You can just walk into Chase and open an account within thirty minutes. This is how easy it is for new customers and minors to open a bank account with Chase. Yes, you heard that right- minors.
Chase bank is one of the banks which allows minors to open accounts. Minors here, are referred to as high school students or kids from the age of 6 to 17 years old. Unless you are an adult, you will need parental approval and backing.
Now, here is what to know about opening a new account at Chase bank.
What Is Needed To Open A Bank Account At Chase
Firstly, you will need to meet the requirements to open a bank account at chase. As previously mentioned, minors would need the consent of their parents. On the other hand, adults will need the following below:
- A form of identification. Your driver’s license, social security or passport will suffice.
- Residential evidence. You could use your bill statements, lease mortgage document or any other form of legal documents showing you dwell in your current residency.
- Any minimum payment required for account type you want. I will be discussing the different types of chase bank accounts shortly.
These are the documents needed to open a Chase bank account. Be sure to take the original documents with you. This is because some banks do not like to use photocopied documents for business.
Finally, you do not need a good credit score to open a Chase bank account. Unless you are going to apply for their credit cards too, your credit score is not considered. Hence, why Chase Bank is a good bank.
The Different Types Of Chase Bank Accounts
Once you have the above Chase bank new account requirements, the next thing you need to know is the type of account you want. Why is this important, my good reader?
Well, different bank accounts serve different needs for the customers. If you got the wrong account, opening a bank account at Chase may turn into a sour business. Your financial needs or goals may not be met.
Here are the different types of Chase Bank accounts you need to be familiar with, before heading to open an account with the bank.
- Savings Accounts: This account is best, when you are trying to save money. You use this account for money you do not intend to use immediately. The account pays interest on any money deposit. Also, it limits monthly withdrawals to six per month. Or else, you will be charged a $5 withdrawal limit fee.
- Checking Accounts: This account is for everyday expenditures. You open this account, when you intend to use for your account for every day transactions and expenditures. This often comes with a debit card. It does not pay interest.
In these two general bank accounts, Chase Bank has different subtypes under each of two categories.
What Types Of Savings Accounts Does Chase Offer
Chase Bank has three savings account types.
1. Chase Savings℠
This is an account, which will save you money. It also pays an interest rate of 0.01%. Also, this savings account can charge a monthly service fee of $5 or $0. It all depends on the following below:
- If you are younger than the age of 18, then there is no monthly service fee for you.
- If your savings account has $300 or more in the beginning of each day, there will be no monthly service fee for you.
- Finally, any $25 or more automatic transfer from your Chase checking account will nullify this monthly service fee each month.
This is the basic savings account, as could be found in many other banks. You can open this one with the sole purpose of saving money in there, until it is needed. This is especially, when you are working class adult like me.
2. Chase Premier Savings℠
The Chase savings account has a better interest than the previously mentioned account. The interest rate is 0.02%. However, you will need to limit your monthly withdrawal to three. Or else, you will be charged a withdrawal limit fee of $5.
It is a savings account recommended for people with savings of more than $15,000. This is because you will be charged a monthly service fee of $25, if you do not have a balance of $15,000 in the beginning of each day.
I do not know about you, but $25 monthly service fee for a saving accounts amounts to $300 a year. Well, this is an unwanted expenses for the average American young working class adult. Am I right?
If you link this savings account to the Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account though, there will be no monthly service fee. I will be discussing about these checking accounts soon. I still do not think this type of savings account is worth it, for anyone struggling to make ends meet.
3. Chase Private Client SavingsSM
This is an advance form of savings account meant for investments. Chase Private Client Savings has a higher daily limit of $100,000 per day. Also, your deposit limit is $250,000 monthly. There will be no monthly service fee, when you have a balance of $150,000 in the beginning of each day.
Otherwise, you can link this account with the Chase Platinum Business Checking℠ account for $0 monthly service fee. The balance is a lot, isn’t it?
With this kind of savings account though, there is no ATM fee anywhere in the world you choose to go. No fees for bank wire transfer of any kind.
Again, I recommend going for the savings account which suits your financial needs and goals. Unless you have tens of thousands to hundred of thousands, you will save yourself the pain of the monthly service fees by using the regular savings account. Would you agree, good reader?
You can read about opening a Chase Savings account to learn about the process. The article discusses the process in depth. That way, you know everything you need before embarking on the journey.
What Types Of Chase Checking Accounts Are There
If you are looking for a Chase Bank account for every day use, Chase offers some good Checking accounts. There is no minimum to open a Chase Checking account, however you may be charged $12 monthly maintenance fee.
Chase Checking Accounts are classified into kids & student checking accounts, every day checking accounts and premium checking accounts. Here is what you need to know about them.
1. Kids & Student Checking Accounts
These accounts are meant for minors. The age to open Chase account is quite low. Your age bracket has to fall within the age of 6 to 24 years of age to qualify. Here are the different checking accounts under this category.
Chase First Banking SM
This type of Chase checking account is for minors of age of 6 to 17. It is owned by the parents or guardians of the minors. There is $0 monthly service fee on this account. Parents need an account with Chase bank to create this kind of account for their children or teens.
Parents can set limit on the Chase First Banking account. You control what your child or teen is spending and where too.
Chase High School Checking SM
This is for students in high school, specifically for students who are 13 to 17 years of age. This is co-owned. What this means, is parents do not control spending limit. But, they own part of the account with the minor.
There is no monthly service fee on this account too. With that said, read Opening A Chase High School Checking Account.
Chase College Checking SM
The Chase College Checking account is an account for students of age 17 to 24. There is no minimum deposit to open it, as with the other two checking accounts for kids and students. Parents do not own this account.
You have to go into a local branch with Chase requirements to open an account. Furthermore, there may be a monthly service fee of $6 or $0. It all depends on whether you will be in college for five years, a monthly electronic deposit from a job or $5000 balance at the end of each day.
The above three are the recommended chase checking accounts for kids and students. For people outside of this category, the everyday checking account below will take care of your everyday financial needs.
2. Every Day Checking Accounts
This type of Chase Checking account is for every day use, as the name implied. Here are the checking account types under the Chase Every Day Checking Account:
Chase Total Checking ®
This kind of Chase Checking account comes with a debit card. It has no minimum deposit. There may be a $12 or $0 monthly service fee for the Chase Total Checking account. To waive the monthly service fee, do one of the followings:
- Deposit $500 monthly
- Or, have at least $1500 balance at the beginning of each day.
The Chase Total Checking account is Chase most popular checking account. It is the one you would go for, when you want a regular checking account.
Chase Secure Banking SM
This checking account protects you from overdraft fees, common with the Chase Total Checking account. There is no minimum deposit to open the account, but this account has a fixed monthly fee of $4.95.
Additionally, you will not be charged fees when you request for money orders and bank checks from Chase. Any check deposits will get cleared within two business days. It is the benefit of this type of Chase checking account.
Chase Premier Plus Checking SM
There is no minimum deposit to open a Chase Premier Plus Checking account. Its benefits include:
- No ATM fees at non-chase ATms
- No fees for bank checks and money orders
- No monthly fees for any other linked Chase Savings Account
There may be a monthly service fee of $25 or $0. The fee can be waived, when you have a $15,000 balance at the beginning of each day. Or, link your mortgage to your Chase bank account.
In retrospect, these Chase checking accounts have their benefits. Overall, they give you access to mobile banking, auto save, ability to open accounts for your kids and a few other shared benefits. But, I suggest you go for the one which meets your financial needs and goals.
3. Premium Checking Accounts
There are two Chase Premium Checking Accounts: Chase Sapphire SM Banking and Chase Private Client Checking SM. These are for people who are trying to invest their money and diversify their income streams. Checking accounts such as these two, need at least $150,000 to waive its $35 monthly service fees.
If you need more information on these two, please contact your local Chase bank.
Cost To Open A Chase Bank Account
Now you know the different types of Chase accounts, how much does it cost to open a Chase bank account?
Chase bank does not charge to open a bank account for you. However, there may be monthly fees like service, overdraft or ATM fees which contribute to the expense of maintaining an account. I have already shown you ways to waive such fees here.
In addition, I would like you to take some money with you when going over to open a bank account at Chase. It may not be necessary, but it is a courtesy. This could be $20 deposit or more for the bank account you want.
Otherwise, premium checking accounts like the Chase Sapphire SM Banking and Chase Private Client Checking SM may require thousands of dollars to qualify. This is because you can only waive monthly service fees in these two accounts, when you have a balance of $150,000 at the beginning of each day.
For more information, contact your local Chase bank.
Does Chase Give Debit Cards To Minors
Yes, Chase gives Debit Cards to Minors with Chase First Banking SM. If you recall from my earlier explanation, this is the type of bank account available for minors of age 6 to 17. The debit card available is a Visa debit card, but it is completely under the monitoring and control of a parent or guardian.
What do I mean by this, my dear reader?
Your parents or guardians can set limits on your debit card. So, the degree of financial irresponsibility on the part of a minor, is greatly reduced since parents or guardians are in charge of debit card. There will be no monthly service fee for this type of account.
In summary, it does not take long to open a bank account at Chase. As long as you have all Chase required documents to open an account, you will be fine. Anyways, when you are ready to build your credit history with the bank through a credit card, read the blue highlighted article. Until then, I trust you will be financially responsible with your new bank account.
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