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Many of our financial habits we learn as children. Learning about how to save and how to budget are important to building the strong financial foundations that can carry you into adulthood. According to Policygenius, nearly 63% of parents are teaching their children about allowances, budgeting and even the importance of some bank accounts — and your kid doesn’t even need to be 18 before they can have their own bank account and start taking a hands-on approach to learning about money. The Chase First BankingSM account is a debit card meant for kids ages 6–17 and parents won’t have to worry about their teen racking up any service fees. Here’s what you need to know about the Chase First BankingSM account.
Chase First Banking Review
Chase First Banking℠ Learn More On Chase’s secure site Monthly maintenance fee $0. You must be an existing Chase customer to open the account for your child(ren) ages 6 to 17.
Minimum deposit to open $0
Minimum balance No minimum balance requirement
Annual Percentage Yield (APY) None
Free ATM network 16,000 Chase ATMs
ATM fee reimbursement None
Overdraft fee None
Mobile check deposit No Chase Bank is a Member FDIC. See our methodology, terms apply. Pros Top-rated mobile app
No minimum deposit to open an account
No monthly service fee
No fees at 16,000 Chase ATMs
No. 2 on J.D. Power’s 2019 U.S. National Banking Satisfaction Study Cons No APY
$100 ATM limit at Chase and non-Chase ATMs
Parents must already be Chase customers to open an account Learn More View More
Chase First Banking APY
Deposits won’t earn interest with the Chase First BankingSM account. However, you can receive up to 0.25% APY* from some of the other accounts on our best no-fee checking accounts list.
Access to your cash
Ally Bank Online Savings Account Learn More Annual Percentage Yield (APY) 0.50%
Minimum balance None
Monthly fee No monthly maintenance fee
Maximum transactions Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D
Excessive transactions fee $10 per transaction
Overdraft fees $25
Offer checking account? Yes
Offer ATM card? Yes, if have an Ally checking account Terms apply.
The Chase First BankingSM app also makes it easy for parents to transfer money to their child’s account so they can quickly get paid for, say, completing all their chores for the week. Recurring transfers can also be automatically set up for parents who want to give their kids a regular allowance. Chase First Banking does not allow for direct deposits and does not support peer-to-peer transactions, including services like Zelle, Venmo, PayPal, or Cash App. Additionally, the account’s debit card cannot be added to fund these types of transactions. Deposits cannot be made at ATMs, and account users will also only be able to withdraw up to $100 from ATMs per day.
Fees
There are no monthly service fee when using the Chase First BankingSM account. This way, neither you nor your child has to worry about maintaining a certain minimum balance at all times. There aren’t any overdraft fees, so you won’t have to worry about seeing a charge on your child’s account if they accidentally spend more than they have. Just be aware that when withdrawing money from an ATM, there will be a $2.50 surcharge if withdrawing money from a non-Chase ATM.
Bottom line
The Chase First BankingSM account can be a low-stress way to give your kids a hands-on way to build their money management skills. Having their own account and a debit card with their name on it can make your child feel like they have some financial freedom, while the parental controls (like setting spending limits and the ability to accept or deny money requests) allow parents to teach their kids about budgeting and keep an eye on how they’re managing their money. There’s also a lot of flexibility with the mobile app in terms of making both recurring and manual transfers. And the savings feature allows kids to get a jump start on tucking away money for some of their goals. Keep in mind that this account is meant for children ages 6–17, so if you have a college-aged kid who is 18+, they won’t be able to open an account. However, they might instead consider the Discover Cashback Debit Account, which has no monthly maintenance fee, no minimum balance requirement and no overdraft fees.
*Interest rates are variable and subject to change Information about the Chase Better Banking, Chase Premier Checking, Chase Checking, Chase Private Client Checking, Chase Premier Plus Checking, and Discover Cashback Debit Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Chase Bank is a Member FDIC.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.