Overview
- Cash App, which launched the service Tuesday, gives children a linked debit card with no app access as parents control deposits and spending.
- Balances can earn up to 3.25% interest and the account can receive payments from up to five approved contacts such as grandparents.
- Parents can set recurring allowances, track purchases, and lock the child’s account to prevent transactions.
- At age 13, a parent can convert the profile to a sponsored teen account that can trade stocks or Bitcoin with approval.
- The rollout excludes New York, and Block is courting younger users after reporting about 5 million monthly teen accounts as youth fintechs face government scrutiny.