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  • Writer's pictureWiseWallet

Chase First Banking Review: Safe and Educational Banking for Children



In our three previous posts on 529 College Savings Plans, we explored (1) how to begin saving for college with these plans, (2) the detailed review of each state's tax benefits, and (3) how to choose the best 529 College Savings Plan. While 529 plans are an excellent way to save for future college costs, it's also crucial to instill good financial habits in children from an early age. In this blog post, we review a helpful educational banking product, Chase First Banking, to help kids learn and practice money management skills from a younger age.

 

What?

Chase First Banking is a unique banking solution designed with kids ages 6-12 in mind

and available for kids 6-17 years old. It is a parent-owned bank account with a debit card for kids. Chase First Banking offers robust parental controls and comes with unique educational features , such as allowance and chore lists, and savings goals. This service allows parents to teach their children about financial responsibility and money management.


So What?

Chase First Banking equips parents with several key features to help teach their children about financial management:

  • Controlled Spending: Parents can set specific spending limits, providing a safe way for children to learn about managing money.

  • Chores and Allowances Management: The platform allows parents to manage chores and automate allowance payments, integrating money management with daily responsibilities.

  • Savings Goals: Kids can set up and track their savings goals, making saving both visual and rewarding.

  • No Monthly Fees: The absence of monthly fees makes it accessible and budget-friendly for young savers.

  • Parental Guidance and Monitoring: Parents have complete oversight and can guide their children’s financial decisions through the app.

  • ATM and Branch Access: No fees at more than 15,000 Chase ATMs and access to over 4,700 branches nationwide. This not only enhances convenience for everyday banking needs but also provides an opportunity for kids to learn about the traditional banking experience.


Now What?

Sounds like a great financial literacy tool for your kids? There is one important requirement: parents must have an existing Chase checking account to open a First Banking account for their children. For those who meet this criterion, the process of setting up an account is straightforward and fully digital. For those who don't have a Chase checking account or don't plan to have one, stay tuned—I'll share another great alternative in my next blog post.


Concluding Remarks

Chase First Banking stands out as an outstanding banking product for children, providing a safe and practical way to learn about how to manage money. Its integration into the parent's existing Chase account makes it convenient, while its comprehensive features help prepare children for future financial independence. For parents, who have an existing Chase checking account and are committed to teaching their children about money, Chase First Banking is a robust option that marries convenience with education.

 


 


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