Kids and teens need to build healthy financial habits in a safe, secure way, and the first step is to practice managing money in an account of their own. Cash App [1] makes it fast, easy and convenient to give your child a head start on smart money management. You can open Managed Accounts for kids age 6-12 [2] or Sponsored Accounts for teens age 13-17 [3] right there in the app with the speed, convenience and security you already trust.
Here’s a step-by-step guide to sponsoring a teen on Cash App or setting up Managed Accounts for kids from the comfort of your couch.
How to sponsor a teen on Cash App
Parents with an eligible account can open a digital account for a teen age 13-17 in Cash App with just a few simple steps:
- Under “Money,” tap “Family,” select “Get Started” and follow the prompts.
- If your account isn’t yet verified, select “I’m a parent or guardian” to start the process; parent accounts must be verified to sponsor a teen on Cash App.
- Enter the contact information or $cashtag of the teen you want to sponsor and follow the prompts.
- Your teen can accept the invite from their own Cash App under “Activity” and “Request for Approval.”
- Once they’ve done that, tap “View,” then “Accept” in your own app to complete the account approval process.
You’ll have total oversight of your teen’s activity and the ability to set up instant automatic transfers to make paying an allowance easy, like direct deposit for teens. The sponsored teen will also receive a debit card they can design and customize themselves to help them feel ownership over money.
How to send a sponsorship request in Cash App
Alternatively, your teen can sign up for Cash App on their own, then send you a request for sponsorship [3] to access certain features. From the teen’s account, tap the profile icon, select “Family,” and tap “I’m a teen.” They’ll enter their name and birthday, look up your account as the parent or guardian and tap “Send” to make the sponsorship request.
To approve a sponsor request from your teen, follow these steps:
- Tap “Activity” in your Cash App.
- Tap “View” on “Request for Approval.”
- Choose “Accept.”
You’ll be able to view their account activity and set guidelines to help them build smart spending habits.
How to set up a Cash App Managed Account for kids
Learning about money isn’t just for teens. Children age 6-12 [2] can start developing financial skills early when you open a Cash App Managed Account on their behalf. Unlike Sponsored Accounts, which allow teens to use the app to spend, save and purchase safely with parental oversight, Managed Accounts don’t allow kids direct access. Instead, you and your child can track spending and saving together from your Cash App account. They’ll also receive a customizable Cash App Card to make their money feel a little more real.
To set up a Managed Account for your child, follow these steps:
- Tap the profile icon on your home screen, then select “Family.”
- Tap “Get Started” and follow the prompts.
- If you haven’t already verified your account, select “I’m a parent or guardian.”
- Enter your child’s name and birthday, create a $cashtag and follow the prompts to finish setting up the account.
How Cash App keeps parents in control
Cash App Families gives parents the ability to teach kids and teens how to budget, save and spend with close parental guidance and the same robust security features you receive in your individual Cash App account.
With both Sponsored and Managed Accounts, parents can set spending limits, block transactions with certain merchants and lock a debit card instantly. You can also receive real-time transaction notifications, review account activity and see monthly statements so you’re always in control.
Together, you and your child can set savings goals and monitor progress as money grows at a rate of 3.25% APY [4], the highest savings rate Cash App offers. Plus, Cash App accounts for kids and teens are covered by the same always-on fraud monitoring and eligible for FDIC insured through partner banks up to $250,000 [5], subject to terms, helping to keep you, your child and the money secure and private.
Cash App Sponsored and Managed Accounts offer flexibility as well as convenience as your family grows. When your child reaches age 13, you can transition them seamlessly to a Sponsored Account. And once your teen turns 18, they’ll be prompted to convert their Sponsored Account to a full-fledged Cash App account of their own without having to start the process from scratch.
Here’s a rundown of how Cash App protects kids and teens while helping you instill financial savvy from an early age.
Give your teen a safe, secure head start on financial independence. Check whether you’re eligible for Cash App Families and sponsor your teen today.
FAQ
How do I open an account for my child?
Parents can open a digital account for a minor with Cash App. Sponsored Accounts allow teens to practice financial independence with parental oversight, while Managed Accounts let kids learn the basics of spending and saving securely thanks to robust parental controls.
What is the minimum age for a Cash App account?
Kids aged 6-12 can use a Managed Account controlled by a parent or guardian. Sponsored Accounts are specifically for teens age 13-17 and must be sponsored by an adult.
Can a 13-year-old have a debit card?
Yes. Cash App Managed Accounts for kids and Sponsored Accounts for teens both include a customizable debit card that parents can control.
Do parents see what their teens buy on Cash App?
Yes. If your teen has a Sponsored Account, you can check account balances, view monthly statements and get real-time notifications about each transaction.
Is money in a teen Cash App account safe from fraud?
Yes. Funds in Cash App Families accounts may be FDIC-insured through partner banks up to $250,000, subject to terms, just like individual Cash App accounts. Security features like 24/7 fraud monitoring and instant debit card locking offer even more protection.
How do I send my teen an allowance?
Parents can set up instant, fee-free transfers or automate recurring allowance payments with Cash App Families accounts.
Disclosures
[1] Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). 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 The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A. Inc. See terms and conditions for the Sutton prepaid card (cash.app/legal/us/en-us/card-agreement), Sutton debit flex card (cash.app/legal/us/en-us/debit-flex-card-agreement-sutton), and Bancorp debit flex card (cash.app/legal/us/en-us/debit-flex-card-agreement-bancorp). Savings and Direct Deposit provided by Cash App, a Block, Inc. brand.
[2] Parents and legal guardians can open a managed account for kids 6–12. To view the eligibility requirements, please visit the Sponsored Accounts section of the Cash App Terms of Service (cash.app/legal/us/en-us/tos#sponsored-accounts).
[3] Teens 13 to 17 can use Cash App with sponsorship by an eligible parent or guardian. To view the eligibility requirements for sponsoring a teen, please visit the Sponsored Accounts section of the Cash App Terms of Service (cash.app/legal/us/en-us/tos#sponsored-accounts).
[4] Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. To earn interest on your Cash App savings balance, you need to have sponsor approval. Exceptions may apply. Savings yield rate is subject to change.
[5] With a Cash App Card, your money is eligible for FDIC pass-through insurance through Wells Fargo Bank, N.A., Sutton Bank, and/or The 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. See the Cash App Terms of Service at cash.app/us/en/legal/tos#fdic-pass-through-insurance Cash App is a financial services platform, and 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 The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A. Inc.
