Cash App, the banking and payments app from Block, now supports parent-managed accounts for children. These accounts include many of the same core features as a standard Cash App account, with the goal of helping kids ages 6 to 12 learn basic financial habits. Cash App first opened its platform to teenage users in 2021.
As part of its expanded Cash App Families experience, eligible parents and legal guardians can create managed accounts that provide a dedicated space to send allowances, set up savings, and monitor spending. Adults managing these accounts can create recurring transfers, review spending activity, and lock the account to block transactions when needed. Children will receive a custom debit card and can accept payments from up to five trusted accounts, but they will not have direct access to Cash App itself.
Cash App says these managed accounts are built for children ages 6 through 12. When a child turns 13, parents can choose to convert the account into a sponsored account, which unlocks additional features such as sending and receiving payments, investing in stocks, and trading crypto. These sponsored accounts remain under parental or guardian oversight, but they give teens more control over how they use their money.
Parent-managed kids accounts are not new in fintech, but Cash App is aiming at a younger age group than some competitors. Venmo opened access to its payment platform for teens ages 13 to 17 in 2023. Apple and Google also offer their own kids-focused account options through Apple Cash Family and Google Wallet.
