You can start teaching your children good financial habits by opening a bank account at Chase Bank. Simply follow our 4 Tips to Consider When Opening a Chase Bank Account for a Teen.
Opening a bank account for a child is the first step to teaching money management skills and responsibility.
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1. Consider the Purpose for the Account
Chase Bank offers a wide variety of services to meet your individual needs. There are several checking accounts and savings accounts that your child can qualify for.
Consider opening a checking account if your child is starting a part-time job, or if you would like to start saving for college or a gift consider a savings account. Find a branch near you to begin your teen’s banking journey with Chase Bank.
2. Know Which Chase Account to Open
Student Checking accounts are some of the most popular accounts at Chase. The Chase College Checking account, for example, offers many of the same benefits as a traditional checking account. However, keep in mind there is a $6 monthly service fee that can be avoided.
The Chase Savings account allows your child to begin their savings journey for college or a present. Furthermore, the service fee can be waived with automatic transfers, if your child is under 18 years old, or by linking it to a Chase Sapphire Checking, Chase Premier Plus, or Chase Private Client account.
Alternatively, you may also want to open a Chase Freedom Card for your child and start building credit. You can take advantage of 5% cashback on rotating categories such as gas stations and grocery stores. Starting October 1, your child can start earning cashback on Paypal, Chase Pay and Department Stores.
Students aged 13 to 17 are eligible to open a High School Checking account. While this account must be linked to a parent/guardian, there is no monthly service fee. This account matures into a Chase Total Checking account when the student turns 19.
Visit a branch and speak to a representative to learn more about the various accounts available to your child.
3. Set It Up Together
When signing up for a bank account at Chase, you may want to consider linking the account to your own. As mentioned before, linking an account can waive monthly service fees but you can also monitor your child’s account at all times.
Additionally, you can set-up overdraft and automatic transfers to the new banking account for your child. This allows your child to have access to money at all times when they need it.
4. Monitor Activity
While you used to have to log into Chase Online or visit a branch or ATM to view account balances, Chase Bank has made it a lot easier to manage your money. The Chase Mobile App virtually eliminates the need to visit a branch, meaning you can access your money from anywhere at any time.
With the Chase Mobile® App, you can manage your accounts from your own convenience. You can view all your account balances, request stop payments, make money transfers and deposit checks from anywhere. Furthermore, you can set-up alerts when an account balance falls below a threshold or when there was a large purchase.
Conclusion
Follow these 4 Tips to Consider when Opening a Chase Bank Account and set your teen on a path of financial responsibility.
Additionally, be sure to look at Chase Coupons if you decide to open a new account. These Chase Coupons offer cash bonuses when you open a new checking or savings account.
The Best Bank Offers are updated here. See the below pages to get started with some of the best offers: • Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks. • HSBC Bank Offers. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program. • Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account. • Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs. • TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available. |
I liked that you talked about how you talked about how it would be best to set up an account with your parent. I know that I didn’t totally understand how some accounts work when I first was setting mine up. It does seem like a good thing to be aware of when you have younger kids or teenagers.