Cash App Launches Families Accounts for Ages 6-17 With 3.25% APY
Updated
Updated · PCMag · Jul 15
Cash App Launches Families Accounts for Ages 6-17 With 3.25% APY
3 articles · Updated · PCMag · Jul 15
Summary
Cash App introduced Families accounts, a parent-managed offering that lets children ages 6-12 use debit cards and savings while teens 13-17 get app access under sponsorship.
Managed Accounts give younger children no independent login, while parents control spending limits, card locks, approved contacts and automated allowance payments from their own Cash App account.
Sponsored Accounts add teen features including peer-to-peer payments, direct deposit and shared savings goals, with stock or bitcoin access available only with explicit parental approval.
Cash App said the no-subscription-fee product offers 3.25% APY on kids' savings, monthly statements for parents and potential FDIC pass-through insurance up to $250,000 if conditions are met.
The launch positions digital financial education as a home-based need as cash use fades, extending Cash App's platform to younger users before accounts convert fully at age 18.