What you need to bring and who has to be there

Chase requires a parent or legal guardian to open a savings account for a minor. You cannot do it online or by phone — you must visit a Chase branch in person with the child. Bring a government-issued photo ID for the adult (driver's license, passport, or state ID) and either a birth certificate or Social Security card for the minor. If you do not have the child's Social Security number yet, you can still open the account, but Chase will ask for it later to complete tax reporting.

The adult's name goes on the account as the primary owner, and the minor is listed as a joint owner. This means the adult has full control and can withdraw money, close the account, or change settings without the child's permission. The child can also make deposits and withdrawals once the account is open, depending on the account type and the rules the adult sets.

Chase does not require a minimum deposit to open a savings account for a minor, though some branches may ask you to start with a small amount. Call your local Chase branch before you go to confirm what documents they want and whether they have any local requirements.

Key Takeaways

  • A parent or legal guardian must open the account in person at a Chase branch with a government ID and the child's birth certificate or Social Security card.
  • The adult is the primary owner and has full control; the child is a joint owner who can make deposits and withdrawals.
  • Chase offers two main savings products for minors: Chase Savings Account (which earns interest) and Chase First Banking (which includes a debit card and checking features).
  • The account can be opened the same day, and the debit card or checks arrive by mail within 7 to 10 business days.
  • The adult can set withdrawal limits, spending controls, and alerts through the Chase mobile app or online banking.

Chase Savings Account versus Chase First Banking

Chase offers two main products for minors, and which one you choose depends on whether the child needs a debit card and checking features. The Chase Savings Account is a basic savings product that earns interest (the rate changes with the market). It has no monthly fee, no minimum balance, and no debit card. The child can deposit money, earn interest on the balance, and withdraw funds, but there is no way to spend directly from the account at a store or online.

Chase First Banking is a hybrid account that combines checking and savings in one product. It comes with a debit card, allows unlimited deposits and withdrawals, and earns a small amount of interest. The monthly fee is waived as long as the account receives at least one direct deposit per month (such as allowance transferred from the parent's account, a paycheck, or a transfer from another bank). If no direct deposit arrives in a month, the fee is $4.95. This account is better for a child who needs to spend money regularly or who receives regular income.

Both accounts let the adult set up parental controls through the Chase mobile app. You can turn off online and ATM withdrawals, block certain types of purchases, set daily spending limits, and receive alerts when the child makes a transaction over a certain amount.

What happens at the branch and how long it takes

When you arrive at the Chase branch with the child and your documents, a banker will verify your ID, collect the child's information, and ask you to sign paperwork. The process usually takes 15 to 30 minutes. You will choose whether to open a Chase Savings Account or Chase First Banking, set an initial PIN if you want one, and decide on any parental controls you want to set up right away.

The account is active when ready, and you can deposit money the same day. If you chose Chase First Banking, the debit card is ordered during the appointment and arrives by mail within 7 to 10 business days. A temporary card number may be provided so the child can use the card online before the physical card arrives. Checks, if you ordered them, take 7 to 10 business days as well.

You will receive a welcome packet by mail with account details, the routing number, and information about online banking. Set up the Chase mobile app or online banking right away so you can monitor the account and adjust parental controls.

Setting up parental controls and monitoring

Once the account is open, log into Chase online banking or the mobile app with the adult's credentials. Navigate to the account settings for the minor's account and look for "Parental Controls" or "Account Settings." From there, you can turn off specific types of transactions: ATM withdrawals, online purchases, in-store purchases, or all withdrawals except deposits.

You can also set a daily spending limit (for example, $25 per day) and choose to receive alerts when the child makes a purchase over a certain amount, when the balance drops below a threshold, or when a withdrawal is attempted. These alerts come as text messages or push notifications through the app, depending on how you set them up.

The child can see their own balance and transaction history through the Chase mobile app or online banking once you provide them with login credentials, but they cannot change account settings or parental controls. You remain the account owner and can modify these rules at any time.

Fees and interest rates

Chase Savings Account has no monthly maintenance fee. The interest rate on savings balances changes with the market and is typically lower than rates at online banks, but the account earns something. Check the current rate on Chase's website or ask at the branch.

Chase First Banking has a $4.95 monthly fee unless the account receives at least one direct deposit per month. Direct deposit can be a transfer from the parent's account, a paycheck, or money from another bank. If your child receives regular allowance or income, setting up a monthly direct deposit is the easiest way to avoid the fee.

Neither account charges fees for debit card use, ATM withdrawals at Chase ATMs, or transfers between accounts. Out-of-network ATM withdrawals may incur a fee depending on the ATM operator.

Age limits and what happens when the child turns 18

Chase allows minors of any age to have a savings account as long as a parent or legal guardian is the primary owner. There is no minimum age requirement. When the child turns 18, the account does not automatically close or change. The adult remains the primary owner unless you both go to a Chase branch and convert it to a standard adult account in the child's name alone, or unless the adult removes themselves as an owner.

If you want the account to transition to the child's sole ownership at age 18, you will need to visit a branch together and complete a conversion form. The child will then be responsible for all account activity and decisions. If you do not take action, the account straightforward continues as a joint account with both names on it.

Alternatives if you do not have a Chase branch nearby

Chase does not offer online account opening for minors, so you must visit a physical branch. If there is no Chase branch near you, other banks offer similar products: Bank of America has BankAmericard for Students, Wells Fargo has Way2Save Savings for minors, and many credit unions offer youth savings accounts. Some online banks like Greenlight and Fidelgo specialize in accounts for minors and allow parents to open them without visiting a branch, though they may have different features and fee structures than Chase.

If you have an existing Chase account and want to add a minor to it, ask a banker whether you can add the child as an authorized user on your account instead of opening a separate account. This gives the child a debit card linked to your account but does not create a separate savings product.

Frequently Asked Questions

Can I open a Chase account for a minor without the child being present?

No. Chase requires both the parent or guardian and the minor to be present at a branch. You cannot open the account by phone, online, or by mail. If the child cannot visit the branch, you will need to wait until they can go with you.

What if I do not have the child's Social Security number yet?

You can open the account without it, but Chase will ask for the number later to complete tax reporting on any interest earned. Bring a birth certificate instead if you do not have the Social Security card. You can provide the number within a few weeks after opening the account.

Can the child withdraw all the money without my permission?

Yes, unless you set parental controls to block withdrawals. You can turn off ATM withdrawals, online transfers, or all withdrawals through the Chase app. If you want to prevent the child from accessing the money, you must set these controls when you open the account or add them later.

What is the difference between a joint account and an authorized user account?

A joint account gives the child their own account number and savings product with their name on it. An authorized user is added to your existing account and uses a debit card tied to your account. Joint accounts are better for teaching financial independence; authorized user accounts are simpler if you want to monitor spending closely.

Does the account earn interest, and how much?

Chase Savings Account and Chase First Banking both earn interest, but the rate is typically lower than online banks. The rate changes with the market. Check Chase's website or ask at the branch for the current rate before you open the account.