Cash App is expanding into the kids' banking space with a new offering for children as young as 6. Block's popular payments app now lets parents create managed accounts for children ages 6 through 12, giving families a way to teach financial literacy while maintaining parental controls. Kids receive a custom debit card and can receive payments from up to five trusted accounts, though they cannot access the Cash App itself.

Parents managing these accounts gain significant oversight capabilities. They can set up recurring transfers for allowances, track spending in real-time, and even lock the account to block transactions entirely. Once children turn 13, parents can convert the account to a "sponsored account" that unlocks additional features like stock investing and cryptocurrency trading, though the account still remains under adult supervision.

This move puts Cash App in direct competition with other fintech companies targeting younger users. Venmo rolled out teen accounts for ages 13-17 in 2023, while Apple and Google offer their own kids accounts through Apple Cash Family and Google Wallet. Cash App first allowed teenage users on its platform in 2021, making this latest expansion a bid to capture an even younger demographic.