a bit. I’m not sure which would be better, and account by themselves or a joint. The local bank does sound like a good option too, and I could just have her get one setup at the same local bank I use as well.

I do know that there are some Fidelity investments my dad would like to gift to the kids, so that is another incentive to going with the Fidelity account, although I’m not sure if the tax implications of that right now…

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Thanks for the info. Isn’t the Kiddie Tax an issue here? I thought under something like $1-2k, there would be 0 tax, but any more than that, and it’s taxed at the parents rate? May be mistaken, we’ve tried to look into this for a couple years now and have just not done it yet. Would probably be wise to sit down with someone…