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finder.com’s rating: 4.0 / 5.0
★★★★★
Chase First Banking is a kids bank account powered by Greenlight — one of the most popular kids’ cards on the market. It gives parents and kids a way to manage chores, track allowances, set savings goals and more. But parents must have an existing Chase checking account to get started.N/A
APY
$0
Minimum deposit to open
APY | N/A |
---|---|
Minimum deposit to open | $0 |
ATMs | 16,000 ATMs nationwide |
ATM transaction fee | $0 |
Out-of-network ATM fee | $2.50 |
Foreign transaction fee | 3% |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
With Chase First Banking, parents can create chores, pay allowances and closely monitor their child’s spending. Kids can earn money by completing chores, set savings goals and spend their money using their Chase First Banking debit card.
This account doesn’t have any monthly fees, which is rare for a kids debit card. Most accounts, including Greenlight, have monthly fees of $4.99 or more.
The downside? Parents must have an existing Chase checking account to qualify and there are limited ways to access money. And if your child is old enough to earn a paycheck, they may want an account that supports direct deposits, remote check deposits and peer-to-peer transfers. If that’s the case, consider a teen checking account that comes with more features.
You must have an existing Chase checking account to open the Chase First Banking account for your kid. Once you have one, follow these six steps:
Your child’s debit card will arrive in the mail within seven to 10 days of account opening.
You must meet these eligibility requirements to open a Chase First Banking account:
Have this information ready when you open a First Banking account:
You’re eligible for a Chase First Banking account if you have one of these checking accounts:
The Chase First Banking account teaches your kid the importance of spending, saving and earning — all from the Chase mobile app. It also comes with these benefits:
The Chase First Banking account comes with a debit card that gives your child free access to 16,000 ATMs nationwide. But if you use a domestic non-network ATM, you’ll pay $2.50. For international out-of-network ATMs, you’ll pay $5 per withdrawal, plus $2.50 for transfers or inquiries.
The Chase First Banking account has these potential drawbacks:
Because it’s designed for kids, this account doesn’t give you many options when it comes to accessing your money:
Chase offers two checking accounts for high school and college students:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.