Business Insider's personal finance team compared the Chase First Banking℠ Account to the best debit cards for kids and found it to be an industry leader. It's a low-fee account with plenty of features, making it a good choice if you want your child to have a debit card with a traditional bank.
The Chase First Banking℠ Account is a banking option for minors that are between the ages of 6 and 17. If you have a Chase checking account, you're eligible to open the Chase First Banking℠ Account for your child.
Overview of Chase Teen Banking Accounts
Chase offers a couple different banking options for kids and teens: the Chase First Banking℠ Account, Chase High School Checking, and Chase College Checking℠. Each of these are meant for children, teens, and young adults of different age ranges; the Chase First Banking℠ Account is meant for children from 6 to 12 years of age but available for 6 to 17 year olds, Chase High School Checking is available for teens of 13 to 17 years, and Chase College Checking℠ is a bank account for college students of 17 to 24 years.
Each of these accounts have features tailored to the age ranges they're targeted at. For example, only the Chase First Banking℠ Account has parental controls, while only Chase College Checking℠ offers overdraft protection.
Chase First Banking Account Review
The Chase First Banking℠ Account is a great option if you currently bank with Chase or are open to getting a Chase checking account.
It's essentially a children and teen bank account that comes with a debit card. Parents can monitor their kids' spending through alerts and limits. There's also a goal-setting feature that allows your child to create savings goals through the Chase mobile app.
If you'd prefer to earn interest on your child's bank account balance, you'll want to look at other children's bank accounts. Online banks and credit unions offer the best kid's savings accounts for earning interest.
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Debit card included
- Savings tools to help kids set goals
- Parental monitoring tools that let you set up alerts or limits on purchases
- Unable to earn interest on account
- Fee for non-Chase ATMs
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Chase First Banking Key Features and Benefits
Chase First Banking Federal Insurance
Chase is federally ensured through the FDIC, which means that the Chase First Banking℠ Account comes with insurance in case Chase fails. Your child's money will be covered for up to $250,000 per depositor. Since this is technically a joint bank account, that means your child's money will be covered up to $500,000.
Debit Card for Kids and Teens
The Chase First Banking℠ Account includes a debit card for kids to use at stores and Chase ATMs. The Chase First Banking Debit Card has a daily purchase limit of $400 per day and an ATM withdrawal limit of $100 per day.
The debit card doesn't have a monthly fee or reload fee, and the account doesn't require a minimum balance. However, you'll need to be mindful of other types of common bank fees. For example, you can be charged a fee if you use a non-Chase ATM, need a replacement debit card, or withdraw money internationally in a foreign currency. This account does not come with overdraft protection or overdraft fees at all.
Financial Literacy and Parental Control Tools at Chase
Parents can set limits or alerts on how much a child can spend from their account. Kids can also ask for money, and parents have the option to accept or deny their request.
Parents can control monitoring features through the Chase mobile banking app.
Parents also have the ability to assign chores and send allowance money to the Chase First Banking℠ Account.
The bank's mobile app will indicate when a child has completed a chore, and parents can approve or deny it. If kids get an allowance, parents can set a frequency for transfers on the mobile app to weekly, every two weeks, or monthly.
Children can create trackable savings goals online or through the bank's mobile app. Goals can be customizable.
However, keep in mind that Chase First Banking℠ Account doesn't pay interest, so if you want to teach kids about compound interest, other kid's bank accounts may be a better match.
Chase First Banking Fees and Charges
Chase First Banking Monthly Service Fees
The Chase First Banking℠ Account has no monthly service fee, so your child won't need to maintain a minimum balance or use their debit card a certain amount of times each month to avoid fees.
Chase First Banking Overdraft Fees
The Chase First Banking℠ Account does not charge overdraft fees because it does not let you overdraft your account. The best banks for overdraft let you overdraft your account without accruing fees.
Chase First Banking ATM Fees
Chase will charge you if you use a non-Chase ATM or withdraw money internationally in a foreign currency. To avoid ATM fees, stick to Chase ATMs and limit your debit card usage when traveling abroad.
Chase First Banking Pros and Cons
Chase First Banking Pros
- Access to a national branch and ATM network
- No monthly service fee
- No overdraft fees
- Parents can control their kid's spending usage through the bank's mobile app
Chase First Banking Cons
- Must have an eligible Chase checking account
- Account does not earn interest
- Out-of-network ATM fees still apply
Chase First Banking Alternatives
Chase First Banking vs. Wells Fargo Kid's Banking
You might prefer Chase if your child is under the age of 13 and you'd like to start teaching them about managing a debit card and bank account at an early age. At Wells Fargo, you'll have to wait until your kid is at least 13 years old to open Wells Fargo Clear Access Banking.
Chase also offers strong parental monitoring features and lets kids save money for individual savings goals. Meanwhile, Wells Fargo Clear Access Banking is a checkless bank account. Since it's not specifically geared toward children, it doesn't offer as many spending and savings tools for parents and children.
Chase First Banking vs. Capital One Kid's Banking
Both Chase and Capital One Bank offer kid's bank accounts with no monthly bank maintenance fees or minimum opening deposit requirements.
The Chase First Banking℠ Account comes with a debit card and savings tools, so your child can begin to learn what it's like to use a combination of checking and savings account features.
However, if you'd prefer to earn some interest on your account, the Capital One 360 Kids Savings Account will offer the most competitive interest rate; it offers a rate of 2.50% APY.
How Chase First Banking Works
Chase National Banking Presence
One of the biggest advantages of banking with Chase Bank is that you'll have access to a robust branch and ATM network. The bank has over 4,500 branches and 16,000 free ATMs throughout the continental U.S.
Account Setup and Eligibility for Chase First Banking
To get the Chase First Banking℠ Account, you need to have Chase Secure Banking℠, Chase Total Checking®, Chase Premier Plus Checking℠, Chase Sapphire℠ Banking, or Chase Private Client Checking℠.
The Chase First Banking℠ Account can be opened at a branch or online. Like any kid's bank account, the adult has to open Chase First Banking℠ Account for the minor. Kids can't open a bank account on their own.
Minors that are between the ages of 6 to 17 are eligible to get the Chase First Banking℠ Account. That said, this account is more suited to younger kids. Chase High School Checking will likely be a better fit for teens because it has more features. For example, you can receive direct deposits with Chase High School Checking but not the Chase First Banking℠ Account.
Funding the Account at Chase
The Chase First Banking℠ Account doesn't require a minimum opening deposit. When parents are ready to fund the account, they can transfer money from their own Chase account.
Using the Chase First Banking App
The Chase mobile has 4.4 out of 5 stars in the Google Play Store, and 4.8 out of 5 stars in the Apple Store. Parents and kids can use the Chase mobile app to view the kid's bank account. Parents will have access to more control and spend features, though.
Is Chase First Banking Right for Your Child?
The Chase First Banking℠ Account is a good choice if you prefer monitoring features or savings tools for kids over earning interest. Only current Chase checking account holders may open it, though. If you don't have an existing Chase bank account and aren't interested in banking with a national brick-and-mortar financial institution, there are other kid's debit cards you can explore.
Why You Should Trust Us: How We Reviewed Chase First Banking
At Business Insider, we have a bank account methodology to review bank accounts and services and use a scale of 1 to 5 stars. Chase First Banking received a middle-of-the-road score. It's a pretty standard savings account, although as one that is specifically geared toward children, there aren't as many alternative options, which makes it stand out more.
To review Chase First Banking, we looked at minimum opening requirements, monthly service fees, ATM network and fees, overdraft services, customer support availability, mobile app ratings, miscellaneous features, and overall ethics and security of the company. We calculate a weighted average of these features to determine the account's total star rating.
Chase First Banking FAQs
Is Chase First Banking safe?
Chase First Banking is safe. Chase is FDIC-insured for up to $250,000 per depositor, per account ownership category. If you open a joint bank account with your child, the account will be secure for up to $500,000.
What are the fees for Chase First Banking?
Chase First Banking has no monthly service fee, no reload fees, and no overdraft fees. You can be charged a fee for using a non-Chase ATM, needing a replacement debit card, or withdrawing money internationally in a foreign currency.
Can my child get direct deposits with Chase First Banking?
No, your child cannot receive direct deposits with Chase First Banking. If your child is between the ages of 13 to 17, though, you can open Chase High School Checking, which might be a better fit. This teen checking account lets teens get direct deposits.
Chase First Banking: $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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