Minors can open a Chase High School Checking Account at Chase Bank. To rephrase, you can set up a bank account at Chase for a minor. I know it seems scary allowing a teenager in high school to have such a financial responsibility. But, Chase bank has bank accounts tailored to help the average teen manage money without incurring debt in the process.
What do I mean by this, good reader?
Well, Chase bank has a checking account personally made to accommodate high school students. It is called the Chase High School Checking Account. It is one of the best free checking accounts for high school students. This is because it provides the benefits of checking account, minus the monthly fees associated with a regular checking account.
This is perfect for guardians who want to track the allowances they pay their young adults. Also, it is good for working young adults who need a bank account for job-related transactions. To learn more about checking accounts, read my article: Opening A Bank Account: What You Need To Know.
Features Of a Chase High School Checking Account
The Chase High School Account comes with a lot of checking account benefits. It includes a debit card, direct deposit and no monthly maintenance fees. This is importance, since a checking account is meant for everyday transaction.
Here is what you need to know about each of these benefits:
1. A Debit Card
The Chase High School Account comes with a debit card. You can use this debit in any of Chase ATM branches for free. Also, there is fraud protection of the debit in case of fraud.
Finally, the adult who opened a Chase account for a minor can monitor transactions on the debit card. This includes the depositing and withdrawal of money. In fact, there will be an alert each time a transaction is done.
2. No Monthly Fees
There is no Chase High School Checking Account fees. This account is for students within the age range of 13 to 17 years, with parents or guardians as co-owners. As long as the minor fails within this age, the bank will not charge you fees for maintaining a checking account.
However, this changes as soon as the account holder turns 19. The Chase High School Checking Account will change to a regular Chase Total Checking Account. Chase Total Checking Account has monthly fees.
3. Direct Deposits
Holders of the Chase High School Checking Account has the direct deposit benefits. This is as well as withdrawal and wire benefits. The account is for every day use anyways, so the benefits are the same with a checking account.
Who Can Open A Chase High School Checking Account
Although I mentioned earlier that a minor can open this type of bank account, it is actually the parents or guardians who do it. This is because this checking account is meant to have a guardian or parents as co-owners. The parents or a guardian must have a preexisting account with bank to be able to create this account for their young adult within the age bracket of 13 to 17 years.
If the intended person falls outside of this age bracket, read my article: How To Open An Account At Chase Bank, for other kinds of Chase Bank Accounts.
What You Need For A Chase High School Checking Account
The requirements for Chase student bank account, particularly a high school checking account is like any other bank account. Here are what you need:
- A legal form of identification
- Your social security card
- Evidence of being a high school student. A copy of a transcript record will suffice.
Additionally, your guardian or parents must have an existing account with the bank. This is because the adult who opens a chase account for a minor, must be an eligible account holder. By eligible account holder here, some accounts do not qualify. These account include Chase High School Checking℠, Chase College Checking℠, Chase Secure Checking℠ and Chase First Checking℠.
To sum it up, these are basically what are needed to open a Chase checking account for minors. The Chase bank teenager account is one of the best out there. This is because it enables you to monitor your child’s account, while teaching them basic personal finance skills using a Chase mobile banking feature called Autosave.
If you have further questions about opening a Chase account for a minor, I recommend reaching out to one of its branches. They will offer to help you. Besides, they are in the position to show you the best Chase bank student accounts for your child.
What Is A FICO Score: How It Affects Your Life