Chase Teen accounts come with both checking and savings built in
Chase offers Chase First Banking for teens aged 13 to 17, and it includes both a checking account and a savings account in one product. You do not open them separately—they come together as a single account package. The checking side gives the teen a debit card and online access; the savings side earns a small amount of interest and sits in the same account structure.
The account requires a parent or guardian to co-own it. Chase will not open a teen account without an adult on the account, and that adult has full visibility and control over both the checking and savings portions. The teen can see their own balance and make transfers between the two sides, but the parent can freeze the account, set spending limits, or close it at any time.
There are no monthly fees, no minimum balance requirement, and no overdraft fees on the checking side. The savings portion earns interest, though the rate changes with the market and is typically very low—currently a fraction of a percent. Chase publishes the current rate on their website, but it is not competitive with online savings accounts.
Key Takeaways
- Chase First Banking combines checking and savings in one account for teens 13 to 17, with both parts linked under a single parent-teen ownership structure.
- A parent or guardian must co-own the account and can monitor all activity, set spending controls, and manage both the checking and savings portions.
- The checking account includes a debit card and online banking with no monthly fees or minimum balance, while the savings account earns interest at Chase's current rate.
- The teen can transfer money between checking and savings on their own, but cannot overdraft the checking account or incur fees for declined transactions.
How the checking and savings parts work together
Both accounts share the same account number and login. When the teen logs into Chase online or through the mobile app, they see one account with two sections: checking and savings. Money can move between them when ready through the app or online banking. There is no separate card for the savings account—only the checking debit card.
The checking account is where the debit card draws from. If the teen spends money, it comes out of checking first. The savings account is separate and does not have a card attached. The teen can move money into savings to set it aside, but they cannot spend directly from savings without moving it back to checking first.
The parent can see all transactions in both accounts and can set up alerts for spending over a certain amount. Some parents use the savings portion as a way to teach the teen to separate spending money from money they are saving toward a goal. Others leave it empty and use only the checking account.
What the parent controls and what the teen controls
The parent controls the account setup, can freeze or close the account, and can set daily spending limits on the debit card. The parent also receives statements and can monitor all activity. The parent can change the spending limit at any time, and the limit applies to the debit card only—not to online transfers or other activity.
The teen can check their balance, view transaction history, transfer money between checking and savings, and use the debit card up to the daily limit set by the parent. The teen cannot overdraft the account. If they try to spend more than what is in checking, the transaction will be declined. The teen cannot change their own spending limit or close the account.
When the teen turns 18, the account can convert to a standard Chase checking account, but the parent remains the co-owner unless they remove themselves. Chase does not automatically remove the parent when the teen reaches 18.
Interest rates and fees to know about
Chase First Banking charges no monthly maintenance fee, no overdraft fees, and no minimum balance fee. There are no fees for transfers between checking and savings, no fees for using Chase ATMs, and no fees for declined transactions.
The savings portion earns interest, but the rate is set by Chase and changes with market conditions. As of now, the rate is significantly lower than what online savings accounts offer—often less than 0.01% annually. A teen with $1,000 in the savings account would earn less than $1 per year in interest. Chase publishes the current rate on their website and in the account disclosures.
If the teen uses an out-of-network ATM, Chase does not charge a fee, but the other bank may. There are no foreign transaction fees on the debit card, which can be useful if the teen travels.
How to open a Chase First Banking account
The parent must open the account in person at a Chase branch or online through Chase.com. If opening online, the parent will need their own Chase account and a valid ID. The teen does not need to be present for the online process, but they will need to set up their own login once the account is open.
If opening in a branch, both the parent and teen can go together, or the parent can open it alone and add the teen's information later. The parent will need a government-issued ID and proof of address. The teen will need a Social Security number or ITIN.
Once the account is open, the debit card arrives in the mail within 7 to 10 business days. The teen can use the account online and through the app when ready, but cannot use the debit card until it arrives and is activated.
Comparing Chase First Banking to other teen account options
Other banks offer teen accounts with similar structures. Bank of America has BankAmericard for teens, which also combines checking and savings with a parent co-owner. Wells Fargo has a similar product. The main differences are in fees, interest rates, and the ease of opening an account online versus in person.
Some online banks like Greenlight and FamZoo offer teen accounts with more advanced parental controls, such as chore tracking and allowance automation. These accounts do not earn interest and charge monthly fees, but they focus more on teaching money habits than on banking features.
If the teen's goal is straightforward to have a place to keep money and a debit card to spend it, Chase First Banking is straightforward and free. If the parent wants more detailed spending controls or the teen wants to earn meaningful interest, other options may be worth comparing.
What happens when the teen turns 18
Chase does not automatically convert the account or remove the parent. The account can stay as a teen account until the parent chooses to change it, or it can be converted to a standard Chase checking account. The conversion does not require closing and reopening—it happens within the same account number.
After conversion, the parent remains a co-owner unless they explicitly remove themselves. The young adult can request that the parent be removed, but Chase requires the parent's consent or a court order. Some parents stay on the account to help monitor spending; others remove themselves to give the young adult full independence.
If the parent wants to remove themselves, they can do so online or at a branch. Once removed, the young adult owns the account outright and the parent has no access or visibility.
Frequently Asked Questions
Can the teen withdraw money from savings without the parent knowing?
Yes. The teen can transfer money from savings to checking and then spend it with the debit card. The parent will see the transfer and the spending in the account history, but the teen can move money without asking permission first. The parent can review what happened after the fact.
What if the teen loses the debit card?
The parent or teen can report the card lost or stolen through the Chase app or by calling Chase. A replacement card arrives in 7 to 10 business days. The old card is deactivated when ready, so no one can use it. There is no fee for a replacement card.
Can the teen open a Chase First Banking account without a parent?
No. Chase requires a parent or legal guardian to co-own the account. A teen cannot open any Chase account alone until they are 18 and can open a standard adult account.
Does the savings account have a withdrawal limit?
No. The teen can transfer money from savings to checking as many times as they want. There is no limit on the number of transfers per month, unlike some savings accounts at other banks that restrict transfers.
Can the parent set different spending limits for checking and savings?
No. The spending limit applies only to the debit card, which draws from checking. The parent cannot set a separate limit on how much the teen can transfer from savings to checking. The limit is on card spending only.