Cash App Introduces Savings Interest for Teens with 3.5% APY**

New insights from Cash App’s Gen-Z Financial Future Survey reinforce the need for accessible savings tools for younger customers

October 30, 2025 - Today, Cash App, the leading money app for teens¹ in the United States, released new insights from a consumer survey highlighting emerging attitudes and behaviors around money management and saving for the future amongst Gen-Z (ages 18-28). The findings reveal that the majority of Gen-Z consumers (77%) would be motivated to contribute more money to savings if they could earn interest, but awareness and access are limited. 

• Nearly half of Gen Z who have a savings account (46%) shared they have less than $500 saved 
• Less than half of Gen Z who have a savings account (44%) know the interest rate of that account.
  • Close to one third do not know (32%) the rate
  • 1 in 6 (16%) are unsure if their savings account even earns interest.

To meet this need, Cash App has announced that all Sponsored Accounts for teens ages 13–17* are now able to earn its highest interest rate of 3.5%** on Savings balances. Through Cash App’s Savings feature, teens have always been able to set personalized savings goals; now they can reach these goals sooner by earning APY, and watch money grow over time with no minimum balance requirements or hidden fees.

Conducted by The Harris Poll on behalf of Cash App, the survey explores Gen Z’s attitudes, behaviors, and motivations around savings, investing, and outdated payment methods like physical cash. It also examines how generational gaps in financial education influence long-term money habits and how parents of teens, in particular, are supporting their financial independence. 

Key insights from the survey reveal: 

• Cash is cringe, according to Gen Z, and can lead to frivolous spending: 
  • More than half of Gen Z (53%) are using physical cash as a last resort when paying, and nearly a third (29%) believe that people who pay with cash are either out of touch or cringe. 
  • More than half of Gen Z (54%) admit they are more likely to spend without thinking when they have physical cash on hand, vs. paying with a credit/debit card. 
• Gen Z is motivated to save:
  • Their savings goals reflect a desire to be ready for the future, while embracing the present, and peer pressure is a clear motivator. Over half (51%) would feel motivated to find better savings solutions if they found their inner circle was earning interest on their savings account, and they were not. 
• Gen Z is currently using a bank account to save for: 
  • Emergency funds (46%) and to build a sense of financial security (39%)
  • Experiences like travel and events (37%), or major personal purchases like cars, TVs, designer shoes (34%)
  • Preparing for future milestones like moving out or college (36%)
• Gen-Z wants financial tools that help them grow their savings and invest in their future: 
  • More than three-fourths of Gen Z (77%) say they would contribute more money to savings if they were earning interest on it
  • About two-thirds of Gen Z (68%) are interested in investing in the stock market
  • More than half of Gen Z (55%) are interested in investing in cryptocurrency

Cash App is uniquely positioned to meet these digital banking and investing needs, with strong adoption among teens – the Cash App Card is currently the most widely used debit card among U.S. teens² –   and is deeply embedded in youth culture with brand loyalty among Gen-Z consumers. 

“As teens' financial independence grows in today’s economy, we strive to be the digital banking solution that not only fits within their current lifestyle but evolves alongside their financial goals,” says Owen Jennings, Head of Business at Block. “By offering them high interest on savings, we're providing teens a powerful, accessible way to see money grow and encouraging healthy financial habits that will benefit them well into adulthood.” 

Cash App Families reflect a broader evolution in how teens gain financial education – teens are learning by doing, developing money management habits in real time on a platform designed to empower them with parental oversight. In addition to Savings, Cash App offers teens the ability to send money to friends and family, design and spend money through their Cash App Card (prepaid Visa debit card), receive recurring allowances, invest in stocks and bitcoin***, gain instant discounts at favorite retailers, and more. 

When teens are given more financial autonomy, the long-term payoff is clear. According to the survey, parents of teens ages 13-17 say their teens managing their own debit card or savings account has:

• Made their teen feel more financially independent (54%)
• Encouraged their teen to spend more responsibly (53%)
• Helped their teen build confidence in budgeting (43%)

Early conversations with parents also play a key role in shaping financial habits with: 

• 88% of Gen Z have discussed topics like saving, investing, and budgeting with their parents or guardians
• Nearly two-thirds (63%) say these conversations started before age 18
• Gen Z is more likely than Gen X (52%) or Baby Boomers (51%, ages 61-79) to have had these early financial discussions

With over 5 million monthly active sponsored teen accounts on the platform³, Cash App is committed to expanding financial access responsibly. With robust controls for parents including real-time visibility into balances and transactions, customizable controls over features and contacts (such as such Approved Contacts), instant alerts (like Approval for P2P Payments), and more, Cash App is supporting parents in guiding their teens’ financial decisions. As Cash App continues to enhance teen safety features, the platform remains focused on balancing safety with accessibility, ensuring it stays a trusted place for families to learn, grow, and manage money together.

To learn more about Cash App Families, visit https://cash.app/families.

###

Survey Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of Cash App from September 25-29, 2025, among 2,080 U.S. adults ages 18 and older, among whom 319 are Gen Z ages 18-28, 514 are Millennials ages 29-44, 503 are Gen X ages 45-60, and 650 are Baby Boomers ages 61-79. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected]

References

1. Cash App has higher self-reported weekly usage among teens compared to top national banks and select fintechs. Source: U.S. Brand Health Equity & Tracking Study by Material + Cash App commissioned online survey of n=7,806 respondents aged 13-65, Q1 2025
2. Source: Block Inc, Access and Protection for Teens in the Digital Economy (September 10, 2025)
3. Source: Block Inc, Q2 2025 - Shareholder Letter (June, 2025)

About Cash App
Cash App is the money app. Banking† through Cash App is easy: customers can receive paychecks early with direct deposit, spend money where Visa is accepted with a personalized Cash App Card, and grow their money with a separate savings balance** - all without hidden fees. Customers can also create a unique $Cashtag to share with anyone to get paid fast, make purchases with Cash App Pay, trade stocks and buy and sell bitcoin. Download Cash App for free at cash.app/download.

†Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Prepaid debit cards issued by Sutton Bank, Member FDIC. See cash.app for more details. Instant discounts and Savings provided by Cash App, a Block Inc., brand. 

*Teens 13 to 17 can use Cash App with sponsorship by an eligible parent or guardian. To view the eligibility requirements for sponsoring a teen, please visit the Sponsored Accounts section of the Cash App Terms of Service.

**Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. To earn interest on your Cash App savings balance, you need to have sponsor approval. Exceptions may apply. Savings yield rate is subject to change.

***Brokerage services provided by Cash App Investing LLC, member FINRA/SIPC, subsidiary of Block, Inc. Bitcoin services provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Investing and bitcoin are non-deposit, non-bank products that are not FDIC insured and involve risk, including monetary loss. Cash App Investing does not trade bitcoin and Block, Inc. is not a member of FINRA or SIPC. For additional information, see the Bitcoin and Cash App Investing disclosures.