Chase First Banking

How it works day to day

A parent with a qualifying Chase checking account opens Chase First Banking online, in the Chase Mobile app or at a branch, and can open up to five, one per child. Your child gets a Visa debit card in their name and their own username and password, which you create.

You move money in from your Chase checking account, as a one-off or as a scheduled allowance. You can list recurring chores and pay for them when they're done, and your child can ask you for money in the app, which you approve or turn down. Your child sees their balance, purchases and savings goals, and you can add money toward a goal.

Purchases are capped at $400 a day and ATM cash at $100 a day by default, and you can choose where and how much your child spends. Chase charges no overdraft fees, but a final charge can still be higher than the amount first approved, such as a restaurant tip, so the balance can dip below zero. If it does, the money is owed straight away: Chase's account terms let it take the amount from your later deposits or your other Chase accounts and charge you its costs of collecting it, including lawyers' fees. Chase ATMs are free; other ATMs cost $3 in the US or $5 abroad, plus the owner's fee.

What kids actually learn

Chores, allowance and money requests make the link between work and money concrete. A request also gives your child a reason to explain why they want something, which is a good conversation to have before you tap approve.

Savings goals help a child wait for something bigger. The account pays no interest. For kids about 9 and up, explain that a bank savings account would pay a little; the account itself can't show interest growing. You can also pay a little "parent interest" into the savings goal each month to show how saved money grows. There are no lessons or quizzes in the app, so plan a short weekly look at purchases together.

What it costs, and the Chase-only catch

The kids' account has no monthly fee. The cost is on the parent's side: you need Chase Secure Checking ($4.95 a month, waived with $250 or more of electronic deposits a month), Chase Total Checking ($15 a month, waived with $500 of electronic deposits a month, a $1,500 daily balance or other options) or a higher Chase account. If you already meet a waiver, Chase First Banking costs nothing extra. If you don't already bank with Chase, compare it with Capital One MONEY before opening a new account just for this.

All money comes from that Chase account. There are no cash, check or direct deposits, and no Zelle, so a grandparent's gift has to go to you first. That keeps a young child's money simple, but it means the account can't grow with a teen's first job; Chase points 13-17-year-olds to Chase High School Checking instead.

The parent owns the account, so the money is legally yours, not your child's. That is common for kids' accounts, but gifts aren't set aside for your child the way they are in a custodial account (where the money legally belongs to the child and an adult manages it until they come of age). If nobody uses the account for 24 months it may become inactive, and after 30 months dormant, which stops the card; after longer, the balance can be handed to your state as unclaimed property.

Safety and privacy

Money in the account is protected by FDIC insurance: the US government insures bank deposits up to $250,000 per depositor, per insured bank, for each account ownership category. Because you own the account, it counts toward your own single-ownership coverage at Chase. You can lock the card in the app, and if you lock it your child can't unlock it (they can lock it themselves if they lose it). Report a lost card or strange charges right away: Chase's fraud protection doesn't cover charges if the card or PIN was shared or if you report them late. With no person-to-person payments, a young child can't send money to a stranger, but teach them never to share their card number or sign-in, and that anyone online asking for money, gift cards or crypto is a scam.

Chase's children's privacy policy covers Chase First Banking for children under 13. It says Chase follows COPPA, the US children's privacy law, doesn't use your child's data for behavioral advertising, and lets you review or delete it from your account. Deleting it closes the Chase First Banking account, and Chase mails any remaining balance to you as a check. These promises are for children under 13; from 13, Chase's general privacy policy applies instead, without them. The Chase Mobile app is rated 4+ on the App Store and Everyone on Google Play. Apple's label lists purchases, financial info, location, contacts and more as linked to the user, and email address as used for third-party advertising, and Google Play says some personal, financial and app activity data is shared with third parties.

Who it's best for

Families who already bank with Chase and meet a fee waiver, with kids about 6 to 12. Chase allows ages 6 and up, but we suggest waiting until about 8 to hand over the card; before then, use savings goals and chores and keep the card yourself.

If you don't bank with Chase, Capital One MONEY is free with a checking account at any US bank, takes cash and checks and pays a little interest. If you want lessons or investing, look at a paid app like Greenlight, from $5.99 a month for up to five kids.