In today’s digital-first world, teaching kids about financial responsibility is vital. Cash App for minors provides a safe, controlled environment for children to learn money management while giving parents the tools to oversee their spending.
This guide will walk you through how Cash App for minors works, the features it offers, and how parents can set up and manage accounts effectively.
Setting Up a Cash App Account for Minors
Creating a Cash App account for your child is simple. Follow these four steps:
Step 1: Download Cash App
Start by downloading the Cash App from the official website or your app store. Create an account that requires you to be at least 18 years old.
Step 2: Connect a Bank Account
Link a bank account to your Cash App profile. This is essential for funding your child’s account and setting spending limits.
Step 3: Install the App on Your Child’s Device
Download the Cash App on your child’s device and log in using their unique credentials. Their account will remain linked to yours for parental oversight.
Step 4: Order a Custom Cash Card
Order a personalized Cash Card with your child’s name or custom designs. This debit card can be used for online purchases, in-store transactions, and ATM withdrawals within your set limits.
How to Sponsor a Minor on Cash App
If your child creates a Cash App teen account, you must approve their setup as their legal guardian.
- Open the Cash App and tap the Profile Icon on the home screen.
- Select Family Accounts and tap Invite a Teen.
- Send the unique invite link to your child via email or a messaging app like WhatsApp.
- Review and approve the request through the app once your child submits their details.
How Do Parents Approve Sponsor Requests?
To approve a sponsor request in Cash App, parents can follow these steps:
- Open the Cash App on their phone and tap on the “Activity Icon”.
- Tap “View” Right next to the “Request for Approval”
- Review the Terms and the Conditions and then tap “Approve”
Once the parent has approved the request, the minor can access all of Cash App’s features, except those restricted to children.
Getting the Cash App Card Under 18 (With Parental Consent)
To get the Cash App card under 18, follow these steps:
- Tap on the “card” icon on the bottom
- Choose your card style and personalize it with your cash tag or stickers.
- Enter your legal name, date of birth, and shipping address.
- Request approval from a parent or guardian who has Cash App.
When you receive your card, you can easily add money to your Cash App card and use it to pay at restaurants or cover your bills.
Cash App Features for Minors
Cash App for minors provides a variety of tools to teach responsible financial habits:
- Send and Receive Money
Teens can send, request, and receive money from other users, including family members. They can also set up recurring payments, like a weekly allowance.
- Cash Card Usage
With parental approval, minors can use their Cash Card for purchases and ATM withdrawals. Restrictions ensure the card cannot be used at certain merchants, like bars or liquor stores.
- Direct Deposits
Teens can receive paychecks or allowances directly into their Cash App account, making it easier to manage income.
- Investments (Stocks & Bitcoin)
Minors can buy fractional shares of stocks or invest in Bitcoin, capped at $400 per month. The Round Up feature allows small investments with each purchase.
- Boost Instant Rewards
Boost offers discounts at participating retailers, helping minors save money on purchases.
- Savings Goals
Teens can set savings goals within the app, learning how to budget for larger purchases.
- Add and Deposit Cash
Minors can add cash to their account at participating retailers (e.g., Walmart, CVS) and deposit paper money under parental guidance.
Limitations of Cash App for Minors
While Cash App offers many benefits for minors, there are restrictions to ensure safety:
- No Loans: Minors cannot take out loans.
- No Check Deposits: Minors cannot deposit checks.
- U.S. Transactions Only: Cross-border payments are not allowed for minors.
- Merchant Restrictions: Cash Cards cannot be used at certain merchants, like liquor stores or nightclubs.
Parental Oversight and Safety Features
Cash App has built-in features to ensure a safe experience for minors:
Parental Controls
Parents can monitor transactions, set spending limits, and receive notifications for account activity.
Spending Alerts
Set up alerts to stay informed about purchases and withdrawals, ensuring oversight without constant micromanagement.
Secure Transactions
Cash App uses encryption and two-factor authentication (2FA) to protect personal and financial data.
Conclusion
Cash App for minors is a powerful tool for teaching financial literacy in a cashless society. By leveraging its features and parental controls, you can give your child valuable money management skills while ensuring their safety.
If you’re exploring other options, apps like Greenlight and GoHenry also provide excellent alternatives with enhanced parental controls. The key is to find a platform that aligns with your family’s needs while fostering responsible financial habits for the next generation.
