Teaching children about money used to involve actual dollars and cents. When you were a kid, you stashed your allowance in your piggy bank, giving you a physical sense of the money you’d saved and how it felt to spend it.
Today, you use your phone to pay for groceries and might track your spending with budgeting apps. It’s convenient, but it can also be harder to teach smart money management when transactions happen with a tap or a swipe. With Cash App’s new Visa-backed kids debit card, parents have complete control, allowing children ages 6 to 12 to learn healthy financial habits safely over time.
Key Takeaways
- Cash App Managed Accounts offer a free [3] debit card for kids that gives parents total control
- With a CashApp Managed Account, kids aged 6-12 [2] have no independent app access and can only receive transfers from up to five trusted contacts
- Cash App Managed Accounts offer a 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, secure way for you to teach your children real-life money skills with their own free, customizable debit card [3].
Cash App Managed Accounts keep parents in control
With Cash App Managed Accounts, you have full control over your child’s experience, with the flexibility to adjust over time as they learn and grow.
Unlike Cash App Sponsored Accounts for teens, younger kids ages 6-12 have no independent app access. Everything happens in your Family Applet. With Cash App’s advanced protections and your supervision, kids have the opportunity to learn smart money management in a monitored, age-appropriate way.
Control who sends your child money
Managed Accounts keep kids safe by limiting person-to-person (P2P) transfers. Aside from using their own customized debit card, there’s no way for children to send funds to anyone else. But that doesn’t mean they can’t still receive birthday money from their grandparents, or earn a few extra bucks for helping a neighbor with yard work.
Parents can designate up to five trusted friends or relatives as approved contacts. They’re the only people who can send your child P2P funds instantly, allowing them to strengthen connections, help them with savings goals or even help out in an emergency.
Set up safe parameters for your kid’s debit card
Giving your kid a debit card might feel like, well, letting them loose in a candy store. But thanks to Cash App’s robust security features and parental controls, they can learn to spend responsibly according to guardrails you establish.
A Cash App Managed Account allows parents to:
- Limit how much money your child can spend with their card
- Block merchants to control what they buy
- Lock or unlock their card any time
You’ll also receive real-time notifications for any transactions that take place in your child’s Managed Account.
With Cash App, privacy is paramount
In addition to strong parental controls and security features, Managed Accounts are private by default. That means scammers can’t find kids’ profiles in public search results, protecting your child and keeping your Cash App account secure. Advanced fraud protections monitor account activity 24/7, helping to prevent fraud and flagging or automatically blocking unsafe transactions. Plus, Cash App accounts for kids are FDIC insured up to $250,000 [5], just like traditional banks.
Cash App’s kids debit card builds smart financial habits
Teaching your kids 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% APY [4] on savings balances, the highest rate offered by Cash App at this time. 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
Managing a budget is key to financial stability later in life. Your child may not earn a regular paycheck, but Cash App’s recurring allowance feature can ensure they have a consistent “budget” to manage, whether in exchange for doing chores around the house or just pocket money for occasional small expenses. Setting their allowance up as an instant, fee-free automatic payment means one less task for you, and a valuable budgeting practice for them.
A fun, 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 very own Cash App debit card. Customizable debit cards give children 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 requirements and no hidden costs.
Cash App Managed Accounts features at a glance
Here’s a look at the security features, privacy protections and money-saving benefits Cash App Managed Accounts offer you and your family.
FAQ
How do I open a Cash App account for my child?
Parents can set up an account directly from their own Cash App. Navigate to the “Family” section and select the option for a Managed Account for children ages 6 to 12.
What is the difference between a kids account and a teen account?
Cash App Managed Accounts were created specifically for kids ages 6 to 12. They’re entirely parent-controlled with no child app access. Sponsored Accounts allow teens ages 13 to 17 to use the app themselves with parental supervision.
Can my child send money to people I don’t know with Cash App?
No. Managed Accounts for children under 13 have P2P sending disabled, so it’s not possible for them to send money to anyone. Kids can only receive money from you, the parent or up to five approved contacts you choose. They can also make purchases using their Cash App kids debit card.
Are there fees for the Cash App kids debit card?
No. Cash App Managed Accounts offer free debit cards [3] for kids with no monthly fees, no minimum balance requirements and no hidden charges.
What do I do if my kid loses their debit card?
Parents can instantly lock or unlock the child’s Visa-backed debit card from their own 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 are using the card responsibly.
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/d), and Bancorp debit flex 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 kids 6-12. To view the eligibility requirements for sponsoring 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#sponsored-accounts)
[3] Free Cash App Cards come in black or white. Card use fees apply.
[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.
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.
