Chase Teen accounts come with both checking and savings in one package
Chase offers a single teen account that includes both a checking account and a savings account. You do not open them separately — they are linked together from the start. The account is called Chase First Banking, and it is designed for young people ages 6 to 17 who have a parent or guardian co-owner on the account.
The checking side gives you a debit card and online access. The savings side sits in the same account structure and earns a small amount of interest. Both parts work together under one account number, though the bank tracks the balance in each section separately so you can see how much is in checking versus savings.
A parent or guardian must open the account with you and remain a co-owner. You cannot open a Chase teen account on your own, and you cannot convert it to a solo account until you turn 18.
Key Takeaways
- Chase First Banking combines checking and savings in one linked account for teens ages 6 to 17, with a parent or guardian as co-owner.
- The checking side includes a debit card and online banking; the savings side earns interest and keeps your money separate within the same account.
- You need to visit a Chase branch in person to open the account — you cannot do it online.
- The account has no monthly fee, but the savings interest rate is very low and changes based on what Chase offers at any given time.
- When you turn 18, you can convert the account to a standard adult account and remove your parent as co-owner if you choose.
How the checking and savings parts work together
Both the checking and savings portions sit in the same account, but they function as separate buckets. Money you deposit goes into whichever part you choose. If you use your debit card, the charge comes out of the checking balance. If you move money to savings, it stays there until you transfer it back or withdraw it.
The savings portion earns interest, though the rate is typically very low — often less than 0.01% annually, depending on what Chase is offering at the time. You can check the current rate on Chase's website or ask at a branch. The interest compounds daily and posts to your account monthly, but the amount will be small unless you keep a large balance.
You can transfer money between checking and savings online or through the Chase mobile app once the account is open. There is no limit on how many transfers you can make between the two parts of your own account.
What you need to open a Chase teen account
You must go to a Chase branch in person to open First Banking. You cannot open it online or over the phone. Bring a parent or guardian with you, along with a government-issued photo ID for the adult (a driver's license or passport). You will also need to provide a Social Security number for yourself.
Some branches may ask for proof of address, such as a recent utility bill or lease in the parent's name. Call your local Chase branch ahead of time to confirm what documents they want to see, since requirements can vary slightly by location.
The account opens immediately after you complete the paperwork. The debit card is usually ordered and arrives by mail within 7 to 10 business days. You can use online banking and transfers right away, even before the physical card arrives.
Fees, limits, and what changes at age 18
Chase First Banking has no monthly maintenance fee. There are no overdraft fees if you spend more than your balance — the transaction is simply declined. You also will not be charged for using Chase ATMs or for most common banking activities like transfers and bill pay.
The account does have a daily debit card spending limit set by Chase, typically around $500 to $1,000 per day depending on your age and the branch's policies. Ask at the time you open the account what the limit is for your situation. The parent or guardian can adjust some settings through online banking.
When you turn 18, Chase will notify you that the account can be converted to a standard adult checking account. You can keep the savings account open separately or close it. Your parent can remain a co-owner if you both agree, or you can remove them and take full control of the account yourself.
Comparing Chase First Banking to other teen account options
Other banks offer teen accounts with different structures. Some banks, like Bank of America and Wells Fargo, also combine checking and savings in one teen account similar to Chase. Others, like Ally and some credit unions, may require you to open checking and savings as separate accounts.
The main difference between banks is usually the interest rate on savings, the debit card spending limits, and whether the parent can set spending controls. Chase allows parents to set daily spending limits and turn the debit card on or off through the app, which some families find useful. The interest rate difference between banks is usually negligible for teen accounts — most offer less than 0.05% annually.
If you want a higher interest rate on savings, you might consider opening a savings account at an online bank like Marcus or Ally in addition to your Chase checking account. However, that would require a separate account opening and would not be part of the teen account package.
How to manage your money across checking and savings
Once your account is open, you can move money between checking and savings through the Chase mobile app or online banking. Many teens use checking for everyday spending and savings as a place to keep money they want to set aside for a goal.
You can set up automatic transfers if you want to move a certain amount to savings on a regular schedule — for example, $10 every week or $50 every month. This can help you build the habit of saving without having to remember to do it manually.
Your parent or guardian can see all transactions and balances in both accounts through their own login. They cannot spend your money without your knowledge, but they can monitor what you are doing and help you learn about budgeting and financial responsibility.
What happens if you need to close or change the account
If you want to close the account before you turn 18, both you and your parent or guardian must agree. You will need to visit a Chase branch or call customer service. Any remaining balance will be returned to you, usually by check or transfer to another account.
If you move and no longer have access to a Chase branch, you can call Chase customer service to discuss options. Some account changes can be made over the phone, though closing the account typically requires a branch visit or written request.
If your parent or guardian wants to remove themselves as co-owner before you turn 18, that is not usually possible — they remain a co-owner until you reach adulthood and convert the account yourself.
Frequently Asked Questions
Can I have a Chase teen account if I do not have a Social Security number?
No. Chase requires a Social Security number to open any account, including teen accounts. If you do not have one, you will need to obtain one from the Social Security Administration before you can open the account. The process takes several weeks.
Does my parent see every transaction I make?
Yes. Your parent or guardian can log into their own Chase account and view all transactions, balances, and activity on the teen account. They cannot hide transactions from you, and you can see the same information through your own login.
Can I use the debit card online and at stores?
Yes. The debit card works anywhere Visa is accepted, both in stores and online. The daily spending limit applies to all purchases combined, whether you use the card in person or online.
What is the interest rate on the savings part?
Chase does not publish a fixed rate for teen savings. The rate changes based on market conditions and what Chase offers at any given time. You can check the current rate on Chase's website or ask at a branch. Historically, it has been very low — typically less than 0.01% annually.
Can I convert this to a regular adult account when I turn 18?
Yes. Chase will contact you when you turn 18 and explain how to convert First Banking to a standard adult checking account. You can keep the savings account open or close it, and you can remove your parent as co-owner if you want full control of the account.