Have you ever wondered about finding new ways to help your little one learn the importance of financial management? If this is something you have been considering, there’s a lot to think about – and our team is here to help. As such, today, we’re looking at some of the key things you need to know about GoHenry, including what the GoHenry app is, how it works, and whether it’s a safe, legitimate option for your needs.
What is GoHenry?
First of all, we need to consider what the GoHenry tool actually is.
GoHenry is a specialist “pocket money app” that allows children to learn how to manage their money safely and effectively. The tool provides a fully-customizable Visa prepaid debit card which you can use to fund your child’s spending and pocket money. In turn, rather than trying to keep track of coins and cash, your child can use the GoHenry Visa debit card to spend their pocket money as they would normally.
At the moment, it has over 2 million users around the world.
How much is the GoHenry app?
The GoHenry app costs $4.99 per month. This is a somewhat recent price increase from their previous $3.99 per month. The cost is per child, not per family. However, they are currently running a promotion where you can get 1 month free by using the promo code ‘PROMOSIGN’ on signup.
The $4.99 includes the prepaid Visa debit card, as well as all the features that GoHenry has to offer, including notifications on your kids’ spending habits, sending money to your kids instantly, and paying your kids for certain chores and tasks that you can set up in advance. There are absolutely no other account fees other than the need to pay $1.50 if your child chooses to use an ATM with their card.
Also, if your child loses their debit card (happens more than you’d think!), it’s free to replace the card. That’s pretty awesome.
Does GoHenry allow your kids to invest their money?
At the moment, there are no features that allow your child to invest their money. This is actually quite an invaluable feature in our opinion, as it teaches your child great habits starting at a young age. If this is an important feature for you, we suggest you look into Greenlight, another children’s debit card that does many of the same things GoHenry does, but with the option to invest.
What features does the GoHenry app offer? Let’s take a look at some of them down below:
- The ability to set tasks for children to do each day which provide a payout upon completion
- Create savings goals for children to meet and work toward
- Up to four different accounts for each child
- One-off payments can be made for options such as birthdays and holidays
- Control over where card payments can be made, such as with card machines and in-store
- Instant spending notifications when your child makes a purchase
In addition to the main GoHenry app and payment system features, the tool also provides online resources that help parents guide their child on responsible payment systems. It’s also worth noting here that the app teaches children not to be dispensible with their funds simply because it’s on a card. Many adults even have difficulty regulating their spending when they don’t actively hand over the cash. So, it’s good to instil this idea in your child’s mind from a young age to make it easier for them to save and spend wisely when they grow up.
Pros and Cons of GoHenry
There’s a lot to love about the GoHenry app, but it may not necessarily be the best option in every scenario.
There are undoubtedly a lot of reasons why families across the US and the UK choose the GoHenry app. Some key benefits that could be valuable for your family, too, include the following:
- Generous maximum account balance of several thousand for adults and around $500-$600 for children, ensuring that there is plenty available (without being overly high)
- Limits to the number of consecutive spends and ATM withdrawals that can be made, preventing excessive use
- Cancelling cards or putting them on hold in the case of damage or lost cards is easy
- Low monthly fees make it a highly affordable tool for many people to use
- Effective for teaching children to manage their spending wisely
- Controls allow parents to determine where the card can be used (e.g., at cashpoints)
- Allowances can be made on a weekly basis, with daily tasks for children to complete to earn their pocket money
- Easy and intuitive user interface makes setting up a new account for your child with GoHenry quick and simple
- The majority of customers (77%) rate the GoHenry app at either 4 or 5 stars out of 5
- Highly active customer support team where needed
- Cards can take around a week to arrive in some cases, so may not be a good last-minute gift
- Some vendors may place a block on declined transactions for over a month, preventing your child from using the card again
- Withdrawing money from GoHenry accounts can be a relatively slow process, making it less practical if you do not already have a sufficiently comfortable level of savings to ensure you won’t need to withdraw from the account
- More than one load per month comes with an additional loading fee
- Closing a GoHenry account requires users to either call or email the company, which can be time-consuming for some people
Is GoHenry safe?
GoHenry is generally considered a very safe and reliable tool for parents looking to teach their children more about the importance of financial responsibility. There are no tracking tools built in for parents in the GoHenry app, meaning you won’t be able to directly monitor how your child is spending their pocket money. Still, the app is still considered highly secure, safe, and reliable.
Furthermore, since it’s first and foremost designed for children under the age of 16, there is no need to store a large sum of money in the app. As a result of this, the chances of losing significant amounts of money through the GoHenry app – even in the rare scenario of a security breach happening – are very low.
Is GoHenry reliable?
One of the most important features of a prepaid card for many people is reliability; luckily, this is where the GoHenry app excels.The GoHenry app is highly rated by many families and users for being an incredibly effective, reliable, and professional “pocket money debit card,” and as such, it might be a good option for your own needs.
Some GoHenry alternatives that offer a kids’ debit card option include:
- Copper Card
- Chase First Banking
- Axos First Checking
Also check out our comparison between GoHenry and Greenlight.
While the cost can be a bit high, it’s well worth considering that the GoHenry app is incredibly popular for people looking to teach their kids the importance of managing finances. Nevertheless, the GoHenry app is increasingly popular and for many good reasons.