If you have a Chase checking account, you're eligible to open the Chase First Banking℠ Account for your child.
The Chase First Banking℠ Account is a banking option for minors that are between the ages of 6 and 17. It offers the best kid's debit card option if you value a traditional brick-and-mortar bank experience.
Chase First Banking 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 kid's 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 Features
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.
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. 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.
Parental Controls and Spending Limits
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 app.
Chore and Allowance Management
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.
Savings Goals Feature
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 doesn't pay interest, so if you want to teach kids about compound interest other kid's bank accounts may be a better match.
How Chase First Banking Works
Account Setup and Eligibility
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
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.
Chase First Banking Fees and Pricing
Monthly Service Fees
The Chase First Banking℠ Account is a free banking option, meaning it has no monthly service fee.
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
Is Chase First Banking Right for Your Child?
Chase First Banking 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.
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 check-less bank account. Since it's not specifically geared towards 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 offer kid's bank accounts with no monthly service 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.
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 3.5/5 stars, which means it's a middle-of-the-road option. 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
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.
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.
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.
