Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Teach children about money used to involve actual dollars and cents. When you were a kid, you stored your allowance in your pocket, giving you a physical sense of the money you saved and how it felt to spend it.
Today, you use your phone to pay for groceries and may track your spending through it Budget applications. It’s convenient, but it can also be difficult to teach smart money management when transactions happen with a click or swipe. with Cash App’s new Visa-backed kids debit cardParents have complete control, allowing children ages 6 to 12 to safely learn healthy financial habits over time.
Key takeaways
- Accounts managed through Cash App offer a free (3) child debit card that gives parents complete control
- With a Managed CashApp account, children ages 6-12 (2) do not have independent access to the app and can only receive transfers from up to five trusted contacts
- Accounts managed via Cash App offer 3.25% (4) APY on savings balances
Here’s what you need to know about Cash App for Kids and how managed accounts can be an easy and safe way to teach your kids real-world financial skills with this free, customizable debit card (3).
Accounts managed through Cash App maintain parental control
with Cash App Managed AccountsYou have complete control over your child’s experience, with the flexibility to adapt over time as they learn and grow.
Unlike Supported Accounts for Cash App for TeensYounger children, ages 6 to 12, do not have access to the app independently. Everything happens in your family app. With Cash App’s advanced security and your supervision, kids have the opportunity to learn smart money management in a controlled, age-appropriate way.
Control who sends money to your child
Managed accounts keep children safe by limiting person-to-person (P2P) transfers. Aside from using their own designated debit card, there is no way for children to send money to anyone else. But that doesn’t mean they can’t still receive Christmas money from their grandparents, or earn a few extra bucks to help a neighbor with their yard work.
Parents can designate up to five trusted friends or relatives as approved contacts. They are the only people who can send P2P money to your child instantly, allowing them to foster connections, help them achieve savings goals or even help in emergencies.
Set up secure parameters for your child’s debit card
Giving your child a discount card may feel like, well, letting them wander into the candy store. But thanks to Cash App’s strong security features and parental controls, they can learn how to spend responsibly based on the guardrails you put in place.
A Cash App managed account allows parents to:
- Limit the amount of money your child can spend with their card
- Preventing merchants from controlling what they buy
- Lock or unlock their card at any time
You will also receive real-time notifications about any transactions made in your child’s managed account.
With Cash App, privacy is of the utmost importance
In addition to parental controls and robust security features, managed accounts are private by default. This means scammers can’t find children’s profiles in general search results, protecting your child and keeping your Cash App account safe. Advanced fraud protections monitor account activity 24/7, helping prevent fraud and automatically flag or block unsafe transactions. plus, Cash app accounts for kids It is FDIC insured up to $250,000(5), just like traditional banks.
Cash App’s kids debit card builds smart money habits
Teaching your children how to manage money isn’t just about telling them what not to do. It’s also about teaching them how to save, and how their money can grow.
Managed accounts offer a competitive 3.25% (4) annual return on savings balances, the highest rate Cash App currently offers. Work with your child to set a savings goal within the app and they’ll see the magic of compound interest as their account value increases over time.
Make budgeting easy with automatic payments
Budget management is key to achieving financial stability later in life. Your child may not receive a regular paycheck, but Cash App’s recurring allowance feature can ensure they have a consistent ‘budget’ to manage, whether for chores around the house or just pocket money for small, occasional expenses. Setting up their allowance as an immediate automatic payment with no fees means one less task for you, and a valuable budgeting exercise for them.
A fun and customizable debit card of their own
Kids can’t access their managed accounts directly, but they can learn the basics of spending money with something tangible and fun: their Cash App debit card. Customizable debit cards give kids a sense of ownership and responsibility, reinforcing the idea that the money they spend is their own. Plus, there are no monthly fees, no minimum balance and no hidden costs.
Cash App managed accounts features at a glance
Here’s a look at the security, privacy protection, and money-saving benefits that Cash App managed accounts offer you and your family.
Instructions
How do I open a Cash App account for my child?
Parents can create an account directly from their Cash App. Go to the Family section and select the Managed account option for children ages 6 to 12.
What is the difference between a children’s account and a teenager’s account?
Accounts managed through Cash App are created specifically for children ages 6-12. It is fully controlled by parents without access to children’s apps. Sponsored accounts allow teens ages 13 to 17 to use the app on their own with parental supervision.
Can my child send money to people I don’t know using the Cash App?
no. P2P sending to managed accounts is disabled for children under 13, so they cannot send money to anyone. Only children can receive money from you, a parent, or up to five approved contacts you choose. They can also make purchases using the Cash App Kids Debit Card.
Are there any fees for the Cash App Children’s Debit Card?
no. Cash App managed accounts offer free (3) debit cards for kids with no monthly fees, no minimum balance and no hidden fees.
What do I do if my child loses their debit card?
Parents can lock or unlock a child’s Visa-backed debit card instantly from their app at any time.
Can I set a spending limit on my child’s Cash App account?
Yes. Parents can limit spending and block certain types of merchants to ensure that children use the card responsibly.
Disclosures:
(1) Cash App is a financial services platform, not a bank. Banking services provided by the bank partner(s) of Cash App. See Cash.app for more details. Prepaid debit cards issued by Sutton Bank, Member FDIC. Cash App Visa® Debit Flex cards issued by Sutton Bank, Member FDIC and Bank Bancorp, N.A., under license from Visa USA Inc. See the terms and conditions for the Sutton Prepaid Card (cash.app/legal/us/en-us/card-agreement), the Sutton Flexi Debit Card (cash.app/legal/us/en-us/d), and the Bancorp Flexi Debit Card (cash.app/legal/us/en-us/debit-flex-card-agreement-bancorp). Savings provided by Cash App, a Block, Inc. brand.
(2) Parents and legal guardians can open a managed account for children between the ages of 6 and 12. To view eligibility requirements to sponsor a teen or child, please visit the Sponsored Accounts section of the Cash App Terms of Service (https://cash.app/legal/us/en-us/tos#spoke-accounts)
(3) Free Cash App cards come in black or white. Card usage fees apply.
(4) Cash App will pass through a portion of the interest paid on your savings balance held in an account to the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. To earn interest on your Cash App savings balance, you must receive approval from the sponsor. Exceptions may apply. The rate of return on savings is subject to change.
(5) With the Cash App Card, your funds are eligible for FDIC pass-through insurance through Wells Fargo Bank, N.A., Sutton Bank and/or Bancorp Bank, N.A., members FDIC, for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each bank, if certain conditions are met. Review the Cash App Terms of Service. Cash App is a financial services platform, not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. Cash App Visa® Debit Flex cards issued by Sutton Bank, Member FDIC, and Bank Bancorp, N.A., under license from Visa USA Inc.
