If you want your kids to develop good financial habits early on, then you might be considering getting them a starter debit card. And Chase First Banking is one option to consider.
But is it the right one for your family?
That’s the question we’ll be helping you answer in this in-depth review. We’ll cover everything you need to know about Chase First Banking, including its fees, features, and whether it’s a good fit for your kids.
Ready? Let’s get started!
What Is Chase First Banking?
Chase First Banking is a checking account for kids and teens. It comes with a debit card that can be used to make purchases and withdrawals, both online and in-person.
The account has no monthly fees, and there are no minimum balance requirements. That said, there are some fees associated with certain transactions, like ATM withdrawals and international purchases.
One of the biggest selling points of Chase First Banking is that it offers parents the ability to monitor their child’s spending and set limits on where and how much they can spend. This can be done via the Chase Mobile app or online through the Chase website.
Additionally, parents can choose to receive notifications whenever their child makes a purchase with their card. This can help you keep tabs on their spending and make sure that they’re not using their card for something that they’re not supposed to be!
Check out other children’s debit cards such as Greenlight and GoHenry.
Who Can Sign Up for Chase First Banking?
Chase First Banking is available to kids and teens from 6-17 years of age. The parent or guardian who creates the account will need to be a Chase customer—specifically, you need to link an existing Chase checking account to the Chase First Banking account.
Accounts you can link include:
- Chase Secure Checking
- Chase Total Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking
- Chase Better Banking Checking
- Chase Premier Checking
- Chase Private Client Checking
What Are the Features of Chase First Banking?
From a child’s perspective, Chase First Banking operates like a fairly standard banking app—albeit one with a few more limits. From the parent’s or guardian’s perspective, Chase First Banking comes with a suit of extra features that can be broken into three categories:
Here’s a breakdown:
The spend tab is where you’ll find all of the information related to your child’s debit card usage. This includes a list of recent transactions, as well as a running total of how much money has been spent in the current month.
You can also use this tab to set spending limits for your child. These limits can be daily, weekly, or monthly, and they can be specific to certain categories (like gas, food, or entertainment).
If you want more control over your child’s spending, you can also block specific merchants from being able to process payments from their Chase First Banking debit card.
The save tab is where you’ll find information about any money that your child has deposited into their account. This includes a running total of how much they’ve saved, as well as a list of recent deposits.
You can also use this tab to set up savings goals for your child. This can help teach them the importance of saving money and reaching specific financial goals.
The earn tab is where you can set a regular allowance for your child. This allowance will be deposited into their account on a regular basis (weekly, bi-weekly, or monthly).
You can also use this tab to set up specific tasks or chores that your child must complete in order to earn their allowance. This can help teach them the importance of work and responsibility.
How To Sign Up for Chase First Banking
To sign up for an account, you’ll need to visit a Chase branch or go online to the Chase website. You’ll then need to provide some basic information, including:
- your child’s name
- their date of birth
- their Social Security number
Once you’ve done that, you’ll need to link a Chase checking account to the First Banking account. This can be done by providing your online banking login information, or by going into a Chase branch and completing the process in person.
Once that’s done, you’ll be able to order the debit card and start using it!
Are There Any Fees Associated with Chase First Banking?
While there aren’t any monthly service or account fees associated with Chase First Banking, there are a few fees that you should be aware of.
- ATM Withdrawal Fees: If your child withdraws money from a non-Chase ATM, they may be charged a fee. Luckily, Chase has over 16,000 ATMs in the USA!
- Foreign Transaction Fees: Your child may be charged up to 3% of the total transaction amount for any purchases made in a foreign currency.
- Replacement Card Fee: You’ll be charged $5 to expedite the shipment of a replacement debit card.
Is Chase First Banking Right for Your Family?
Now that we’ve covered all of the basics of Chase First Banking, it’s time to answer the question: is this the right checking account for your family?
Here are a few things to consider:
Chase First Banking is ideal for families who…
- are already Chase checking customers
- are looking for a way to teach their kids about money management
- want a starter debit card for their kids with no monthly fees
- want the ability to monitor their child’s spending and set limits
Chase First Banking is NOT ideal for families who…
- want a high-interest savings account for their kids
- want a checking account with no fees whatsoever
If you’re still not sure if Chase First Banking is right for your family, we recommend doing some more research or talking to a financial advisor. They can help you compare different accounts and find the one that best fits your needs.