Step said it has designed the new investing feature responsibly, “with teens’ safety top of mind.”
Parents will be able to oversee their teen’s access to the investing feature and will have the ability to manage their teen’s monthly limits, the company said.
Step users under 18 need a parent or legal guardian to cosign a Step account. The fee-free account is Federal Deposit Insurance Corp. (FDIC)-insured through Step’s partner bank, Evolve Bank & Trust, and comes with a secured spending card that allows users to build credit.
