Fidelity Account Types

Fidelity Investments offers a variety of account types designed to meet different financial goals and investment needs. Here are the main types of accounts available:

• Individual Retirement Accounts (IRAs): Fidelity provides both Traditional and Roth IRAs, which offer tax advantages for retirement savings. The annual contribution limit for IRAs is $6,500 for individuals under 50 and $7,500 for those 50 and older (as of 2023).

• Brokerage Accounts: These accounts allow individuals to buy and sell a wide range of investments, including stocks, bonds, mutual funds, and ETFs. There are no account minimums, and trades for US stocks and ETFs are commission-free.

• 529 College Savings Plans: Designed to help families save for education expenses, these accounts offer tax-free growth and withdrawals for qualified expenses. Families can contribute up to $15,000 per year per beneficiary without incurring gift taxes.

• Health Savings Accounts (HSAs): These accounts are for individuals with high-deductible health plans to save for qualified medical expenses. Contributions are tax-deductible, and withdrawals for qualified expenses are tax-free. The contribution limits for HSAs are $3,850 for individual coverage and $7,750 for family coverage (as of 2023).

• Cash Management Accounts: These accounts combine features of a brokerage and checking account, offering competitive interest rates, no monthly fees, and global ATM fee reimbursements.

• Custodial Accounts: For minors, these accounts allow parents or guardians to invest on behalf of their children until they reach adulthood.

Fidelity Broker Account Opening Process

Opening a brokerage account with Fidelity is a straightforward process that can be completed in a few simple steps:

• Visit Fidelity's Website: Navigate to the brokerage account section on Fidelity's official website.

• Fill Out Personal Information: Provide your personal details, including your name, address, social security number, and employment information. You will also need to estimate your trading frequency.

• Choose Account Type: Select the type of brokerage account you want to open, such as an individual or joint account.

• Review and Agree to Terms: Carefully read through Fidelity's terms and conditions, including the account agreement and privacy policy.

• Fund Your Account: Once your application is approved, you will need to fund your account using bank transfers, wire transfers, or check deposits.

• Start Investing: After funding your account, you can begin trading using Fidelity's comprehensive trading platform, which includes advanced tools and resources for informed decision-making.

For more detailed information, you can visit the following sources:

• Fidelity Account Types
• Fidelity Account Opening Process