Chase Bank is the largest bank in the United States by asset volume. The bank boasts $3.31 trillion in assets, with the Bank of America coming in a distant second at $2.41 trillion.
But Chase doesn’t only excel other banks in asset value. It’s also one of the most geographically widespread banks in the country, with over 4,700 locations spread across all states except Alaska and Hawaii. So, you can be sure that a Chase branch is never far away wherever you go.
Another thing that gives Chase an edge over the competition is its ongoing bonus offers and promotions. The bank may have earned a notorious reputation for charging hefty fees. But in recent years, it has redeemed itself by providing a host of offers for both new and existing clients.
This article explores Chase Bank’s fantastic offers and promotions for 2023, with a special focus on Chase First Banking. Read on for insights into how to unlock Chase Bank’s deals using its First Banking account.
What Is Chase First Banking?
The Chase First BankingSM is a banking account offered by Chase Bank for kids and teens aged 6 – 17.
As with other child banking services, parents typically open and manage a Chase First Banking account. The account provides numerous benefits, including ZERO service fees.
Chase First Banking account holders typically receive debit cards. These cards can help you digitally manage your kids’ spending while teaching them fundamental personal finance tips.
Why Have A Kids’ Bank Account?
There are numerous reasons to set up a bank account for your kids and teens. That’s regardless of whether it’s a First Banking Chase or an account with any other bank.
As already hinted, a children’s banking account helps them manage their spending digitally. Your kid won’t need to suffer the inconvenience of carrying hard cash while visiting the LEGO shop, ice parlor, or amusement park. They’ll simply whip out the card and pay for the rendered services.
A bank account for children can also help parents impart healthy money habits to their little ones. The kids may learn basic principles of personal finance, such as savings and spending. And who knows, having a bank account can stimulate your kids’ interest in pursuing a career in banking.
But is banking a good career, you may ask?
The answer is a resounding yes. The global commercial banks industry is currently worth $2.8 trillion. Simply put, the banking industry will continue to thrive if people save money.
It’s also worth noting that most bank accounts for children attract zero or negligible fees. That’s compared to accounts for adults that charge significant service and maintenance fees.
The cherry on the cake is that many banks provide investment instruments that parents can leverage to put their children’s savings into good use. Depending on the investment vehicle selected, these savings could earn thousands of dollars by the time your child attains the age of majority.
Why Open A Chase First Banking Account?
Many banking accounts for children would provide the benefits mentioned above. However, a Chase First Banking account offers additional perks that make it truly worth checking out.
Below are some of the unique features of a Chase First Banking account;
Features for Parents
- Ability to determine how your children spend their money
- Ability to pick the physical and online stores where your kids shop at
- Receiving alerts related to your children’s account activity
- Provision for creating kids’ allowance
- Freedom to easily assign chores
- Opportunity to help kids save for posterity
Features for Children
- Convenient withdrawals from Chase Bank’s 15,000 ATMs as well as participating non-Chase ATMs
- Convenient purchases using a Chase Kids debit card
- Ability to create saving and expenditure goals
- Opportunity to learn about money management techniques in real-world scenarios
- An additional Chase Mobile® app for tracking account balance and transactions
Does Chase Have Ongoing Offers on First Banking Accounts?
Chase First Banking accounts attract ZERO monthly service fees. The bank doesn’t waste your children’s savings, making its First Banking accounts especially suitable for small-time savers.
Even better is that Chase Bank has an ongoing bonus offer and promotion for its First Banking customers. Whenever you open a Chase First Banking account, the account holder automatically receives a $25 welcome bonus.
This promotion is unique to each account and isn’t limited to the parent opening it. Theoretically, parents with many children can set up a Chase First Banking account for each kid, and every child would still receive the $25 bank account bonus.
However, Chase Bank allows each parent or guardian to open five Chase First Banking accounts. That’s still a remarkable offer when you think about it.
Setting up A Chase First Banking Account
One great thing about Chase First Banking is that you can easily set up an account online. The account registration process would unfold as follows;
1. Check If You’re Eligible
As stated, a Chase First Banking account is ideal for children aged 6 – 17. The account would need to be opened and managed by a parent or guardian until the account holder attains the age of majority.
The parent/guarding setting up a Chase First Banking account must themselves have an active checking account with the bank.
If you don’t already have an account with Chase, it might interest you to know that new customers enjoy a $200 bonus for opening a Chase Total Checking® account and setting up direct deposit.
2. Determine the Account Manager
Chase Bank only allows one parent/guardian to open and manage a Chase First Banking account.
So, the next step is deciding which spouse will manage the account. Obviously, single parents are exempt from this rule.
3. Download the Application
It’s possible to set up a Chase First Banking checking account directly from the company’s official website. But for better convenience and offline access, you might consider doing so through the application.
The Chase First Banking app is available for download from major app stores, including the Google Play and Apple App Store.
4. Register for an Account
The next step on how to set up Chase First Banking app for child is to formally register for an account using you and your child’s credentials. The process is nearly similar to opening a regular Chase checking account.
But since Chase already has your personal information, you won’t necessarily need to verify your identity.
Fill in any additional requirements and fund the account. Lastly, activate a debit card associated with the account, and you’re good to go.
Funding a Chase First Banking Account
Once you’ve gone through the full process of how to set up Chase First Banking app, it’s now time to let your kid unlock the benefits of a Chase First Banking account.
Your children can learn valuable money-saving tips using their new account. Early exposure to healthy money habits can go a long way in preparing them for posterity.
But first, you’ll need to fund the account using the below procedure;
- Sign into the account using your Chase First Banking child login details.
Launching the Chase app and then proceeding to the Chase First Banking icon is a more straightforward process.
- Tap on “Place to Spend” and select a category.
You can also search for stores directly from the app’s search function.
- Tap on “Transfer money,” then select an amount from the options given or pick a specific dollar amount.
- Check the “from” and “to” accounts, and edit where required.
- Hit “Next” and “Looks good,” and you’re all set.
NOTE: Chase First Banking accounts cannot receive direct deposits. If you’re looking for a teen account with the bank where you can make direct deposits, your best bet would be to open a Chase High School Checking account. This account is designed for 13 – 17-year-olds. It accepts direct deposits as well as check-writing options.
As a trade-off, Chase First Banking accounts don’t incur overdraft fees, provided the final purchase amount doesn’t exceed the originally authorized amount. The account doesn’t require a minimum balance, either.
Even better, Chase is one of the best banking alternatives offering referral bonuses. In addition to blessing your child with a $25 First Banking opening bonus, you can earn $50 for every successful referral.
Using a Chase First Banking Account
There’s virtually no limit to the stores where your child can use their Chase First Banking debit card. They can pay for services at libraries, game stores, amusement parks, e-commerce websites, etc.
The only condition is that the location must have a Chase ATM or other participating ATMs. It’s also prudent to pre-approved these locations to be sure your little ones are putting their savings to good use.
Remember to also inform your child about any limitations imposed by Chase itself.
For starters, the bank doesn’t support peer-to-peer payments, such as those made on PayPal, Venmo, Zelle, and Cash App. Chase also has a $100 ATM limit, which applies to both Chase and non-Chase ATMs.
And needless to say, non-Chase ATM withdrawals and international expenditures may attract additional fees.
Setting up a Chase First Banking account is one of the best financial decisions you can ever make for your children.
Besides the $25 welcome bonus, managing a bank account for your little ones is an ingenious way to impart healthy money habits to them at a tender age.