Savings account
Can a shared family participant open their own savings account? I would like to try to help my 21 year old son begin building his credit.
iPhone 12 Pro Max, iOS 16
Question marked as
No, only account owners and co-owners are permitted to open and Apple Savings account. Participants are not permitted.
Opening an Apple Savings account will not help establish credit. FICO scores do not consider savings accounts when evaluating credit. Being a co-owner of an account does not help either. Establishing credit requires open a credit card account and a loan, such automobile or a revolving installment loan like many stores open.