Chase First Banking
Product Name: Chase First Banking
Product Description: Chase First Banking offers a checking account with parental controls for kids ages 6-17.
Summary
The Chase First Banking account includes a chore management feature, debit card and zero monthly fees. This account may be a good choice for parents who bank with Chase and want to guide their kids into a responsible pattern of earning, saving and spending.
Pros
- Help teach your kids about money without paying any fees
- Spend, Save, Earn framework is a reasoned approach to thinking about money
- Parental controls including spending limits and real-time notifications ensure mishaps are avoided or caught early
Cons
- You must be an existing Chase banking customer
- Only one account can manage each Chase First Banking account
- The Chase First Banking account does not pay interest
- Debit card cannot be added to a digital wallet
- Does not allow for direct deposit
When you have a Chase bank account, you can open a Chase First Banking for your kids.
It is a debit card designed for kids that pairs with a smartphone app — it’s an effective way to help teach your kids about money. The app can help you set up and pay allowances, manage chores, set spending limits and locations, and even set savings goals.
At a Glance
- Free with a Chase bank account
- No monthly fees
- Manage chores, allowances, spending
- Children get a debit card and app
- Must be a Chase banking customer
- No direct deposit
- No bank interest paid
- Activity alerts for parents
Who Should Use Chase First Banking?
The Chase First Banking account may be a good choice for parents who bank with Chase and enjoy banking with Chase, and who want to help their children learn good money management habits.
Note that parents need to have a Chase checking account (Total, Secure, Premier Plus, Private Client or Sapphire) to qualify to open a Chase First Banking account.
Chase First Banking Alternatives
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| Price | $5.99-$14.98 per month | $4.99 per month for one child, $9.98 per month for family plan | $5.99 per month |
| Minimum age | None | Age 6 | None |
| Number of accounts included | Up to 5 accounts | Up to 4 accounts | Up to 4 (more can be added for a fee) |
| Learn More | Learn More | Learn More |
Table of Contents
What Is Chase First Banking
Chase First Banking is a debit card for your child that is tied to your own Chase checking account. Think of it as a sub-account to your own Chase checking account that you manage but allows your child to learn how to operate a checking account.
The Chase First Banking debit card is designed for kids ages 6 through 12 but is available for kids up to age 17. Here are some of the main features of the Chase First Banking debit card account.
Spend Tab
The Chase First Banking account is set up into three tabs – spend, save, and earn.
The Spend tab is where you manage spending limits and locations. You can set up how much they’re permitted to spend in different categories, including a “spend anywhere” category and ATM limits. This is also where you set up alerts to keep track of their transactions.
If they overspend their limits, the transaction will be declined.
Save Tab
The Save tab is where you set up savings goals. If they have their eye on a new Nintendo Switch game, they might want to start saving for it now with these goals.
Earn Tab
Finally, the Earn tab is where you manage their allowances and chores. Allowances can be paid daily, weekly, or monthly and the system also allows for one-time chores.
Pricing
The Chase First Banking debit card is free – this feature has no fees. However, you may find that you pay fees with your personal Chase checking account, depending on which Chase checking account you choose.
✨ Related: Best Debit Card for Kids: Money Lessons with Guardrails
Chase First Banking vs Alternatives
Greenlight
Features
- Ages 0-17
- $5.98-$14.98 per month
- Up to 5 accounts
- Real-time spending alerts
Greenlight works much like Chase First Banking and the other kid accounts mentioned here. However, Greenlight offers some features that other cards don’t.
For example, the Core plan from Greenlight ($5.99/mo.) pays interest on kids’ savings balances. If you upgrade to the Max plan ($9.98/mo.), kids will earn 3% interest on savings, have the option to invest, and earn 1% rewards on debit card purchases.
The Infinity plan ($14.98/mo.) offers 5% interest on savings and includes location sharing/GPS, crash detection, and more.
If you’re looking for more than a basic debit card/earning account for kids and are willing to pay a premium, Greenlight could be a good option for you.
Here’s our full review of Greenlight for more information.
GoHenry
Features:
- Ages 6-17
- $9.98 per month ($4.99 per month for one child)
- Up to 4 accounts
- Real-time spending alerts
GoHenry is a feature-rich debit card for families of up to four children. As a parent, you can use GoHenry to set up and pay for chores, to pay a regular allowance, or to do one-off transfers from your bank account.
Parental controls for GoHenry are robust. They include the ability to set spending limits and block specific retailer purchases.
Both GoHenry and Chase First Banking lack Direct Deposit and online bill pay features. Chase First Banking does have fee-free in-network ATM options and an expansive ATM network.
The other big difference is that the Chase First Banking account is an actual bank account, while GoHenry is not. You might prefer Chase over GoHenry if you like having access to an abundance of free ATM choices.
Here’s our full GoHenry review for more information.
FamZoo
Features:
- Ages 0-17
- $5.99 per month (decline rates when you prepay
- Unlimited accounts (card fees apply for more than 4 cards)
- Real-time spending alerts
FamZoo might be an excellent choice for larger families. In addition to all of the usual kid debit card features, FamZoo offers declining prices for prepaid accounts (down to $2.50 per month), a family billing feature, and a loan tracking feature.
You can also split what you pay your child into the child’s different sub-accounts, such as savings and/or giving accounts.
Larger families or families who prefer organized financial records for their kids might prefer FamZoo over Chase First Banking.
Here’s our full FamZoo review for more information.
FAQs
Can more than one parent manage a child’s First Banking account?
Chase First Banking accounts can only be managed by one parent.
Can my child request a money transfer from my account?
Yes, your child can use the Chase First Banking app to request a transfer from you, including how much money they would like and a note for you that accompanies the transfer.
Are there any fees associated with the Chase First Banking account?
You may see fees on your child’s Chase First Banking account if they use an out-of-network ATM, if they withdraw money in another currency or if you request an expedited replacement debit card.
How can I deposit money into a Chase First Banking account?
You can deposit money into a Chase First Banking account by transferring money from your connected Chase bank account.
Summary
The Chase First Banking account may be a great option for parents searching for a real bank account for their child rather than a non-bank debit card.
Chase’s First Banking account provides over 15,000 in-network, fee-free ATMs for cash withdrawals, chore and savings goals, debit card purchase options, and more.
This basic kid’s debit card can be a great choice for parents looking for a basic bank account with robust fee-free ATM choices.
If you’re searching for something with more of a financial literacy class feel, you might prefer one of the Chase First Banking alternatives shared here.
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
