iPhone users can now check bank balance from Apple Wallet

New tool aims to make it easier for smartphone users to track bank balance and spending

Woman looking at smartphone
(Image credit: Getty Images/d3sign)

Users of iPhones are being offered an easier way to keep an eye on their bank account balance.

Many smartphone users will have banking apps on their phone that let you monitor your spending and send and receive money.

But logging in can be time consuming as you need to remember passwords and often go through two-factor authentication such as receiving text messages to confirm your own identity.

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That can be frustrating if you just want to know how much is in your account.

A new Apple Wallet feature allows users to connect their credit and debit cards already stored in the Wallet app to their online accounts.

Users will then be able to see their up-to-date balance and other information without having to go to their dedicated banking app.

We have all the details on how it will works and whether it is safe.

How to check your bank balance in Apple Wallet

Many smartphone users are familiar with using their device to make contactless payments.

You upload your card details to your phone’s wallet and simply tap to pay.

The new feature will link these cards to the rest of your account information using open banking technology.

This effectively gives other parties access to your financial data to help you have more control of your money.

It is available if you bank with Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest and Royal Bank of Scotland.

The information will be accessible in the Wallet app, but will also appear when a user makes a purchase via Apple Pay online or in the app.

Apple said the new feature could help users make more informed purchases and get quick, simple access to see key information about their finances to help with budgeting.

iPhone users running the latest versions of iOS 17.1 will have access to the technology.

How secure is Apple Wallet?

The tech giant said the new feature had been built with privacy and security in mind and highlighted that before it is enabled users must authenticate through their financial provider’s website or app and consent to connect their accounts to their cards in the Wallet app.

Apple also confirmed that all user account balance information, transaction history and other account details are stored on device and not on Apple servers.

"By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend,” says Jennifer Bailey, vice president of Apple Pay and Apple Wallet.

"We look forward to working with UK partners under the Open Banking initiative to help users better their financial health, and provide more ways in which banks can deepen their relationships with customers."

Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and The i newspaper. He also co-presents the In For A Penny financial planning podcast.