I would like my 15 year old son to build credit with an Apple card and also utilize the new saving account that comes with the card. How can I set up a custodial account for both credit and savings so he can use on his iphone?

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I would like my 15 year old son to build credit with an Apple card and also utilize the new saving account that comes with the card. How can I set up a custodial account for both credit and savings so he can use on his iphone?

My son is 15 and is a straight A student in school, has a large savings account in trust - but that account is not earning any interest. We heard about the Goldman Sacs Savings account - and I enabled it on my phone and transferred my savings to it. Most banks and credit unions are only offering .2% intrerest (still) on savings and money market accounts. The ease of the Apple Card and Savings is awesome and I have been using the Apple Card to accumulate thousands of dollars of instance cash back over the last few years. I would like my son, who is very trustworthy and responsible to start building his own credit under his own ssn. How can this be done?

Posted on May 20, 2023 11:59 AM

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Answer 1

Top-ranking reply

Jeff Donald

Level 8

45,084 points

May 20, 2023 12:13 PM in response to Originaldiode

Unfortunately, this is not currently an option for Apple’s HYSA with Goldman Sachs. You have a few options, but Apple Card may not be your best option.

You are welcome to invite your minor child to be a Participant (Authorized User), but Goldman Sachs will not report their credit until they are 18 or older. This may not accomplish the goal you’re seeking. Please links below for more specific information.

Apple Savings accounts are individual accounts and only Apple Card account owners are eligible to open an Apple Savings account. Your minor child is not eligible to be an Apple Card owner and is not eligible to open an Apple Savings account.

Apple Savings accounts are all individual accounts and custodial accounts are not possible. You could make your child a participant on your Apple Card account, his Daily Cash could be transferred to you and you transfer the funds you your savings account. I doubt this will accomplish your goals.

Set up Apple Card Family and add a co-owner and participants - Apple Support

Build credit history for Apple Card Family participants - Apple Support

What you need to open and maintain an Apple Savings account

Be an owner or co-owner of an active Apple Card account and add Apple Card to your iPhone.
Be at least 18 years or older.
Have a social security number or individual taxpayer identification number.
Be a U.S. resident with a valid, physical U.S. address.7
Set up two-factor authentication for your Apple ID and update to the latest version of iOS.
Apply within US
Apple Cash Account must be verified

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I would like my 15 year old son to build credit with an Apple card and also utilize the new saving account that comes with the card. How can I set up a custodial account for both credit and savings so he can use on his iphone?

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