Cash App, the banking and payments app run by Block, has added support for parent-managed kids accounts. The new accounts include key benefits from the service’s normal account, with an eye towards teaching financial literacy to younger users ages 6 to 12. Cash App first allowed teenage users on its platform in 2021.
As part of the “expanded Cash App Families experience,” eligible legal guardians and parents can create managed accounts that offer “a dedicated place on the platform to send allowances, set aside savings, and track spending for their child, kickstarting their path to financial independence,” Cash App says. Adults managing these accounts will be able to set up recurring transfers, see how their child is spending and do things like lock their child’s account to prevent transactions. Kids will get a custom debit card and the ability to receive payments from up to
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