Cash App Introduces Managed Accounts for Children with Savings Interest

Cash App has launched managed accounts for children aged 6 to 12, offering a 3.25% interest rate on savings. According to NS3.AI, these accounts exclude access to Bitcoin and allow parents to oversee all account activities. Parents can approve transfers from up to five trusted contacts and have the option to convert these accounts into sponsored teen accounts with parental consent. The service is currently unavailable in New York.