Tue. May 17th, 2022
Chase First Banking review: Kid’s bank account with management tools for parents and kids, but no interest

Chase First Banking

Annual Percentage Yield (APY)


  • Pros & Cons
  • Details

  • Pros
    • No minimum opening deposit
    • No monthly service fees
    • Debit card included
    • Savings tools to help kids set goals
    • Parental monitoring tools that let you set up alerts or limits on purchases
    • Unable to earn interest on account
    • $2.50 out-of-network ATM fee
    • No out-of-network ATM fee reimbursements
    • Parents must have a checking account with Chase to open Chase First Banking for children 6 years of age or older
    • Access to 16,000 Chase ATMs and nearly 4,700 branches
    • Member FDIC

    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


    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.

    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.

    Your decision between these three banks may ultimately come down to your child’s age and how you’d like to save for financial goals.

    You might prefer Chase and Capital One if your child is under the age of 13 and you’d like to start teaching them about managing an account. Both will let you open an account for your child and use the account under your guidance. At Wells Fargo, you’ll have to wait until your kid is at least 13 years old.

    Wells Fargo will be your best bet if you’re looking for a variety of account options or fewer changes as your child grows older. Wells Fargo has the greatest variety of checking and savings accounts for kids and teens of the three banks. These accounts won’t be upgraded to the bank’s standard savings and

    checking accounts

    until your child is over the age of 24.

    If you’re looking for one primary kid’s bank account or no minimum opening deposit, you’ll likely favor Chase or Capital One.

    The Chase First Banking℠ Account comes with a debit card and savings tools, so your child can begin to learn what it’s like to use standard checking and savings account features.

    However, if you’d prefer to earn some interest on your account, the Capital One 360 Kids Savings Account will offer the most competitive interest rate.

    Sophia Acevedo

    Junior Banking Reporter

    Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team.
    Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020.
    You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com.
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