Chase First Banking review
Chase First Banking isn't available on Finder right now.
- Fee
- $0 per month
- Age requirements
- 6 to 17 years old
Our verdict
This free kids' bank account lets parents assign chores, manage allowances, set savings goals and more.
Powered by Greenlight, the Chase First Banking account lets kids and teens develop financial literacy skills with their first checking account and debit card. While most kids' checking accounts are only available to teens 13 to 17, this account is open to kids as young as six years old. The account offers chore and allowance tracking, parental controls and alerts and lets kids set savings goals. However, parents must have an existing Chase checking account to get started, making it more ideal for those who already bank with Chase. Other limitations include: It doesn't support direct deposits, it can't be added to digital wallets or peer-to-peer payment apps and it doesn't let you perform ACH or wire transfers.
Best for: Parents who bank with Chase looking for a free kids' checking account with chores and allowance features.
Pros
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No monthly fee or opening deposit
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Chores and allowance tracking
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Customizable withdrawal limits
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Open to kids as young as 6
Cons
-
Parents must have a Chase checking account
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Not ideal for working teens
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No direct or mobile check deposits
-
Doesn't support digital wallets
Who is Chase First Banking best for?
Chase First Banking is best for:
- Parents who are existing Chase checking account customers
- Kids between the ages of six and 17
- Adult and child who share same residential address
Although the account is designed for kids aged six to 17 years old, they can continue using it once they turn 18. Unlike most kids’ checking accounts that transition to adult ones, this one remains the same, according to a customer rep we spoke to.
What we like about Chase First Banking
Chase First Banking is powered by Greenlight, a kids’ debit card platform known for its ease of use and flexible parental controls. But while Greenlight charges a monthly fee starting at $5.99, you get this kids’ Chase checking account for free. With no monthly fee, chore and allowance tracking and customizable parental controls, there’s a lot to like about this account.
Flexible parental controls
The Chase First Banking account has two mobile apps: one for your kid and the Chase Mobile app to manage your account.
Similar to many other kids’ cards, parents can set limits for spending and ATM withdrawals and get real-time alerts when their child makes a purchase.
And if your child is out and short on cash, they can send you a real-time request for more funds. Once you approve the request, funds are instantly transferred for free.
Chore and allowances
With Chase First Banking, parents can assign chores and pay one-time or recurring allowances. By earning money through the chore and allowance tracking, kids put those funds toward set savings goals and spend their money using their Chase First Banking debit card. And if you have multiple kids, parents can set up to five accounts.
Where Chase First Banking falls short
The Chase First Banking account has a few potential downsides. If you’re not already a Chase customer with one of the required Chase accounts, you can’t open the Chase First Banking account. And only one parent can open and manage a Chase First Banking account, so it can’t be co-managed by two parents unless you’re willing to share login information.
Lacking some key features for working teens
This Chase account has some limitations that make it not-so-great for older teens with jobs, since this account doesn’t support direct deposit or remote check deposit. Kids also can’t link their Chase First Banking debit card to Apple Pay or Google Pay or use their debit card for peer-to-peer transactions with Venmo, PayPal or Cash App.
Features and services unavailable with the Chase First Banking account include:
- Direct deposit
- Wire transfers, incoming or outgoing
- ACH transfers
- Remote check deposits
- Zelle
- Checkwriting privileges
- Overdraft services
Chase First Banking’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers | N/A |
| Other fees |
|
Compare Chase First Banking to other top bank accounts
Check out more accounts by monthly fees, features and minimum deposit to open.
How to open the Chase First Banking
Kids must be between the ages of six and 17 to be eligible for the account. Kids can’t open the account on their own and need a parent to open it for them. Also, parents must have one of these Chase accounts before they can open the Chase First Banking account for their kid:
- Chase Secure Banking℠
- Chase Total Checking®
- Chase Premier Plus Checking]
- Chase Sapphire Checking
- Chase Private Client Checking℠
Customer experience
JPMorgan Chase has a lot of customer feedback, but the majority of the reviews are in reference to other products and services. Chase sports the highest Better Business Bureau (BBB) rating of A+, but it’s not accredited by the BBB. The BBB rating is based on how well Chase responds to customer complaints and feedback, so the bank appears to make a significant effort to resolve issues.
Like other long-standing banks, Chase has a large number of complaints — over 4,000 in the last few years. Its reviews are largely poor on BBB and Trustpilot, with most negative experiences and reviews referencing issues resolving fraud, account closures, issues with auto loans and poor customer service. Based on the sheer number of complaints around its fraud resolution, Chase’s fraud department may need improvement.
Chase has over 4,700 physical branches across 48 states, so your customer support is likely to vary.
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.
Chase First Banking is not currently available on Finder
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Earn up to 4.20% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.20% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
Bethany Finder
Editor, Banking
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