American banking giant JPMorgan Chase has launched a new Chase account to help kids develop healthy saving and spending habits.

Dubbed Chase First Banking, the new account is available exclusively for Chase retail deposit account customers.

It is a checking account which comes with no monthly fees and can be opened by adults for free using the Chase mobile app.

Using this app, parents will now be able to teach the importance of money management to their kids and teens.

Parents and kids can manage allowances, monitor spending, save towards a goal, as well as complete and check off errands.

The new checking account has been created in collaboration with fintech firm for families called Greenlight.

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The Chase First Banking accounts provide parents with complete control and enables their kids to earn, spend and save.

Adults can use the Earn tab to set allowances and assign chores, which the kids can check off when completed and see their allowances.

Parents can use the Spend tab to limit the amount kids can spend and at the type of stores and set up alerts for when kids make a purchase.

Meanwhile, kids can use this option to see how many allowances they have and where they can spend it.

Parents can move funds from the Save tab once their kids complete a goal.

It motivates kids to work towards a goal and sends an alert to their parents when a goal is achieved.

Parents can turn certain features on and off, lock the card, and modify or delete chores or cancel allowances, while kids have the option to lock their card if they misplace it.

JPMorgan Chase head of digital for consumer and community banking Allison Beer said: “Families are juggling so many more responsibilities today than ever before.

“To help, we have made it easy for parents to manage kids’ allowances, keep track of chores and teach important financial skills from within the Chase Mobile app.”

JPMorgan head of Chase First Banking Kavita Kamdar said: “Having this account is like having a financial health learner’s permit: kids can learn how to manage money, and parents have the ability to guide their experience safely and in real-time.”

Moreover, JPMorgan is also providing school and college-going teens with checking and savings accounts, in addition to Chase First Banking.