Chase First Banking℠ is designed as an account for kids to help them learn the value of money. Launched in partnership with Greenlight, a popular debit card for kids, you’ll see many of the features in top children’s banking products, along with a few managements options as well. Read below for more information on what they have to offer.
|Minimum Deposit to Open||$0|
|ATM Network||16,000 ATMs nationwide|
|Out-of-Network ATM Fee||$2.50|
Table of Contents
Chase First BankingSM
- What you’ll get: N/A
- Eligible account: Chase First BankingSM
- Credit inquiry: Soft pull, which does not affect your credit
- Where it’s available: Nationwide, Online (Bank Locator)
- Monthly fee: There are no monthly services
(Visit Chase Bank to learn more)
- Open a new Chase First BankingSM account. It’s a debit card for kids ages 6-17 with $0 monthly service fee.
- You must be an existing Chase checking customer to open a Chase First Banking account.
- Chase First Banking helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
- Teach your kids to spend, save and earn — all from the Chase Mobile® app.
- For parents/guardians interested in teaching their child how to manage money using a debit card with the child’s name on it.
- The parent/guardian is the owner of this account and must have an online profile and one of these other checking accounts at account opening: a Chase Secure CheckingSM, Chase Total Checking®, Chase Premier Plus CheckingSM, Chase SapphireSM Checking, Chase Better Banking® Checking, Chase Premier CheckingSM, Chase CheckingSM or a Chase Private Client CheckingSM account.
- Benefits offered to these checking accounts do not apply to Chase First Checking accounts.
- Only the parent/guardian who opened the account can fund, view or manage this account.
- You can open a Chase First Checking account for your child who is 6-17 years old.
Chase First Banking℠ Features
Chase First Banking℠ services can be found in the existing Chase Mobile banking app. After you open a First Banking account for their kids, parents can control their children’s financial habits via the app. For example, assigning chores, paying allowances and setting spending limits. Additionally, you can even restrict where your kids spending, at specific merchants or merchant categories.
Kids can access their account through the Chase Mobile app, so they can decide which chores to complete, track their spending and see when they’re getting their allowance. Kids with a First Banking account, also get their own personal debit card.
Other First Banking features will be:
- No monthly fee. In comparison, Greenlight costs $4.99 a month.
- Savings goals. Kids can put money aside for specific goals they have in mind.
- Notifications. Parents get real-time alerts when your child makes a purchase.
- Real-time requests. If your kid is out and short on cash, they can send you a request for more money. After it’s been approved, the funds will instantly transfer for free.
Chase First Banking℠ Fees
Chase First Banking℠ doesn’t charge members to use, open, or keep their account. It gives your child free access to Chase bank ATMs nationwide. However, withdrawing money from a domestic non-network ATM will cost you $2.50 per transaction. Other than that, you won’t incur any service fees, nor will you get penalized for low balances.
Chase First Banking℠ Limitations
The biggest downside to Chase First Banking℠ is that parents must first have one of the following Chase checking accounts.
|Chase Secure Checking||Fixed $4.95 fee, declines any purchases that will bring your balance below $0.|
|Chase Premier Plus Checking||Waivable $25 monthly fee, more feature-rich checking.|
|Chase Sapphire Checking||Waivable $25 monthly fee, $0 ATM fees worldwide, 0% foreign transaction fees & $0 outgoing wire transfer fees.|
|Chase Private Client||No monthly fees, but only open to those who keep at least $250,000 in their Chase accounts.|
First Banking has two other eligibility requirements: The child must be at least 6 years old, and the adult and child must have the same residential address.
Chase First Banking℠ can only be managed by one parent, unless you’re willing to share your login information with your partner. The account has no check-writing capabilities and does not support digital wallets, direct deposits or check deposits at this time.
Chase First Banking℠ is an account made for kids and powered by Greenlight. It gives families a way to manage chores, track allowances, set savings goals, and more. First Banking is easy to use and provides parents with flexible control. To start, a parent must have an existing Chase checking account.