Can I open a savings account for my child, who does not have an Apple Card?
No, Apple Savings accounts are currently limited to Apple Card MasterCard account owners. If your child is 18 or older they may apply for their own Apple Card account.
No, Apple Savings accounts are currently limited to Apple Card MasterCard account owners. If your child is 18 or older they may apply for their own Apple Card account.
Well someone (apple) needs to make a way where the child’s w/o Apple Card can have a savings account. I know banks around me allow savings accounts as a child. But apple has better interest rates.
The truth is there just isn't a good option for teenagers to monitor their income. I've noticed a trend with Venmo, and large banks trying to allow kids to spend money on their platform with no option to save, or even monitor their savings. Apple kind of made it look like they were doing that with the family participants, and I hope one day they do. NerdWallet, Mint etc won't allow you to even monitor your money if you are under 18. Same with major banks and their online banking apps. It's good to teach savings practices to kids, especially as they start their first jobs. But right now it looks like they can have accounts, spend money, but not be able to monitor those accounts.
You might want to look at something like Greenlight. I don' know much about it other than the ads I've seen but it seems to be purpose built to teach kids about saving, spending and investing.
Or, you could just help your teenager build a budget spreadsheet (Numbers has templates). Spending some time with them entering their transactions would be a great time to have discussions about money. That's basically what my parents did except 50 years ago, I had to write everything in a notebook and add it up myself (calculators weren't really common). It was excellent discipline and arithmetic practice.
You might want to look at Chase Bank and their offerings for 6 to 12 year olds, 13 to 17 year olds and college students. They offer checking with savings and educational tools for the child, including goal setting. When my great grandchildren are old enough, I’ll set an account up for each.
Yes, this! Apple has allowed the Family functionality to spend money, but not the functionality to save money as a family. I'd love for my 14 year old to be able to save on this platform. And I think Apple / Goldman Sachs would like it to. It would be a very cool feature to help learn about saving money at a young age.
It's crazy to me that Apple allows youth accounts to have access to the credit card (spending money), but not access to saving money. Should be the other way around if at all.
The issue is the regulations and requirements are different in nearly every state and leads to headaches with compliance and regulatory agencies. This runs up costs/expenses for the banks and limits the application. Goldman Sachs doesn’t offer checking accounts and fund transfers would be convoluted because of restrictions in how to deposit funds into a savings account. It’s just not the financial tool best for children and teaching credit, savings and general banking education.
As always, you have great information. Now, if you could just recommend a financial manager for a 62-year old..... ;-)
Thank you for the kind words. I’m always willing to share information in another forum. 😁
Can I open a savings account for my child, who does not have an Apple Card?
