Cash App launches managed accounts for kids ages 6-12 offering 3.25% APY on savings, with parents controlling all account activity

Block's Cash App launched managed accounts for children ages 6-12 that offer 3.25% interest on savings, with parents maintaining full control over account activity and approving transfers from up to five trusted contacts they select. The accounts do not include access to Bitcoin, though sponsored teen accounts for users 13 and older can include crypto access with parental consent, and managed accounts can convert to sponsored teen accounts when children turn 13. Cash App currently serves more than 5 million teens monthly and cited a survey finding that 89% of Gen Alpha children are actively saving money as evidence of demand for earlier financial tools.