Chase First Banking is a bank account for kids to develop healthy money habits!
Learn more about how Chase First Banking helps parents teach their teens and kids about money!
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Chase First Banking Overview
Chase First Banking is an account exclusively for Chase checking customers.
The account helps parents teach their children about money by giving parents control they want and kids the freedom they need to learn.
It’s a banking account for you and your child that comes with its very own debit card and no monthly service fees.
Account Features
Spend
Manage where and how much your child can spend:
- Set limits on where and how much your child can spend, like $10 at restaurants or $15 to spend anywhere.
- Set up account alerts to help you keep track of their purchases.
- Your child can use their own debit card to make purchases at stores and online.
- Teens and kids can request money and you can approve or decline the request.
- Set limits on how much your child can withdraw at ATMs.
- No fees at 16,000 Chase ATMs.
Save
Help your child start saving and setting their own savings goals in the Chase Mobile app:
- Make allowance easier with recurring payments – daily, weekly or monthly – to your child in the Chase Mobile app.
- Assign one-time chores and pay your teens and kids when they’re done in the Chase Mobile app.
Earn
Set up recurring allowance and assign one-time chores:
- Make savings a habit! Talk to your child about their savings goals and track their progress in the Chase Mobile app.
- Teens and kids can set goals and transfer money they’ve received or earned at any time.
- Easily transfer money to your child’s savings goals.
How Do I Apply?
As mentioned earlier, the Chase First Banking is only available for kids who has a parent/guardian with their own checking account. You must have one of the following accounts:
- Chase Total Checking
- Chase Secure Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking
- Chase Better Banking Checking
- Chase Premier Checking
- Chase Checking
- Chase Private Client Checking
If the parents or guardians don’t have a Chase checking account yet, you can open any one of the above.
I recommend the Chase Total Checking, which has its own $225 account opening bonus!
What Are The Fees?
The Chase First Banking account has no monthly service fees!
For information on other miscellaneous fees, read this PDF document that details everything you need to know about the Chase First Banking account.
The Bottom Line
I love the idea of this account.
I’m a big supporter of teaching kids to be financially literate because in my opinion, good money habits start at an early age.
Some of you already know that I come from a humble background. My parents used to give my brother and I small $1 rewards for accomplishing things (getting good grades, doing yard work, etc.).
It really taught us how to budget and save for things we wanted (and made us realize how much stuff we want cost)!
The Chase First Banking is an excellent product that will teach kids how to manage their money while giving parents control of the account. With no fees to worry about, you can focus on teaching your kids about money.
Who knows, maybe they’ll become the next The Money Ninja 🙂
The opinions expressed herein are those of the author and are not indicative of the opinions of the companies and/or brands mentioned. Responses to this post below are not provided by or commissioned by any bank advertisers. Responses have not been reviewed, approved, or endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.