Chase has introduced a new account for parents and children to manage allowances, complete and check off chores, monitor spending, and save towards a goal.
Chase First Banking, built in collaboration with fintech Greenlight, is a fee-free account designed to help parents teach kids and teens about the importance of money management through the Chase Mobile app.
Launched in 2017, Greenligh combines a 'smart' debit card with an app to help kids improve their financial literacy while giving parents controls on spending. The firm in September joined the unicorn club after closing a $215 million Series C funding round at a $1.2 billion valuation.
Parents can use the Chase app to set allowances and assign chores, including how much kids will receive and when they need to be completed.
Children get their own debit cards that can be used based on pre-set spending limits and in stores ticked off by their parents.
"Families are juggling so many more responsibilities today than ever before," said Allison Beer, head of digital for Consumer & Community Banking at JPMorgan Chase. "To help, we've made it easy for parents to manage kids' allowances, keep track of chores and teach important financial skills from within the Chase Mobile app."