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Chase First Banking review
Last updated:
This free kids bank account lets you assign chores, manage allowances, set savings goals and more.
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
Details
| 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% |
Expert review
Review by
Cassidy Horton
cassidy.horton@findercrew.comCassidy 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.
Expert review
Chase First Banking is best for kids age six and older who are ready to start developing healthy money habits. The account is powered by Greenlight, which is a kids debit card platform that’s known for its ease of use and flexible parental controls.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.
How do I open a Chase First Banking account?
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:
- Go to the official Chase website and click on the navigation menu.
- Click Checking Accounts.
- Go to the Chase First Banking section and click Open now.
- Click Yes when asked if you’re a Chase customer.
- Log in to your account using your username and password.
- Follow the steps to fill out your child’s application, confirm your information and link your existing Chase account.
Your child’s debit card will arrive in the mail within seven to 10 days of account opening.
Eligibility
You must meet these eligibility requirements to open a Chase First Banking account:
- Existing Chase checking account customer
- Child is at least 6 years old
- Adult and child must have the same residential address
Required information
Have this information ready when you open a First Banking account:
- Adult’s full name, residential address and date of birth
- Adult’s Social Security number
- Child’s full name, residential address and date of birth
- Child’s Social Security number
- Login credentials for existing Chase checking account
What Chase checking account do I need to be eligible for Chase First Banking?
You’re eligible for a Chase First Banking account if you have one of these checking accounts:
- Chase Secure Checking. Designed for those who need help avoiding overdrafts, this account has a fixed $4.95 fee and declines any purchases that would bring your balance below $0.
- Chase Total Checking. This no-frills checking account usually has a $200 sign up bonus for new customers and a waivable $12 monthly fee.
- Chase Premier Plus Checking. Usually has a $300 sign up bonus and earns 0.01% APY. The $25 monthly fee is waived with a minimum $15,000 balance, military affiliation or a Chase mortgage.
- Chase Sapphire Checking. This premier checking account has a $25 monthly fee that’s waived when you maintain an average daily balance of $75,000 or more in all your linked Chase accounts.
- Chase Private Client Checking. This premium account is for those who keep at least $250,000 in Chase accounts. It has no monthly fees and comes with personalized services.
What are the benefits of Chase First Banking?
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:
- No monthly fee. The Greenlight platform costs $4.99 a month, but Chase customers get to use this highly-rated kids debit card for free through the Chase mobile app.
- Supports chores and allowances. Parents can assign chores and pay one-time or recurring allowances. Kids can track their chore progress and put money toward specific goals.
- Flexible parental controls. Set limits for ATM withdrawals and spending and get real-time alerts when your child makes a purchase.
- Real-time requests. If your child is out and is short on cash, they can send you a real-time request for more funds. Once approved, funds are instantly transferred for free
Chase’s ATM network and fees
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.
What should I look out for?
The Chase First Banking account has these potential drawbacks:
- Requires eligible account to open. You must have an existing Chase checking account to open a Chase First Banking account for your child.
- Doesn’t support digital wallets. At this time, your child can’t link their Chase First Banking debit card to Apple Pay or Google Pay.
- Can’t be managed by multiple parents. Only one parent can open and manage a Chase First Banking account. It can’t be co-managed by two parents unless you’re willing to share login information.
- Usage restrictions. Your child can’t use their debit card for peer-to-peer transactions like Zelle, Venmo, PayPal or Cash App. They also can’t set up direct deposit, remotely deposit checks or send wire or ACH transfers.
Compare Chase First Banking with other checking accounts
How do I deposit or withdraw my money?
Because it’s designed for kids, this account doesn’t give you many options when it comes to accessing your money:
Deposits
- Transfer from a qualifying Chase checking account
Withdrawals
- At an ATM
- Cash back at retailer
- Transfer to a qualifying Chase checking account
What other checking options does Chase offer for kids?
Chase offers two checking accounts for high school and college students:
- Chase High School Checking. Geared toward teens ages 13 to 17, this joint account is shared with a guardian and has no monthly fees.
- Chase College Checking. Designed for college students, this account has a $6 monthly fee that’s waived for up to five years while you’re in school.
Frequently asked questions
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