GoHenry in-depth review, useful information and user opinions
Pocket money has evolved from the days of handing out spare change for doing chores around the house. The latest (and easiest) way to manage and keep track of your children’s finance is here. goHenry is an innovative way of familiarising children with financial responsibility whilst maintaining control with the parents.
Pros and cons at first glance
Full parental control
Multiple child accounts managed from the same parent account
Teaches children finances in a controlled environment
One-month free trial
£2.99 per child per month
Relatives can send money too
Real-time alerts for spending and failed transactions
Oversees charges apply
Maximum of one free top-up per month, per child
No interest payments received
Cannot load cash onto the account
What is goHenry?
goHenry is a
financial service which aims to teach children about handling money. It was
founded in 2012 by parents looking to aid young people in understanding and
managing their own money.
We’re on a mission to help millions of kids be good with money. We’re strongly against telling young people what they should be doing when it comes to money. Instead, we’d rather help kids learn the ropes for themselves.
Since its development, hundreds of thousands of people have signed up for the service.
Who is goHenry for?
targeted at children aged 6-18 who are taking their first steps into the world
of finance. It is designed to help children get to grips with handling money,
whilst allowing parents to monitor and control their children’s spending.
Whether it’s goPoppy, goMuhammad, or goSaanvi, we’re about empowering kids to step into the world equipped with the money skills they need for life, supported by their parents.
As well as helping children with their
first steps into the world of finance, goHenry works hard to accommodate the
whole family. Aunts, uncles, grandparents and family friends can all use
goHenry to send funds to their loved ones. Parents can send a unique link
allowing other people to send gifts and see what tasks the children have been
How Does goHenry Work?
offer some form of bank account aimed at children. The primary difference
between those accounts and goHenry is the level of parental control available.
that parents will have access to on goHenry include:
Instant Notifications – Parents will receive notifications via the goHenry app each time their child uses their bank account.
Spending Limits – These can be placed to ensure your child does not spend more than a set figure per week.
Rewards – goHenry offer rewards in exchange for completed tasks. Money can be paid directly into an account once they have done their homework or listen to instructions etc.
Spending Restrictions – Parents can control where the card is used by blocking online payments and withdrawals from cashpoints.
Age Restrictions – goHenry automatically blocks certain spending activity such as pub purchases, betting shops and age-restricted websites. Some activities such as buying alcohol from a supermarket will not automatically be flagged up, however.
As well as this, there are features which benefit
kids. goHenry offers financial independence that simple pocket money cannot
provide. The novelty of having their own bank account is very appealing to a
lot of kids.
In addition, goHenry provides personalised cards. These cards are included in the monthly fee but for an additional cost of £4.99, children are able to choose from a range of colours and designs to suit them. These include a range of themes and patterns, including animal and sports designs, as well as the child’s name in the top left corner.
Above all, goHenry offers an invaluable learning
experience. It teaches children how to handle money at a young age, aiding them
with budgeting and encouraging independence. The goal of goHenry is to help
children eventually become financially responsible adults.
What Features Does goHenry have?
up to goHenry, you will receive the following:
A Parent Account– Parents can use this account to top up their child’s account and adjust parental controls. This is fully accessible via the app.
A Child Account – Children are able to view their spending limits and current balance also via the app.
A Prepaid Visa Card – The card works much like a regular debit card. Children are able to use it in shops, online and at cashpoints (if permitted).
goHenry Account Limits
The maximum account balance is £6,000. This gives more than enough room for manoeuvre for a child’s account.
load must be between £2 and £500, with a maximum of 3 loads per day.
The maximum spend is set at £4,000 a day but can be restricted further using the app. The number of card spends per day is set at 10. There is no minimum spend per transaction.
In terms of
cash withdrawals, the maximum daily amount is £120, the same as the maximum
single withdrawal. The minimum withdrawal amount is £5. As many as three
withdrawals can be made per day, with a maximum of four being made in a four-day
What are goHenry’s fees?
offers a one-month free trial for new customers. After this, a goHenry account
costs £2.99 per month, per child. This includes free payments and free cash
withdrawals in the UK. Parents are able to transfer money from the parent
account to the child’s account once a month for free. Any additional transfers
will cost a further 50p per transaction.
the card abroad incurs a 2.75% currency exchange fee. Each cash withdrawal from
a foreign cash point will cost £2.
a lost or stolen card would cost £5 per card.
goHenry’s Customer Service
is available directly from the goHenry website for users who have any
details are presented clearly on the website so users should have no problem
calling or emailing any queries. Some customer reviews have mentioned trouble
with the app after updates, so questions of that nature could be directed here
if you were experiencing similar difficulties first-hand.
What are the drawbacks of using goHenry?
goHenry is designed for a very specific demographic. The benefits are obviously only felt by those who are new to handling money. That may mean that children within the age range of 6-18 have already outgrown the principal idea of goHenry and would benefit more from a different account.
aspects can be restrictive for parents and children. The limit on
parent-to-child transactions may be annoying for those who would like to send
money more regularly.
How safe is goHenry?
Deposits are not protected by the Financial Service Compensations Scheme (FSCS). This is because goHenry is not considered a bank.
Despite this, goHenry does offer a certain level of security. Their cards are provided by IDT Financial Services, who are regulated by the Financial Conduct Authority (FCA). goHenry funds are held in a NatWest segregated account, so if any issues were to arise, users’ money would be safely held.
itself is protected by a PIN number, just like a debit or credit card. Access
to the card can be immediately blocked via the app in the event that the card
is lost or stolen.
What People Think About It
Many people might be wary of giving a child what is essentially a debit card. There is understandable apprehension when dealing with money and children.
Never heard of it but I can’t think of any situation my ten year old would be in that they would need their own debit/credit card. I’m all for financially educating our children but not making them financial independent at such a young age.
JKSandy, Money Saving Expert Forum
Many parents are reluctant to allow
their children to handle money in such a way. They believe that teaching
children to be financially responsible can be done via other means. goHenry’s
target age starts from 6 years old, an age where many children won’t understand
the value of money.
This looks like a terrible idea and a credit card “gateway drug”, preparing them to spend spend spend off plastic in later life. Aims to increase financial independence?? Sorry this is a marketing ploy!
Ozzage, Money Saving Expert Forum
The views expressed above are
commonplace in finance forums across the internet. However, there are
well-reasoned counters to these concerns.
Why should kids not be buying their sweets with a contactless card? Not much difference to using their pocket money. Though actual pocket money might help them learn their maths better than using a card. It must be the parents’ decision when they feel their kids are ready for a card. Spending off plastic” isn’t anything terrible – in fact, it can be a lot smarter than spending cash.
Archi Bald, Money Saving Expert Forum
Often, the best way to learn something and understand the pros and cons is to do it yourself. By allowing children to become familiar with using debit cards, parents can ensure that their children know the risks moving forward in life.
The best people to comment on the service are the very people who have used the app. Generally, goHenry has performed well in customer reviews, receiving mostly positive reviews.
I would go for 5 stars but the service is a tad expensive… Otherwise it is excellent for keeping track of pocket money and my kids have now started buying things using the cards both in-store and on-line…
Shogiman, Amazon reviews
A few users take issue with the pricing of £2.99 a month. This a relatively high fee, especially when compared to alternative cards for children.
Hi my kids both have go Henry cards they are 8 and 10 and they love them. They love feeling grown up when they use them and it enables them to buy things online (within the limitations I have set). For me as mum it’s great every sat their pocket money goes onto their cards and I don’t have to worry anymore about having cash or owing them. From my experience we’ll worth the sign up.
Vanessa007, MoneySavingExpert forum
Many parents enjoy using goHenry for their quick transfers. Customers cite issues dealing with physical money, from not having enough cash to forgetting to hand out pocket money, which are solved with goHenry.
This is a great way of giving my children responsibility for managing their pocket money but being able to stay in control of allocating funds. The tool for rewarding chore completion is excellent to engender an understanding of reward for work.
Chris B. Amazon reviews
The lessons goHenry has taught their children is the most valued aspect among parents. Many reviewers are impressed with the progress their children have made in their financial understanding, responsibility and forward-thinking as a result of using goHenry.
There are certainly less expensive options than goHenry available. Other similar services come at a cheaper monthly cost than is offered here. Limiting parents to one free transaction a month may also be an issue if you wish to give your child weekly pocket money. On the other hand, free cash withdrawals are not offered by many other similar accounts and is a major plus point.
parental control is an important inclusion by goHenry. Being able to limit your
child’s spending is fantastic for parents, especially those with children as
young as six. For older children, goHenry may not be the best option. It is
likely that the service is too restrictive for someone in their late teens.
goHenry provides an excellent service for parents looking to help their child
learn about money or simply looking for a more efficient solution to handing
out pocket money.