Chase has access to 16,000 ATMs and nearly 4,700 branches.

The bottom line: The Chase First Banking℠ Account is a solid choice for a kid’s bank account if you prefer monitoring features or savings tools for kids over earning interest. Only current Chase checking account holders may open it, though.

Chase First Banking

If you have a Chase checking account, you’re eligible to open the Chase First Banking℠ Account for your child.

The Chase First Banking℠ Account is a good option if you’d like savings and spending tools for your child since it blends features commonly found in checking accounts and savings accounts.

The account comes with a debit card, but parents won’t have to deal with any overdraft fees if the child overdraws the account. It also lets children create savings goals that are trackable online or through the bank’s mobile app. 

The Chase First Banking℠ Account doesn’t require a minimum opening deposit or monthly service fees.

Parents may set limits or alerts on how much a child can spend or withdraw, which is a unique perk that isn’t included in most kid’s bank accounts.

There are a few common bank fees to watch out for. Chase will charge you if you use an out-of-network ATM or if you lose your debit card.

You’ll want to look at other kid’s bank accounts if you’d prefer to earn some interest on your kid’s account balance. Our kid’s savings account guide features online banks and credit unions with high interest rates.

How Chase works

Chase has over 4,700 branches in 33 states and 16,000 free ATMs. Customer service is available over the phone 24/7.

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The Chase mobile has 4.4 out of 5 stars in the Google Play Store, and 4.8 out of 5 stars in the Apple Store. 

The national bank is FDIC insured for up to $250,000 in an individual bank account. If you open a joint bank account with your child, the account will be secure for up to $500,000.

Is Chase trustworthy?

The Better Business Bureau rates companies on responses to customer complaints, honesty in advertising, and transparency about business practices. Keep in mind is that a BBB rating is necessarily the be-all and end-all. To see if a financial institution is right for you, consider talking to current members or reading online customer reviews, as well.

Chase has received a C+ rating from the BBB because it hasn’t responded to one customer complaint and had government action taken against the business. In 2020, Chase paid $920 million in a settlement with the US Department of Justice that accused the bank of being involved in wrongful trading.

How Chase First Banking compares 

We compared Chase to two other popular banks with distinct kid’s bank accounts: Wells Fargo and Capital One.

Age requirement for kid’s bank account

6 to 17

Age requirement for kid’s bank account

13 …read more

Source:: Business Insider


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