Opening a bank account for a minor can be a fantastic way to introduce them to financial literacy, responsibility, and the world of managing money. Chase Bank offers specific options designed for kids and teens, making it a popular choice for many families. This comprehensive guide will walk you through the process step-by-step, ensuring you have all the information you need to get your minor set up for financial success.
Are you ready to empower your child with valuable money skills? Let's dive in!
Step 1: Understand the Types of Minor Accounts at Chase
Before you even think about gathering documents, it's crucial to understand the specific account types Chase offers for minors. This will help you choose the best fit for your child's age and your family's financial goals.
Sub-heading: Chase First Banking Account (Ages 6-17)
This account is specifically designed for younger kids and early teens, with a strong emphasis on parental control and financial education. It's an excellent way to introduce them to a debit card and responsible spending habits.
Key Features:
Parent-controlled spending: Parents can set limits on where and how much their child can spend, and even assign chores with associated allowances.
Debit Card: The child gets their own debit card for purchases within the set limits.
Mobile App Access: Both parents and kids can track balances and transactions through the Chase Mobile app.
Savings Goals: Kids can set and track savings goals within the app.
No Monthly Service Fee: This account typically comes with no monthly fees.
Important Note: Funds can only be transferred into this account from the parent/guardian's qualifying Chase checking account. Cash/check deposits or direct deposits are generally not supported.
Sub-heading: Chase High School Checking Account (Ages 13-17)
As the name suggests, this account is tailored for high school students who might be starting to earn their own money or need more independence with their finances, still with parental oversight.
Key Features:
Co-ownership: Requires a parent or guardian as a co-owner.
Linked to Parent's Account: Must be linked to the parent/guardian's existing qualifying Chase checking account.
Debit Card: The teen receives a debit card for transactions.
No Monthly Service Fee: The monthly service fee is typically waived for students aged 13-17.
Conversion: Once the student turns 19, this account usually converts to a Chase Total Checking® account.
Sub-heading: Chase Savings Account (Joint Account)
While not exclusively for minors, a standard Chase Savings account can be opened as a joint account with a minor, with a parent or guardian as the primary owner. This is a more traditional savings option.
Key Features:
Joint Ownership: Parent/guardian has control, but the child may be able to manage the account for deposits and withdrawals (depending on age and bank policy).
Interest Earning: Money in the account can earn interest.
Parental Oversight: The parent maintains oversight of the account.
Potential Fees: Be aware of any monthly service fees or minimum balance requirements that might apply to standard savings accounts. These can often be waived by meeting certain criteria.
Step 2: Gather Required Documents for Both Parent/Guardian and Minor
This is a critical step, as missing documents can delay the account opening process. Ensure you have originals or certified copies of all necessary identification and information.
Sub-heading: For the Parent/Guardian (Co-Owner)
As the adult opening the account for the minor, you will need to provide your own identification and proof of address.
Primary Photo ID: One unexpired government-issued photo identification. Examples include:
Driver's License or State ID
U.S. Passport or Passport Card
Military ID
Secondary ID (if required): Sometimes a second form of ID might be requested. This could be a debit card, credit card (from another institution), or a utility bill.
Social Security Number (SSN): Your SSN is essential for tax purposes.
Proof of Address: A recent utility bill (gas, electric, water), lease agreement, or mortgage statement with your current residential address.
Existing Chase Checking Account (for Chase First Banking/High School Checking): If you're opening a Chase First Banking or High School Checking account, you must have a qualifying personal Chase checking account (e.g., Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Checking, etc.). This account will be linked to the minor's account.
Sub-heading: For the Minor
The minor will also need to provide identification, though the requirements can be less stringent than for adults.
Identification for the Minor:
Social Security Number (SSN): This is crucial for the minor's account.
Birth Certificate (Original or Certified Copy): This is often required to prove the minor's age and your relationship.
School ID with Photo (for High School Checking, if available and accepted by Chase)
Passport (if available)
State-Issued ID (if the minor has one)
Proof of Student Status (for High School Checking): For a Chase High School Checking account, you might need to show proof of student status, such as a school transcript or an acceptance letter.
Step 3: Choose Your Application Method: In-Branch or Online
Chase generally prefers an in-person visit for opening minor accounts, especially for the High School Checking option, but some online options exist.
Sub-heading: In-Branch Application (Recommended for Most Minor Accounts)
This is often the most straightforward and recommended method, as a banker can guide you through the process and answer any questions.
Schedule an Appointment: While walk-ins are possible, it's highly recommended to schedule an appointment with a Chase banker. This ensures someone is available to assist you and you won't have a long wait. You can typically do this through the Chase website or by calling your local branch.
Bring All Documents: Arrive at the branch with all the required documents for both yourself and the minor.
Attend with the Minor: For Chase High School Checking, the student must be present at the branch with the parent/guardian. For Chase First Banking, the minor's presence might be encouraged for educational purposes but may not be strictly mandatory for the account opening itself (though verifying their identity will still be needed).
Complete the Application: The banker will guide you through the application form. You will both sign necessary documents, including the account agreement.
Make Initial Deposit (if required): Some accounts may require a small initial deposit to activate.
Sub-heading: Online Application (Limited Availability for Minor Accounts)
While Chase has a robust online presence, opening a new minor account entirely online can be limited, especially for checking accounts like High School Checking.
Check Eligibility: The Chase First Banking account can often be opened online through the Chase Mobile app by a current Chase checking customer.
Login to Your Chase Account: If you are an existing Chase customer, log in to your online banking or mobile app.
Navigate to Account Opening: Look for options to "Open a New Account" or "Add an Account."
Follow On-Screen Prompts: The online application will guide you through entering information for both yourself and the minor. You will likely need to upload images of identification documents.
Verification Process: Be prepared for potential additional verification steps, which might include video calls or submitting further documentation by mail.
Step 4: Set Up Parental Controls and Financial Education Tools
Once the account is open, it's time to activate the features that will help your minor learn about money.
Sub-heading: Utilizing the Chase Mobile App
The Chase Mobile app is a powerful tool for both parents and minors.
Parental Dashboard: As a parent, you'll have a dedicated section in your app to oversee the minor's account. This is where you can:
Set Spending Limits: Control daily or per-transaction spending limits on their debit card.
Choose Merchant Categories: Restrict spending at certain types of stores (e.g., no online gaming purchases).
Manage Allowances and Chores: If using Chase First Banking, you can set up recurring allowances and even assign chores that, once marked complete, trigger an allowance payment.
Receive Alerts: Get real-time notifications for purchases, withdrawals, or low balances.
Lock/Unlock Debit Card: Instantly lock or unlock the minor's debit card if it's lost or misused.
Minor's App Access: Your child can also have their own login to the Chase Mobile app, allowing them to:
Check Balances: See how much money they have.
Track Transactions: Review their spending history.
Monitor Savings Goals: See their progress towards their financial goals.
Mark Chores Complete (Chase First Banking): If applicable, they can mark chores as done.
Sub-heading: Discussing Financial Concepts
Opening the account is just the first step. Engage your child in conversations about:
Budgeting: How much money they have and how to allocate it for different purposes.
Saving: The importance of setting aside money for future goals.
Spending Wisely: Distinguishing between needs and wants.
Debit Card Usage: How to use their debit card responsibly and securely.
ATM Usage: How to withdraw cash and understand any potential fees for non-Chase ATMs.
Step 5: Monitor and Guide Their Financial Journey
Financial education is an ongoing process. Continue to monitor their activity and provide guidance as they grow.
Regular Check-ins: Periodically review their account activity together. This is a great opportunity to discuss their spending habits and savings progress.
Adjust Controls as Needed: As your child matures and demonstrates more responsibility, you can gradually adjust spending limits and give them more autonomy.
Encourage Savings Goals: Help them identify new savings goals, whether it's for a new toy, a larger purchase, or even contributing to college savings.
Teach About Fees: Explain how certain actions, like using an out-of-network ATM, might incur fees.
Frequently Asked Questions about Opening a Chase Bank Account for a Minor
Here are 10 common questions with quick answers to help you further:
How to determine which Chase minor account is best?
The best account depends on your child's age and your goals: Chase First Banking (ages 6-17) is great for younger kids learning the basics with strong parental controls, while Chase High School Checking (ages 13-17) offers more independence for teens. A standard Chase Savings account can be opened jointly for long-term savings.
How to open a Chase First Banking account if I'm not a current Chase customer?
You must be a current Chase checking customer to open a Chase First Banking account for your child. First, you'll need to open a qualifying Chase checking account for yourself.
How to add a minor to an existing Chase account?
You typically cannot simply "add" a minor to an existing individual account. Instead, you would open a new joint account with the minor, or a specialized minor account like Chase First Banking or High School Checking, where you are the co-owner/primary owner.
How to manage a Chase minor account online or via the app?
Once opened, parents can manage the minor's account and settings (like spending limits and alerts) through their own Chase Mobile app or online banking portal. Minors with their own app access can view balances and transactions.
How to deposit money into a Chase minor account?
For Chase First Banking, funds can only be transferred from the parent's linked Chase checking account via the app. For Chase High School Checking and joint savings accounts, you can typically deposit cash or checks at a branch, ATM, or through direct deposit (if applicable).
How to get a debit card for a minor with a Chase account?
Both Chase First Banking and Chase High School Checking accounts come with a debit card issued in the minor's name. For joint savings accounts, a debit card may be available depending on the account type and bank policy.
How to waive monthly fees on a Chase minor account?
Chase First Banking and Chase High School Checking accounts typically have no monthly service fees if the eligibility requirements (like age and parent's linked checking account) are met. For a standard joint savings account, fee waivers may apply based on minimum daily balances or linked accounts.
How to close a Chase minor account?
To close a minor's account, both the parent/guardian and potentially the minor (depending on their age and account type) may need to visit a Chase branch or contact customer service. All funds will need to be withdrawn or transferred.
How to upgrade a Chase minor account when they turn 18 or 19?
Chase High School Checking accounts automatically convert to a Chase Total Checking® account when the student turns 19. For other minor accounts, it's recommended that the young adult open their own individual accounts once they reach the age of majority.
How to teach my child about financial literacy using their Chase account?
Use the account as a practical tool. Set savings goals together, review transactions, discuss budgeting for purchases, and explain the difference between needs and wants. The Chase First Banking app's chore and allowance features are great for hands-on learning.
