GoHenry App Review - is GoHenry any good?

December 10, 2022
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GoHenry App Review – is GoHenry any good?

Financial skills are essential to navigating life. But surprisingly, our schools do not teach children financial responsibility. Which means, it’s up to you, the parent, to teach your children how to manage money.

A lack of money skills means that your children may struggle later in life with loans, credit cards, and an overdraft. If you fail to teach them money management, they may end up being under intense financial stress.

Research shows that 74% of parents gave pocket money regularly to their children. The average weekly allowance was £5.25 or £273 a year. This is a 7.5% increase compared to last year. Involving your children in making financial decisions as early as six years old plays a positive role in their lives.

One of the best ways to teach your children financial responsibility is using a helpful tool such as GoHenry.

What is the GoHenry App?

This is an award-winning app designed to help children learn how to manage their allowance through responsible spending and budgeting. Launched in 2012, GoHenry was born out of an idea to end card nagging. Basically, the idea was to create an app that would stop parents from making all their children’s future store purchases.

The founders also wanted to provide a service that would teach children about contactless payment. The name Henry is an inspiration for the app’s first customer, and it also embodies the company’s spirit.

GoHenry is UK based, but it’s available in the US. Today, GoHenry has more than 1,000,000 members and has raised more than £10 million through shareholders and investors.

How the GoHenry App works…

GoHenry is an online learning tool for children to learn how to be financially responsible. To get started, here is how it works.

Step One – Visit GoHenry, click on “Start free trial” button on the top right corner. Sign up by providing the following details:

Email address
First Name
Last Name
Mobile number
Password

By creating an account online, you don’t have to fill any paper forms or line up in a bank. Alternatively, download the GoHenry Android and GoHenry iOS apps. If you have got a promo code, click “Got a promo code” and follow the instructions.

Step Two – Sign in and set up automatic weekly pocket money. You can also make a one-off transfer or help your child earn extra money. How you may ask. By completing tasks. For example, you can create a list of tasks that include making the bed, wash dishes, or other house chores.

Step Three – Next, set one-off or weekly spending limits for your child. For example, you can set a one-off spending limit of £20 to £30 or a weekly spending limit of £10 to £20. The app also allows you to set where your children can use the prepaid debit card as well as block and unblock it.

Step Four – In this step, you can teach your children how to save, spend and even give responsibly. The app allows you to create tasks. With tasks, you can teach your children how to create saving goals. This helps to encourage good money habits through to adulthood.

GoHenry account is safe and secure thanks to the following features…

PIN-protected transactions
State of the art chip security
Block or limit card if lost
256-bit encryption

GoHenry offers a one-month free trial, and you can cancel anytime.

How Much Does GoHenry Cost?

Monthly, GoHenry charges £2.99 per child. This translates to 75p a week. Parents will receive a free GoHenry debit card. They can upgrade the standard GoHenry card to a customized card or the Eco card. This will cost a one-off fee of £4.99.

GoHenry charges a monthly fee because they do not make money from debt or interest. They cover their costs through the membership fee.

The monthly membership fee also allows the company to run and continue to improve the app with new features as well as provide customer support. GoHenry team continues to introduce new features such as instant card blocking and real-time spend logs. All the while delivering the best educational experience to your children.

Is GoHenry Safe?

Yes, GoHenry is safe. Your money is usually held as e-money, and IDT Financial Services Limited, a member of Visa Europe, issues the GoHenry card. IDT Financial Services Limited is a regulated bank licensed by the Financial Services Commission.

All funds are usually held in a NatWest account.

Is GoHenry a Debit Card?

Yes, GoHenry is a debit card with unique parent controls and tools for young people aged 6 to 18 years old. This excellent financial tool helps to teach children how to manage their finances for the future.

GoHenry offers the Eco Card, a biodegradable card, a robust version to PVC debit cards. This Eco Card biodegrades in six months and it’s tested to withstand all stresses of life. You don’t have to worry about the card slipping in your drink and getting damaged.

After the GoHenry card expires, cut out the chip and magnetic strip. Chop them to protect your personal details.

Can GoHenry Be Used Abroad?

Yes, you can use GoHenry while abroad at no extra cost. But if you withdraw money from foreign ATMs while abroad, the banks will charge you a small fee. All payments transferred from the parent account to the GoHenry card in pounds (GBP). When withdrawing while abroad, GoHenry will use the Visa Exchange rate.

Pros

Parents can set spending limits and get instant notifications
You can set automatic weekly or one-off transfers
Free one month trial
Suitable for young people aged 6 to 18 years
Safe and secure
Parents can manage up to four child accounts
FCA regulated

Cons

Monthly membership fee can add up for large families
GoHenry does not pay interest on money in the account
Fees for using GoHenry card abroad make it an expensive option

What You Can Do With a GoHenry Account?

Parents can:

Make one-off payments from the account
Set spending limits
Set tasks
Manage up to 4 child accounts
Block and unblock the GoHenry card
Control where children can use the card – cash machines, online and stores
Receive real-time notifications
Set up regular payments

Children can:

Budget with their weekly allowance
Pay for purchases with the card
Save into set saving goals
Earn money by completing tasks

When your child reaches 18 years, you can cancel the child’s GoHenry card by emailing or calling customer support. GoHenry will close the account immediately, but there is a three-day cooling-off period if you wish to reactivate the account.

Final Thoughts

GoHenry is an excellent learning tool that teaches children financial responsibility and independence. The company offers a one-month free trial which allows you to try all the features before paying the monthly membership fee. Since GoHenry is FCA regulated, your money and personal details are safe.

Unlike a bank account where you cannot control your child’s spending limits and access to the card. GoHenry allows you to set spending limits and control where your child uses the card. If you want to help your child on the road towards financial independence, we recommend GoHenry.