GoHenry Kids Debit Card Review – The Best Pocket Money App?

Describe GoHenry.

A group of parents who wanted to help their kids learn how to manage their own money and avoid debt created GoHenry* in 2012.

Over 2 million people in the UK and the US are currently members of GoHenry, which has also raised over ￡13 million from shareholders and investors. GoHenry gives kids between the ages of 6 and 18 the freedom and independence to manage their own money while offering an account that can be watched over by a parent. At the British Bank Awards, GoHenry was named Best Children's Financial Provider for 2021.

Numerous children's accounts are already available from the majority of high street banks, but none of them allow you to track your child's spending or offer tools that will let your child directly understand their spending. Read our article titled "The best bank accounts for under 18's" for more details on the best bank accounts for minors.

Key attributes of GoHenry

Customisable Prepaid Visa debit card a prepaid card that can be topped up online or at a cash machine and used in stores or online. Your child can personalise it with a unique name and image.

Online or through a mobile application - GoHenry can be managed online or through an app for an iPad or smartphone.

Establish recurring payments for pocket money.

Set chores and tasks for your child to complete. When they are finished, have them mark the tasks as completed.

Instant notifications - Your child and you will both receive instant spending alerts.

Block and unblock cards: If the card is lost or you want to stop your child from using it to make purchases, block and unblock the card.

Choose the permitted uses for the card to maintain control over your child's financial activities.

Savings objectives: Within the app, set savings objectives and monitor your child's development.

Money Missions is an in-app learning programme that teaches kids how to manage their money while they earn points and badges.

Split the bill is a feature that lets teenagers easily split the cost of outings and lunches with their friends.

Refer a friend and receive ￡20 each for introducing a friend to GoHenry.

Receive a free custom card and a free month.

You can receive a free one-month subscription to GoHenry as well as a custom GoHenry card (worth ￡4.99) when you sign up for an account through Money to the Masses. Simply sign up for a GoHenry account by clicking here*, and the promotion code will be applied automatically when you do.

How is GoHenry put to use?

A GoHenry account can be created online or by downloading the mobile application. You can use the app's demo account to see how everything works before creating an account. You have the option to download either the parent or child version of the app when you download it.

What are kids capable of?

Obtain money by finishing tasks

Budgeting their weekly salary

Pay with the card (within the set limits)

Receive immediate notifications explaining why a transaction was rejected.

Setting goals for saving money

Ask family members to contribute.

Use cash missions to develop financial management abilities

How can parents help?

The app lets you manage up to 4 children's accounts.

on the same GoHenry account as a co-parent

Establish recurring payments

Pay one-time only

Assign tasks

invite family members to participate

Limit your spending.

Limit the area of play for the card (e.g. cash machines, online, in-store)

Card blocking and unblocking

Obtain immediate spending alerts

How to create an account on GoHenry

Simply fill out the online form or download the free mobile app to create a GoHenry* account. To create an account, you must first enter personal information like your name, email address, and mobile number before selecting a password. Your cards will be ordered once you have entered your child's information and verified your account. They should arrive in 5 to 7 days. Full membership is available for a 30-day free trial period; thereafter, a monthly membership fee of ￡2.99 per child will be deducted from the parent's linked bank account. To begin setting spending restrictions and assigning tasks as necessary, you must activate your cards and make a minimum deposit of ￡5.

How can a GoHenry account be cancelled?

When your child turns 18 or decides they no longer want to use a GoHenry account, you can cancel it by contacting customer service at 0330 100 7676 or [email protected] between the hours of 8 am and 8 pm, seven days a week. Although there is a 3-day cooling-off period during which you can reactivate your account, your account will be closed with immediate effect. Any remaining funds will be transferred to your designated bank account within 7 to 10 days. However, GoHenry advises cash point withdrawal if the money is required immediately.

What is the price of GoHenry?

You can use all the aforementioned features with GoHenry for a monthly fee of ￡2.99 per child. You are only allowed one free load per month onto a parent account; any additional loads will incur a 50p fee. To avoid this load fee, you could instead load more money onto your account at the beginning of each month. For instance, if your child is given ￡5 per week as an allowance, add ￡20 at the beginning of the month. Users of GoHenry accounts can also make free ATM withdrawals and UK transactions.

You also receive a free standard GoHenry card, but if you want to upgrade to a customizable card, you must pay a one-time fee of ￡4.99 to do so. When you sign up for GoHenry through Money to the Masses, you'll receive a free custom card* in addition to a free trial period of one month.

How does GoHenry generate revenue?

According to the GoHenry website, the only way GoHenry generates revenue is by charging a monthly subscription fee and a loading fee.

How safe is GoHenry?

Your GoHenry* account's funds are kept as electronic money because the card is prepaid. GoHenry therefore does not provide FSCS protection. GoHenry claims that despite this, Visa consistently checks to make sure that it is abiding by its rules. All funds held with GoHenry are kept in a safe NatWest account, and GoHenry is under FCA regulation.

Can one use GoHenry abroad?

Yes, GoHenry can be used internationally for free (be aware that some foreign ATMs may charge a small fee). GoHenry will use the Visa Europe exchange rate on the day that the payment leaves the account for all payments that are made in GBP. Anywhere that accepts Visa cards is where you can use GoHenry.

Customer evaluations for GoHenry

GoHenry has a Trustpilot rating of "Great" with 3.9 out of 5 stars from more than 5,700 reviews. Approximately 67% of customers give it a "Excellent" rating, praising the excellent customer service and the improvement in their kids' financial literacy. The difficulty in cancelling the subscription fee was cited by those who gave it a "Bad" rating (14%) and one user complained that the app would frequently crash when it came to processing payments, leaving the kids stranded.

Pros and cons of GoHenry

Advantages of GoHenry

Teach kids about money

Option for personalised cards

provides kids with a means of subsistence

enables grownups to monitor and control their spending

Can control where the card is used to make purchases Can block the card at any time

FCA governed

Drawbacks of GoHenry

Unable to earn interest on savings due to expensive 50p loading fee for more than one load per month

The account must be closed by phone or email without FSCS protection.

Summary

Overall, I believe it to be a fantastic product, and I appreciate the fact that you can sign up for a free trial to test the app out before you decide to subscribe and use all of the features. We at Money to the Masses believe strongly in educating kids about money, and this app is an excellent way to impart fundamental financial knowledge while simultaneously fostering independence. In contrast to a children's bank account from a high street retailer, you can monitor and manage your child's spending online, assisting them in achieving financial independence.

However, I do think that you shouldn't have to pay to teach your child about money, and it's clear that the monthly fee will be enough to turn off a lot of parents. Even so, the fact that GoHenry* has over 2 million users worldwide suggests that many people find the card and its features to be worth the cost.