Now parents and kids have a new tool that can help them manage allowances, organize and complete chores, and save toward a goal. Available today, Chase First Banking is a new checking account with no monthly fees designed to help parents teach kids and teens about the importance of money management through the Chase Mobile app.
The account was created in partnership with Greenlight – a company with a mission to help parents raise financially intelligent children.
Most children learn about money when they go shopping with their families. But as more transactions go digital, kids can miss out on real-time discussions about the value of money and what purchases are made.
“Today, more than ever, parents are juggling all of their responsibilities,” said Allison Beer, director of consumer digital banking and community banking for JPMorgan Chase. “To help with this, we’ve made it easier to manage your kids’ allowances, as well as keep track of chores and teach them about the importance of having financial skills, all from the Chase Mobile app.”.
To make things easy, the Chase First Banking account has three features —Earn, Spend and Save. It works in the following way:
- As account owners, the Earn section will allow you to set allowances and assign household chores, including how much the kids will receive and when chores need to be completed.
- The amount of money that children can spend and in what types of establishments can be determined in the Spend section; You will even receive alerts when an expense occurs.
- They also have exclusive control over the movement of funds from the Save section once kids complete a goal.
- For added peace of mind, they can also turn features on and off, lock the kids’ debit card, cancel and adjust tasks; as well as the allowances.
- Each child gets a debit card that can be used within limits set by their parents.
- From the Chase Mobile app, in the Earn section, they can see what tasks have been assigned to them, mark them when they are completed, and see when they get paid their allowance.
- The Spend section helps them know how much money they have and where they can shop.
- The Save section helps them work toward a financial goal and lets their parents know when that goal has been met.
- They can also block or freeze your card if they lose it.
“Having this account is like having a learning license to know how to manage your finances healthily: Children can learn to manage money while parents can guide their experience in real-time and safely.”
Exclusively for Chase customers with personal accounts, Chase First Banking accounts can be opened for free by parents, adult relatives, and guardians through their Chase Mobile app, which is also available in Spanish. Chase has more than 54 million digitally active customers and 39 million mobile active customers. For more information, including videos on how this account works, visit Chase.com/FirstBanking starting today or visit a Chase branch. In addition to Chase First Banking, the bank also offers checking and savings accounts for college and high school-age youth.