Money Makers Mentor

Chase Bank Joins Trend of Creating Accounts Targeted Toward Kids

Chase Bank launched its Chase First Banking checking account, which is aimed at kids and teens. The checking account provides tools for parents to help provide financial literacy to their kids. 

With no monthly fees, the account provides kids with the chance to:

Earn

Save

Spend

Parents can manage allowances, assign and check off chores and monitor spending. Meanwhile, kids learn how to save and establish a financial goal. 

In the U.S., nearly 70% of parents give their kids weekly allowances. The average earning is $30 per week, according to a report by American Institutes of CPAs.

Kids usually earn allowance by completing chores such as mowing the lawn and cleaning the car. More than four in five (86%) Americans believe kids should receive an allowance. Also, 92% be…

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