APY GUY: Maximize Your Savings & Earnings

Chase Bank

Chase Bank CD Rates – Now up to 4.00% APY!


[📌 Update January, 2023: Chase Bank added a competitive 3 month CD (certificate of deposit) yielding 4.00% APY (annual percentage yield) to their deposit offerings this month. They also raised the rate on their 12 month CD by 0.75% to the current 3.75% APY (up from 3.00% APY in December). See all of Chase Bank’s CD rates below.]

Chase, or Chase bank, headquartered in downtown Manhattan (New York City) is the consumer and commercial subsidiary of the multinational JPMorgan Chase which holds nearly $2.63 trillion in assets.

Chase Bank has 5,100 branches and 16,000 ATMs nationwide. They offer a full range of financial services that reach nearly every age group and demographic.

Despite the bank’s eye-popping asset size, their current CD rates have been slow to keep up with those offered by popular online banks, however as of January 2023, that is starting to change with Chase adding a new 3 month CD yielding 4.00% APY.

📌 Please Note: Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online or in a local branch. If you wish to open a CD online, however, you will need to be an existing Chase Bank customer.

Chase Bank CD Rates + Account Details

image credit: chase.com

Chase Bank is member FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

All Chase Bank CDs require a minimum deposit of $1,000 to open. Their yields are tiered based on deposit amount.

The tiers are:

  • $1,000 to $9,999.99,
  • $10k to $24,999.99,
  • $25k to $49,999.99,
  • $50k – $99,999.99,
  • $100k to $249,999.99 and
  • $250k plus.

Chase also requires you to enter your location by zip code before viewing rates online. Presumably this means location may affect your interest rate, however, we ran multiple scenarios in different locations throughout the country and found the same rates everywhere.

CD Rates

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month2.00%3.50%4.00%
6 month0.02%0.05%0.05%
9 month0.02%0.05%0.05%
12 month3.00%3.25%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = annual percentage yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.07% and 1.09% APY, respectively, according to FDIC data.

Calculating Interest

Interest is compounded daily and you have some choice as to the frequency in which it is paid out. Depending on the term you may choose to have it paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

  • CD terms less than 6 months pay 90 days of interest
  • CD terms 6 months to 24 months pay 180 days of interest
  • CD terms 24 months or more pay 365 days of interest

Grace Period

A certificate of deposit’s grace period is the brief window of time in which the deposit holder may move funds into and out of their CD without facing a penalty. During this time you may also roll your funds into another deposit with a different term or close it out entirely.

All Chase Bank CDs come with a standard 10 day grace period.

Chase Bank will alert you via email prior to your CD maturity date, but you should set up your own reminders as well.

Fees That May Apply

Chase Bank CD accounts do not come with any monthly maintenance fees like some of their other accounts, but depending on how you plan to move funds around, you may encounter some fees.

Wire Fees:

TypeFee
Domestic and international incoming wire$15 per transfer OR
$0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile.
Domestic Outbound Wire (in-branch)$35 per transfer
Domestic Outbound Wire (online)$25 per transfer
Consumer USD/FX international wire (in-branch)$50 per transfer
Consumer USD international wire (online)$40 per transfer
Consumer FX international wire (online)$5 per transfer OR
$0 per transfer if the amount is equal to $5,000 USD or more

Transferring funds online is always going to be a cheaper option than having a banker help you in a physical branch.

If you plan on opening a CD with $1,000,000 or more; however, you must do this in a local branch.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, many of their CD rates are still less competitive than what you can find from most FDIC-insured online banks and nationally available credit unions.

That said, with the newly added 3 month CD and the sizable rate hike Chase gave to their 12 month CD this month, we’re hopeful 2023 will be a better year for savers banking with Chase.

Chase Bank Fees for 2023 – Here’s What to Expect


Chase Bank is one of the most recognizable names in banking. Their presence – both branch and ATM – is as vast as their customer base with 17,000 ATMs and 4,700 branches nationwide. On top of this tremendous reach, they also sit on roughly $4 trillion (yes, with a T) in assets.

While a bank of this size has much to offer in terms of accessibility, it is no secret that the institution’s most popular bank accounts and products typically come with fees.

These fees generally include:

  • overdraft charges,
  • monthly maintenance fees,
  • checking account fees,
  • wire transfer fees and
  • ATM fees for using a non-Chase machine (not to mention what that ATM owner charges)

While the monthly maintenance fees can be waived on most accounts, some of the other fees may be inevitable.

Below is a complete breakdown of all the fees you can expect to pay with Chase Bank’s most popular accounts as well as how to waive them (if possible).

Chase Total Checking Account Fees & How to Avoid Them

The Chase Total Checking account is the most basic checking account option. It comes with a minimum deposit requirement of $25 and a hefty monthly fee of $12 that can be waived by doing any of following:

  • Direct deposit totaling $500 or more made to this account
  • OR a balance at the beginning of each day of $1,500 or more in this account
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits or investments.

Below is a complete list of fees to look out for if opening a Chase Total Checking account.

Chase Total Checking Fees

TypeFee
Monthly Maintenance$12 (can be waived)
Minimum Deposit$25
Overdraft$34
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out of network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out of network, international)$5.00 (plus whatever the ATM owner charges)
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$50 if done with a banker.
$40 if done online or with mobile app and funds are sent in USD.
$5.00 if done online or with mobile app and funds are sent in foreign currency.
$0.00 if done online or with mobile app and funds are sent in foreign currency AND amount is more than $5k.
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Order$5.00
Cashier’s Check$8.00

Of course, you’ll also have to pay for things like paper checks or paper statements ($6 per statement copy) should you wish to obtain them, but Chase Bank has a robust online banking platform and native apps on IOS and Android that will give you plenty of access to all your account information free of charge.

Chase Secure Banking Checking Account Fees & How to Avoid Them

The Chase Secure Banking account is considered the middle tier in terms of Chase checking account options. The big difference with this account is that it has a flat $4.95/month service fee that can not be waived. In exchange for this, the account comes with no overdraft fees. If you overdraft your account, they will simply decline or return the transaction.

Chase Secure Banking Fees

TypeFee
Monthly Maintenance$4.95 (can not be waived)
Minimum Deposit$25
OverdraftNone
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out of network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out of network, international)$5.00
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$50 if done with a banker.
$40 if done online or with mobile app and funds are sent in USD.
$5.00 if done online or with mobile app and funds are sent in foreign currency.
$0.00 if done online or with mobile app and funds are sent in foreign currency AND amount is more than $5k.
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Orderfree
Cashier’s Checkfree

Chase Premier Plus Checking Account Fees & How to Avoid Them

The Chase Premier Plus Checking account is the top tier in terms of Chase checking account options. It comes with an interest rate (although the standard rate sits at just 0.01% APY at the moment) and they waive fees for counter checks, money orders and cashier’s checks.

It comes with an even heftier monthly maintenance fee of $25 that can be waived by doing any of following:

  • An average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits or investments
  • OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account

If you cannot meet the two qualifications above, Chase will also let you waive the $25 monthly fee by linking:

  • Up to two additional personal Chase checking accounts (excluding Chase Sapphire, Checking and Chase Private Client Checking)
  • Chase personal savings account(s), excluding Chase Private Client Savings
  • Chase Liquid Card(s)

Below is a complete list of fees to look out for if opening a Chase Premier Plus Checking account.

Chase Premier Plus Checking Fees

TypeFee
Monthly Maintenance$25 (can be waived)
Beginning Day Balance$15,000 to avoid $25 fee
Overdraft$34
Card ReplacementFree 3-5 business days. $5 rush payment.
Foreign Transaction3%
ATM (out of network, domestic)$3.00 (plus whatever the ATM owner charges)
ATM (out of network, international)$5.00
Wire (incoming, domestic)$15 (free if coming from Chase)
Wire (outgoing, domestic)$25 ($35 if done with a banker)
Wire (incoming, international)$15 (free if coming from Chase)
Wire (outgoing, international)$0 – $50
Stop Payment with Customer Support$30
Online or Automated Phone Stop Payment$25
Returned Item or Check$12
Money Orderfree
Cashier’s Checkfree

Chase Bank Savings Account Fees and Rates

Chase Bank currently offers two different savings accounts – The Chase Savings and the Chase Premier Savings. Both of these accounts come with monthly fees that can be waived.

The Chase Savings account comes with a $5 monthly maintenance fee unless one of the following conditions apply:

  • you’re under the age of 18
  • you maintain at least a $300 minimum daily balance
  • you set up at least one recurring automatic transfer of $25 from a Chase checking account
  • you link your savings to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account

The Chase Premier Savings account comes with a $25 monthly maintenance fee unless one of the following conditions apply:

  • maintain a minimum daily balance of $15,000
  • link up a Chase Premier Plus Checking or Chase Sapphire Checking account

All of the additional miscellaneous fees from the table(s) above apply to both of the chase savings accounts.

You won’t earn much in the way of interest on either savings account offered by Chase Bank currently. Current rates vary between just 0.01% and 0.02% APY depending on your relationship standing with the bank. In other words, how many accounts you hold with them and your balances in each.

Chase Checking Account Bonuses: $100 – $300


If you’re a new Chase customer opening a College, Total, or Business Complete Banking checking account, you qualify for a welcome bonus offer of $100, $200, or even $300, respectively. Yes, up to $300.

There are pros and cons to each of these accounts, so you’ll want to learn more about the options before you decide.

Read more about these bonuses and how to get them, plus review the checking account terms, potential fees and how to avoid them in our guide below.

Chase College Checking Account + $100 Sign-Up Bonus

A Chase College Checking account is perfect for students ages 17 to 24 years old.

They’re fairly basic and don’t come with many bells and whistles. They do, however, offer a safe place to stash cash while in school and with great accessibility.

This account does not require a minimum opening deposit to open and a $6 monthly maintenance fee can be waived. See section below for details.

To open one of these, you’ll need to prove that you’re a student at a college or university with a transcript or acceptance letter. You’ll also need to have a Social Security number (if you don’t, visit a branch to discuss your options). This account can be opened online or in person.

How to waive the $6 monthly fee?

The $6 monthly maintenance fee associated with this account can be waived by doing just one of the following:

  1. prove that you are a college student by providing your student ID, college name, and expected date of graduation (waive the fee for up to 5 years),
  2. set up an electronic deposit into this account (such as ACH transfer or direct deposit), or
  3. maintain an average daily balance of at least $5,000.

This account (and all other Chase checking accounts) offer Overdraft Protection through standard overdraft practice.

If you choose to opt into this, you must link your checking account to your Chase savings account. Then Chase will make payments for you from the savings account when you overdraw your checking account. Note that this is done at their discretion and there is no guarantee it will happen every time.

In the event of an overdraft, you will incur a $34 fee. You will also incur a $34 fee every time a check or automatic payment is returned due to insufficient funds.

Chase also offers Debit Card Coverage, which, when activated, will decline transactions—without charging a fee—that would cause your account balance to go negative. Sign up for account alerts when your balance gets low and opt into this Debit Card Coverage if you’d like to avoid declined payments or overdrafts and the fees that come with them.

Other fees associated with this account include:

  • $15 per incoming wire transfer,
  • $35 per outgoing domestic wire transfer,
  • $12 returned check fee,
  • $2 for each page of printed personal checks. 3 per page.
  • $2.50 charge for out-of-network ATM usage.

See this ​deposit account agreement​ for a complete list of fees for all accounts

How to qualify for the bonus:

To qualify for the $100 bonus, make sure you make 10 qualifying transactions—such as purchases with your debit card, QuickDeposits, online bill payments, etc.—within 60 days of opening the account and using the welcome coupon from this link to access the offer. You must open your new account using this coupon by October 19, 2022, to qualify for the bonus.

Chase Total Checking Account + $200 Sign-Up Bonus

The Chase Total Checking account is one of the bank’s more popular deposit products. And from now until October 19, 2022, this account features a $200 sign-up bonus for new customers.

How to qualify for the bonus:

Get $200 when you open a new Chase Total Checking account and set up direct deposit within 90 days of coupon enrollment (using the coupon code you receive through this link to register for an account).

To earn the $200 bonus you will need to set up a direct deposit to this account within 90 days of opening it. This direct deposit must come from an employer, government agency in the form of benefits (social security) or pensions. Person-to-person payments are not considered direct deposits.

The direct deposit requirement to earn the cash bonus is often the largest ‘catch’ for offers like these. Many other banks have similar terms for their bonuses.

Fees and how to avoid them:

This account has a $12 monthly service fee that you can avoid by meeting one of the following criteria:

  1. setting up electronic deposits totaling $500 or more,
  2. maintaining an average daily balance of at least $1,500 in just this account, or
  3. maintaining an average daily balance of at least $5,000 across all linked deposit and investment accounts.

The insufficient funds and returned item overdraft fees of $34 each apply to all Chase checking accounts, and so does Debit Card Coverage, if you choose to use it. Overdraft protection options are also the same on all accounts.

This is a standard checking account, which doesn’t earn interest.

Chase Business Complete Banking + $300 Sign-Up Bonus

The Chase checking account that will give you the highest signup bonus—$300—is the Business Complete Banking checking account, which offers business features such as Chase QuickDeposit and QuickAccept. QuickAccept allows you to accept and manage payments for purchases. You can also:

  • Issue refunds
  • Track disputes
  • Accept contactless or manual payments through the Chase app
  • Receive same-day deposits

Fees for this service are 2.6% + $0.10 for transactions that are tapped, dipped, or swiped and 3.5% + $0.10 for transactions that you enter manually from the Chase app.

How to qualify for the bonus: 

Because this is a business account, the requirements for receiving the bonus are a bit different than the other two accounts we’ve featured so far. 

To qualify, you must deposit at least $2,000 in new money into this account within 30 days of opening and maintain this balance for at least 60 days. You must also make at least five qualifying transactions (which include debit card purchases, QuickAccept deposits, ACH transfers, wires, and bill pay.

Once these requirements are met, the $300 bonus will be directly deposited into your account within 15 business days.

This bonus offer is valid now through October 19, 2022. You must use this link to get your sign-up coupon code and receive the bonus after reaching the requirements.

Fees and how to avoid them: 

This account’s $15 monthly maintenance fee can be avoided by:

  1. Maintaining an average daily balance of at least $2,000
  2. Making at least $2,000 in transactions using your Chase Ink Business credit card
  3. Receiving at least $2,000 in deposits from QuickAccept transactions or payments from a third party platform
  4. These qualifications must be met every statement period.

You can also avoid this fee if you are an active-duty U.S. service member (must provide identification as proof) or Chase Private Client.

If you are the owner of a Chase Business Complete Banking checking account, you’ll have:

  1. Unlimited electronic deposits, ACH transfers, and Chase QuickDeposit transactions,
  2. Free check monitoring services,
  3. Account activity alerts.

About Chase Bank Checking Accounts + Customer Sentiment

The Chase checking account options range from the very basic but less rewarding College checking account, to a benefits-packed Business Complete Banking account. All three options have their advantages. The majority of customers opt for a Total checking account, but Chase has an account that’ll work for nearly anyone.

Please note that there are even more Chase checking accounts to choose from, but these are the most popular accounts and the ones that most frequently offer signup bonuses.

This bank is very good at meeting its clients’ needs according to review agencies.

According to a study conducted by J.D. Power in 2019, Chase scored 846 on a 1,000 point scale in customer satisfaction and was tied for 2nd in a ranking of banks with the highest overall satisfaction score (the national average is 838).

Per this press release:

“Customers of Chase recognize the bank for providing innovative technology, having the lowest incidence of problems, and high satisfaction associated with credit cards and ATMs.”

As one of the largest and highest-asset banks in the U.S., it should come as no surprise that Chase has thousands of ATM and branch locations across the country. As of March 2022, there are over 17,000 ATMs with 5,100 Chase branches.

It’s also worth noting that the Chase mobile banking app is superb. It is easy to navigate and allows you to do anything you may need to do, from account management to getting help with a question. Across the millions of Apple and Android customers that use this app the vast majority are happy with it – scoring a 4.8 star and 4.4 star rating, respectively. This cannot be overstated, as many much less popular banking apps receive lower ratings.

Final Thoughts

Chase Bank offers far-reaching access through their branches and ATM networks, comprehensive online banking and mobile app features, and cold hard cash for new accounts.

Just remember, these three bonus offers are not available to existing Chase customers. But if you are new to Chase and in need of a checking account, you’ll likely find a home with one of these accounts.

Chase First Banking Review – A Debit Card for Kids with Parental Controls


Chase Bank is the largest bank in the United States as of 2021. This bank has over $3.03 trillion in assets and one of the highest customer satisfaction rates across the board. But how does the new Chase Bank debit product for kids and teens stack up against its competitors?

The Chase First Banking account was created as a kid-friendly banking account that helps kids learn the value of money and parents play an active role in this process. Launched in 2020 in partnership with Greenlight, Chase First Banking has many of the features seen in popular kids’ banking products, plus a few management options parents may love.

Is the Chase First Banking account right for your family? Continue reading our comprehensive review below, and see how it stacks up against the competition in our rundown of the best debit cards for kids and teens this year!

Who’s It For

image credit: chase.com

Average age: 6-13

Good candidate: Older children and younger teens who are not quite ready to be financially independent and would benefit from moderate parental control.

Kids between the ages of 6 and 17 are eligible to be added as users to this account. However, a Chase First Banking account does not support direct deposit, so if your teenager is already earning their own money and they want to deposit it directly into their own account, they will need to do so another way or get a different account like the Chase High School Checking account.

Only Chase customers are eligible to sign up for this account and parents must link a qualifying Chase checking account in order to get started. Qualifying accounts include but are not limited to the Chase Total Checking, Chase Premier Checking, Chase Better Banking, and Chase Private Client accounts.

Features and Benefits

Fees: no monthly service fee, no fee for in-network ATMs ($2.50 per withdrawal from out-of-network ATMs), $5 card replacement fee per card, 3% foreign exchange fee

The Chase First Banking account debit card is offered through Greenlight, one of the most popular kids’ banking products and apps on the market. So not surprisingly, there are a few similarities between this product and Greenlight. However, this checking account by Chase is structured differently and better for kids that are a little older.

This is a fee-free banking product that gives kids valuable learning experiences and parents the ability to “micromanage” their kids’ accounts. For both parents and kids, this account is divided into three categories: Spend, Save, and Earn. Take a look at what this is like for each.

For Parents

As the account owner of a Chase First Banking checking account, parents have control over their kids’ spending and are responsible for transferring money into their account. They must fund their child’s account with a linked Chase checking account.

In the Spend category, parents can choose where their kids do or don’t shop, how much they may spend at certain places, and even freeze their cards as needed from the app. They can set “Places to spend” which can be either specific merchants or merchant categories they would like to restrict. 

Restrictions may mean setting spending limits for those categories or prohibiting spending at them altogether. For example, a parent may decide to allow their child to only spend $20 at a movie theater, $75 on clothing, or $25 at a restaurant, etc. Such categorical spending limits can be set by the parents with this account.

Money not in a “Places to spend” category becomes “Spend anywhere” funds. “Spend anywhere” money can be used anywhere (except for prohibited establishments) until there is no more available. All transactions that would overdraft either “Places to Spend” or “Spend Anywhere” funds are automatically declined. Kids can only use funds from “Places to spend” or “Spend anywhere.” 

In the Save category, parents can essentially require their kids to set aside their money for future use by assigning it to their savings for them. By placing money into the “General savings” category, parents can effectively save for their kids and teach them good habits. Kids can then decide which categories to put their savings into if they have specific goals set up.

Finally, in the Earn category, parents can pay their children allowances via recurring transfers into either their “Spend anywhere” or “General savings” balance. Chores can be assigned in the app that earn allowance when completed. For one-time payments, parents can select “Transfer money” and initiate this transaction from their own linked checking account.

Parents may choose to set up alerts to be notified when their kids use their cards. Only one parent or guardian may manage and have access to a Chase First Banking account.

For Kids

On the kids’ side, users are more limited in what they can and can’t do. Their parents will decide for them what money they can spend and what they can spend it on.

But stringent though these terms may be, kids still have a lot of options for what they do with their Chase First Banking funds. For example, they can set savings goals for themselves that they contribute to, even if their parents have already designated a certain chunk of money to be put away in savings. After they reach a goal, a parent may choose to move this money to a spending category for their child to use or leave it in savings. 

Unlike some similar products, kids will not receive rewards from their parents for reaching savings goals or saving more money (i.e. an interest rate paid on their savings balance or an account bonus when a goal is met). This account does not earn interest paid by Chase bank either.

Kids can also ask for more money. If a child would like more money added to their account, they can request this from their parents from the app. This money can be transferred into a spending or saving category at the parent’s discretion.

Another way kids can receive funds is by completing chores or tasks for their parents. Many parents assign chores to their kids through the app and set a reward amount that their child can see for the completion of these chores. Others set fixed recurring allowances without specific chores.

Chase First Banking debit cards can be used online and almost anywhere Visa is accepted, including at more than 16,000 transaction-free Chase ATMs. They can also be used internationally, but foreign exchange fees may apply. Unfortunately, many types of withdrawals and transfers are prohibited.

There are only two ways that kids can withdraw funds from their account:

  • At an ATM (fees are assessed at out-of-network locations)
  • As cashback on non-PIN debit card transactions for in-person or online purchases

The only other way funds can leave a child’s account is if their parent transfers it.

Kids can either spend or save their money only. They are not able to invest it into real stocks or donate it to charity through Chase.

A child may lock or unlock their own card from the Chase mobile app in the event that it is lost or stolen.

How Much Does it Cost

The Chase first Banking checking account with debit card does not come with any service fees. It also does not penalize low balances.

It does not cost most users anything to use, open, or keep (with the only real fees coming from foreign transactions, card replacement, and withdrawals from out-of-network ATMs).

This is not a subscription-based product, so there are also no costs associated with keeping your account and accessing all of its features. As long as the qualifying Chase checking account linked with a Chase First Banking account remains in good standing, your First account will stay open. 

Please note that this account does not qualify for signup bonuses applied to other Chase personal checking accounts.

Chase First Banking Vs. Competitors

One of the main benefits of Chase First Banking is that it does not charge unnecessary subscription or service fees like many other kid-friendly deposit products (including FamZoo).

Chase First Banking is also a popular choice because it gives parents much more control than other apps and products. For example, few kids’ debit cards or checking accounts allow parents to set spending categories for their kids or set aside money for savings on their behalf. These could be especially useful for parents of children who have not had much practice managing their own money.

Chase First Banking checking accounts are incredibly safe too. As we’ll talk about, they protect against unsafe spending, fraud, and unauthorized debit transactions.

Potential Drawbacks

One potential drawback to this product is that it requires you to be a Chase customer to open. And while Chase is a great bank for many people, this may be an inconvenience for some.

There are also several limitations on how money can go into and out of this account. For example, the account owner cannot deposit money into this account via ACH transfer or wire transfer or transfer money in these ways. 

Additionally, kids are limited in how they may use their money. Some families may prefer a product that allows them to put money toward giving or investments in addition to spending and saving.

A Chase First Banking account also has no check writing capabilities and does not allow check deposits of any kind. Chase convenience services including Chase QuickPay and Chase QuickDeposit are not available for this account, and users cannot use peer-to-peer transaction services such as Zelle or Venmo.

This account does not pay interest on money saved, so look elsewhere if this feature is important to you and your child.

Consumer Sentiment

Chase Bank is known for providing above-average customer service, and Chase First Banking account users are generally satisfied.

The Chase mobile app is highly regarded with 4.4 stars in Google Play and 4.8 stars in the App Store. Its interface is easy to navigate and most users have little to no trouble accessing their accounts and getting questions answered through the app and/or online platform.

To contact customer support, you can send a secure message through the app or online banking platform or give Chase a call at 1-800-935-9935.

Is It Safe

In addition to being FDIC insured up to $250,000, Chase First Banking checking accounts are covered by Zero Liability Protection and 24/7 Fraud Monitoring. These features will keep your child’s money safe from unauthorized debit transactions and flag you if suspicious activity occurs.

Chase protects kids’ safety by prohibiting spending at dangerous establishments and by capping daily spending and withdrawals. Prohibited transaction types include:

  • Gambling purchases
  • Rental purchases
  • Cash withdrawals
  • Check purchases

As mentioned, parents can also take their kids’ safety into their own hands by limiting or restricting their spending at certain establishments. Additionally, use of these debit cards on peer-to-peer spending networks like Zelle, Venmo, and PayPal is prohibited.

How to Sign Up

Signing up for this checking account can be done completely online or through the Chase mobile app. To be eligible to sign up, you must be a Chase checking account customer already or be willing to open an account. 

If you qualify, you can sign up by providing your personal information and linking your Chase checking account. Your child should receive their debit card within three to five business days.

Only one parent or guardian may be the owner of a Chase First Banking account. Each Chase customer can open up to five Chase First Banking accounts per qualifying checking account (if at any time your linked checking account is closed, this account will be as well).

Final Thoughts

For parents of kids and young teens that want a little more control over their kids’ spending, the Chase First Banking account is not a bad way to go. This account allows parents to manage their children’s spending on a more granular level than other products and apps do, making this one of the best options for parents hoping to help their children learn important money management skills. 

If you don’t mind the restrictions and limitations of this account (i.e. few funding options and a number of services not available), then it may be a good fit.