Block's Cash App, a popular platform for banking and payments, has introduced parent-controlled accounts aimed at children. These accounts incorporate essential features from standard user accounts, focusing on building financial skills among users between 6 and 12 years old. The service began offering options for teenagers back in 2021.
Under the enhanced Cash App Families program, qualified parents or guardians can establish these supervised accounts, providing a secure area within the app for delivering allowances, building savings, and monitoring expenditures to foster early steps toward financial self-reliance, according to the company. Account overseers can schedule automatic deposits, review their child's transactions, and even temporarily restrict access to halt activity. Children receive a personalized debit card and can accept funds from as many as five approved sources, but they lack direct entry to the main Cash App interface.
The company specifies that these supervised setups are intended for youngsters from 6 to 12 years. Upon reaching 13, parents have the option to upgrade the account to a sponsored version, enabling expanded capabilities such as transferring money, buying stocks, or engaging in cryptocurrency trades. Even in sponsored mode, parental oversight remains in place, though teens gain greater autonomy in managing their funds.
Parent-guided accounts for minors aren't a novel concept in the financial technology sector, but Cash App seeks to attract an even younger demographic compared to certain rivals. For instance, Venmo extended its services to adolescents aged 13 to 17 last year. Meanwhile, Apple provides family-oriented options through Apple Cash Family, and Google includes similar features in Google Wallet.