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The way parents talk to their children about money changes over time. You can teach your six-year-old the basics of spending and saving — not to mention addition and subtraction — using actual dollars and cents. But this approach won’t work for a teenager, especially in a digital-first world of banking (1).
Children and teens need a safe way to learn about money growing up with them, and parents need reliable, easy-to-use tools to teach them. Cash App Families Accounts are designed specifically for kids and teens, with extensive parental controls and robust privacy and security protections that automatically evolve as your child learns over time.
Here’s what parents need to know about how to set up a financial services account for their kids, and how Cash App Families accounts can help you teach your kids smart financial habits, from kindergarten to high school graduation.
How to open a financial services account for a minor safely
When it comes to family bank accounts (1), keeping your child safe is parents’ top priority. With the Cash App, kids (2) ages 6-12 and teens (3) ages 13-17 can learn the basics of financial management with financial accounts for minors that include powerful parental controls, automatic fraud protection, and built-in safety and security features.
When you’re ready to open a financial account for your child, it’s quick and easy to do so in your Cash App, without in-person visits, long waits or paperwork. And because Cash App Families Accounts are created to grow with your family as your children reach milestones. You only need to create one (1) child bank account once.
Once you create an account, you will enjoy the following benefits:
- Monitor everything your child or teen saves and spends
- Receive real-time transaction alerts
- Set parental controls according to your own values as a parent
- Automate their allocations through automatic money transfers
Teach financial literacy early with managed accounts for kids
A parent or guardian can create a managed account for a child as young as six years old. Cash App (2) accounts for children ages 6-12 give parents full control and oversight. Since managed accounts can only be accessed through the parent’s cash app, your child’s experience is entirely controlled by you. Additionally, in addition to up to five approved contacts of your choosing, peer-to-peer payments to managed accounts are automatically blocked. If anyone not on that list tries to send money to your child, you’ll receive an instant alert.
Each managed account comes with a customizable debit card with your child’s name on it to give them a sense of responsibility with their money, but you can set spending limits, block transactions with certain merchants, and lock their card right from your Cash App. When your child turns 13, they’ll be able to “graduate” with parental consent to a sponsored account, which offers parental controls, but direct access to the app. It’s like taking off the training wheels for digital banking: your child gets more independence while remaining under your watchful supervision.
Teens develop independence through supported accounts
Opening a Cash App account for teens is similar to opening a managed account for younger kids, with a few key differences. Sponsored Accounts (3) provide the same secure digital banking environment and built-in parental controls while giving teens more independence as they take on more responsibilities. Your teen can log into their Cash App account directly, but you still have full account ownership, supervision, and parental control.
This means your teen can send and receive money, set savings goals, and even practice investing with your approval. But these activities can only take place within the spending limits you set, and with age-appropriate merchants. And you can still lock or unlock their debit card anytime, anywhere.
Once you’ve taught your teen the basics of smart personal finance — and once they’re a legal adult — it’s time for them to become independent. At age 18, they will be required to convert their sponsored account to an individual Cash App account, just like yours. You will have peace of mind and confidence that they will make smart choices with money, because you taught them.
Safe, modern family banking with Cash App
Cash App Families accounts provide the same security you rely on to send and receive money through your own accounts Cash Appas well as enhanced safety and privacy measures designed to keep children and teens safe from fraud. 24/7 advanced fraud monitoring prevents suspicious transactions before they happen, and both sponsored and managed accounts are eligible for FDIC insurance up to $250,000, subject to terms(4). Additionally, these accounts are automatically blocked from transacting at age-inappropriate merchants, adding an extra layer of protection for your child.
With a powerful set of parental controls, you can set rules for your child or teen. Set spending limits, get real-time transaction notifications, and limit where they can spend money right from your Cash App. You can see transaction logs, monthly statements, progress on savings goals, and if necessary, you can instantly lock your child’s debit card with a single tap in the app.
Here’s a summary of how accounts managed and paid for with Cash App can grow alongside your family while keeping your kids and teens safe and secure.
Help your child learn real-world and digital financial skills first. Open an account at Cash App Families today.
Instructions
How do I open an account for a child on the Cash app?
Eligible parents or guardians can open an account for a child or teen within their adult Cash App account. Under the Money tab, scroll down to Family and click Get Started to create a managed account for kids or invite a teen to a sponsored account.
Can a 10 year old log into the app on their own device?
no. For children ages 6-12, all managed account activity takes place in the parent’s Cash App account. There is no way for a child to access their account independently.
What happens to the managed account when my child turns 13?
Cash App accounts for kids can be seamlessly converted to backed accounts with parental approval once the child turns 13. At this point, the teen can access the Cash App on their own devices, but parents can still set limits and track account activity.
Can friends or relatives send money to my child’s account?
Yes. Funds in Sponsored and Managed Accounts are eligible for FDIC pass-through insurance for up to $250,000 through Cash App partner institutions.
Are investment options available to children in these accounts?
It depends on the type of Cash App Families account. Managed accounts for children between the ages of 6 and 12 prohibit any access to stock trading and Bitcoin investing (6). Sponsored accounts can allow these features, but only with parental consent.
Are funds held in Cash App Families accounts protected?
Yes. Funds in Sponsored and Managed Accounts are eligible for FDIC pass-through insurance for up to $250,000 through Cash App partner institutions.
Disclosures
(1) Cash App is a financial services platform, not a bank. Banking services provided by the bank partner(s) of Cash App. 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 terms and conditions for the Sutton Prepaid Card at Cash.app/legal/us/en-us/card-agreement, for the Sutton Flexi Debit Card at Cash.app/legal/us/en-us/debit-flex-card-agreement-sutton and for the Bancorp Debit Card the Flex Card at Cash.app/legal/us/en-us/debit-flex-card-agreement-bancorp.Savings Provided by Cash App, a Block brand Inc.
(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 at Cash.app/legal/us/en-us/tos#based-accounts
(3) Teens ages 13-17 can use the Cash App sponsored by a parent or qualified guardian. To view eligibility requirements to sponsor a teen or child, please visit the Supported Accounts section of the Cash App Terms of Service at Cash.app/legal/us/en-us/tos#protected-accounts.
(4) If you sponsor one or more Sponsored Accounts, your funds are eligible for FDIC pass-through insurance through Wells Fargo Bank, N.A., Sutton Bank and/or Bancorp Bank, N.A., Member FDIC, in the amount of 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. See Cash App’s Terms of Service at Cash.app/legal/us/en-us/tos#fdic-pass-through-insurance 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.
(5) 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.
(6) Brokerage services provided by Cash App Investing LLC, Member FINRA/SIPC, an affiliate of Block, Inc. Stablecoin, Bitcoin Map, and Lightning Network are not available to New York residents. Bitcoin services provided by Block, Inc. Bitcoin services are not a licensable activity in all US states and territories. Block, Inc. operates in New York under the name Block of Delaware and is licensed to engage in virtual currency trading activity by the New York State Department of Financial Services. Investing and Bitcoin are non-deposit, non-banking products, are not FDIC insured, and involve risks, including monetary loss. Cash App Investing does not trade Bitcoin, nor does Block, Inc. It is not a member of FINRA or SIPC. For additional information, see the Bitcoin and Cash App Investing Disclosures at cash.app/legal/us/en-us/bitcoin-disclosures and cash.app/legal/us/en-us/disclosures-in-app
