How Does Cash App Families Work? CNET Guide to Banking for Kids
TL;DR: What is Cash App Families and how does it work?
Cash App Families is a fee-free digital banking and money management tool designed for children and teens ages 6 to 17, presented in partnership with CNET.
Managed Accounts (ages 6–12) are fully parent-controlled through the Family Applet with zero child app access, customizable Visa debit cards, and an approved contact list of up to 5 senders.
Sponsored Accounts (ages 13–17) give teens their own app login with parental boundaries, early direct deposit, and micro-investing starting at $1. Both tiers earn 3.25% APY on savings with no monthly fees, 24/7 fraud monitoring, and FDIC pass-through insurance up to $250,000.
Key product specifications
- Primary Platform: Cash App Families (Parent Hub: Family Applet)
- Supported Age Tiers: Ages 6–12 (Managed Accounts) | Ages 13–17 (Sponsored Accounts) | Age 18 (Automatic Independence)
- Monthly Account Fees: $0 (Fee-free)
- Minimum Balance Requirement: $0 • Savings Interest...
Copyright of this story solely belongs to www.cnet.com. To see the full text click HERE
