Chase First Bank Account Review

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We learn many of our financial habits in childhood. Learning how to save and how to budget is important to building the solid financial foundations that can carry you into adulthood.

According to political geniusnearly 63% of parents teach their kids about allowances, budgeting, and even the importance of certain bank accounts — and your child doesn’t even have to be 18 to be able to have their own bank account and start adopting a hands-on approach to learning about money.

the Chase First BankingSM is a debit card aimed at children aged 6 to 17, and parents won’t have to worry about their teen’s service charge.

Here’s what you need to know about Chase First BankingSM Account.

Chase First Banking Review

Chase First Banking℠

  • Monthly maintenance fees

    $0. You must be an existing Chase customer to open an account for your child(ren) ages 6-17.

  • Minimum deposit to open

  • The minimum balance

    No minimum balance requirement

  • Annual Percentage Yield (APY)

  • Network of free ATMs

  • Reimbursement of ATM fees

  • Overdraft fees

  • Mobile Check Deposit

Benefits

  • Top rated mobile app
  • No minimum deposit to open an account
  • No monthly service fees
  • No fees at 16,000 Chase ATMs
  • #2 in JD Power’s 2019 US National Bank Satisfaction Survey

The inconvenients

  • No APY
  • 0 limit at Chase and non-Chase ATMs
  • Parents must already be Chase customers to open an account

APY Chase First Banking

Deposits will not earn interest with Chase First BankingSM Account. However, you can receive up to 0.25% APY* on some of our other accounts. list of the best no-fee checking accounts.

Access to your cash

Although the debit card will bear the child’s name, the Chase First BankingSM the account must be opened under a parent’s existing Chase checking account, including the Chase Secure VerificationSM, Chase Total Verification®, Chase Premier Plus ControlSM, Chase SapphireSM VerificationChase Better Banking®Chase Premier VerificationSMChase controlSM or one Chase Private Client VerificationSM Account. Children and parents will be able to download the mobile app to access their account details.

Parents will also be able to set limits on how much their teen can spend on certain things, like $25 for restaurants and $40 for shopping. This feature allows parents to help their children get acquainted with the idea of budgeting. And if your child needs to withdraw money, they can do it easily at any Chase ATM without paying a fee – parents can even set a limit on the amount of money their child can withdraw.

Parents will also be able to set up alerts to be notified of purchases made by their teenager. And if a child needs to request extra spending money, parents will be able to decline or accept the request throughout the application.

In addition to the account’s debit card features, kids can also use the app to set savings goals and start putting money for them. The app does not pay interest on money saved or deposited, so if you are looking for an account that will allow your child to earn interest on their balance, you might consider one. high yield savings account. Allied bank offers an account with an APY of 0.5% and no minimum balance requirement. Additionally, it has a “savings bucket” feature that allows users to create different buckets for different savings goals.

Ally Bank Online Savings Account

Ally Bank is a member of the FDIC.

  • Annual Percentage Yield (APY)

  • The minimum balance

  • Monthly fee

    No monthly maintenance fees

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *Cycle withdrawal limit of 6/instructions is waived during the Coronavirus outbreak under Regulation D

  • Excessive transaction fees

  • Overdraft fees

  • Offer a current account?

  • Offer an ATM card?

    Yes, if you have an Ally current account

Chase First BankSM also makes it easy for parents to transfer money to their child’s account so they can quickly get paid, for example, for completing all their tasks for the week. Recurring transfers can also be automatically set up for parents who wish to pay a regular allowance to their children.

Chase First Banking does not allow for direct deposits and does not support peer-to-peer transactions, including services such as Zelle, Venmo, PayPal, or Cash App. Additionally, the account’s debit card cannot be added to fund these types of transactions.

Deposits cannot be made at ATMs and account users will also only be able to withdraw up to $100 at ATMs per day.

Costs

There are no monthly service fees when using Chase First BankingSM Account. This way, neither you nor your child have to worry about maintaining a certain minimum balance at all times.

There are no overdraft fees, so you won’t have to worry about seeing charges on your child’s account if they accidentally spend more than they have. Just be aware that when withdrawing cash from an ATM, there will be a $2.50 surcharge if you withdraw cash from a non-Chase ATM.

At the end of the line

the Chase First BankingSM can be a low-stress way to give your kids a hands-on way to develop their money management skills. Having their own account and a debit card with their name on it can make your child feel like they have some financial freedom, while parental controls (like setting spending limits and the ability to accept or refuse requests for money) allow parents to teach their children about budgeting and keep tabs on how they manage their money.

There’s also plenty of flexibility with the mobile app in terms of recurring and manual transfers. And the savings feature lets kids start saving money for some of their goals. Keep in mind that this account is intended for children between the ages of 6 and 17. Therefore, if you have a college-age child aged 18 or older, they will not be able to open an account. However, they might instead consider the Discover the Cashback debit accountwhich has no monthly maintenance fees, no minimum balance requirement and no overdraft fees.

*Interest rates are variable and subject to change

Information about Chase Better Banking, Chase Premier Checking, Chase Checking, Chase Private Client Checking, Chase Premier Plus Checking, and Discover Cashback Debit Account was independently collected by CNBC and was not reviewed or provided by the bank prior to publication. Chase Bank is a member of the FDIC.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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