About company
GoHenry is a financial education app and debit card provider designed to empower young people with money management skills. With over 2 million members, GoHenry offers a platform where children can learn about money through practical experience. Through features such as Money Missions and customizable debit card designs, GoHenry facilitates financial independence by allowing children to set savings goals, earn money through tasks, and spend responsibly.
Parents are provided with tools to manage their children's finances, including flexible controls to set spending limits and monitor transactions in real-time. By incentivizing chores and offering automatic allowances, GoHenry encourages children to develop budgeting skills from an early age. Additionally, the platform allows family and friends to contribute funds directly to a child's account, fostering a sense of financial awareness and responsibility.
Key features
- Money Missions. GoHenry offers award-winning videos and quizzes that teach kids and teens essential money skills. These missions provide engaging and interactive learning experiences to help children grasp fundamental financial concepts.
- Spend Visibility. Real-time notifications enable parents to see where and how much their child has spent. This feature promotes transparency and accountability, allowing parents to monitor their child's spending habits and intervene when necessary.
- Automatic Allowance. Kids and teens receive a weekly payment set by parents, helping them learn budgeting basics and develop responsible spending habits over time. This automatic allowance feature eliminates the need for manual transactions and encourages consistent financial learning.
- Incentivized Chores. Children can earn money by completing tasks assigned by parents, teaching them the value of money earned through hard work and responsibility. This feature encourages children to take on household chores and fosters a sense of accountability and work ethic.
- Savings Goals. GoHenry allows kids to save money by setting savings goals and track their progress over time. By setting tangible objectives, children learn the importance of saving money and develop essential financial planning skills for the future.
Pros and cons
Pros
Cons
Reliability
With over 2 million members and partnerships with reputable financial institutions such as Community Federal Savings Bank, GoHenry operates within regulatory frameworks and industry standards to ensure the security and reliability of its services.
GoHenry demonstrates a considerable level of reliability, as evidenced by its user ratings and accolades. With a rating of 4.5 stars from over 29,000 reviews on the App Store and a rating of 4.3 stars from 26,000 reviews on Google Play, it maintains a positive reputation among its users. Additionally, in 2021, GoHenry was recognized as the Best Children's Financial Provider at the British Bank Awards, further attesting to its reliability and effectiveness in providing financial services tailored for children and teens.
Products
- Standard Debit Card. The standard GoHenry debit card is provided free of charge and offers basic functionality for children to make purchases and withdraw cash from ATMs within the predefined parental limits.
- Personalized Debit Card. For a fee of $4.99, parents can opt for a personalized debit card for their child, allowing them to choose from over 45 customizable designs. This option adds a personal touch to the card and may appeal to children who prefer a unique card design.
Other services GoHenry offers
- Money Missions. GoHenry provides access to award-winning videos and quizzes designed to teach kids and teens essential money skills. These interactive missions cover topics such as budgeting, saving, and responsible spending, helping children develop a strong foundation in financial literacy.
- Automatic Allowance. Parents can set up automatic weekly allowances for their children through the GoHenry platform. This feature eliminates the need for manual transactions and teaches children the importance of budgeting and managing their own money.
- Incentivized Chores. GoHenry incentivizes chores by allowing parents to assign tasks to their children and reward them with money upon completion. This encourages children to take on responsibilities around the house while learning the value of hard work and earning money.
- Family & Friends Contributions. GoHenry enables family members and friends to contribute funds directly to a child's account for special occasions or as a reward. This feature promotes financial awareness and allows children to learn about managing incoming funds responsibly.
Conditions and requirements
Conditions
- Transparent Fee Structure. GoHenry offers a transparent fee structure with a monthly subscription fee of $4.99 per child account for the Child Plan. For families with up to four children, the Family Plan is available at a flat rate of $9.98 per month. There are no hidden transaction fees for purchases or ATM withdrawals.
- Flexible Spending Limits. Parents can set flexible spending limits for their children's accounts, including maximum weekly spending limits and per-transaction limits. These limits can be adjusted within the GoHenry app according to the parent's preferences and the child's financial needs.
- Customizable Card Designs. GoHenry provides over 45 customizable debit card designs for children to choose from, allowing them to personalize their cards according to their preferences. This feature adds a fun and engaging element to the banking experience for children.
- No Foreign Transaction Fees. GoHenry does not charge any foreign transaction fees, making it convenient for families traveling internationally or making purchases from foreign merchants. This feature ensures that clients can use their GoHenry cards globally without incurring additional charges.
Requirements
- Age Eligibility. To open a GoHenry account, clients must have children between the ages of 6 and 18. The platform is specifically designed for young people within this age range to learn about money management and develop financial independence.
- Parental Consent and Verification. Parents or legal guardians are required to provide consent and verify their identity when setting up a GoHenry account for their child. This process involves providing personal information and documentation to ensure compliance with regulatory requirements and safeguard the child's financial interests.
- Linking Bank Account or Payment Card. Clients need to link a valid bank account or payment card to their GoHenry parent account to fund their child's account and enable transactions. This linkage allows to easily add money to your the child's card.
Network of ATMs
GoHenry provides access to a wide network of ATMs for convenient cash withdrawals. With millions of ATMs worldwide, including those affiliated with major banking networks such as Mastercard and Visa, clients can easily locate nearby ATMs using the GoHenry app or website. This extensive network ensures that clients have access to cash whenever they need it, whether at home or while traveling abroad.
Apps like GoHenry
- Greenlight. Greenlight offers a comprehensive suite of tools and financial literacy features tailored for youth. With a Mastercard debit card for each child on a family plan, parents can manage chores, allowances, and savings goals through the app. Teens with jobs can set up direct deposit, and parental controls allow for monitoring spending and blocking certain categories.
- Copper. Designed for kids ages 6 and up, Copper provides educational materials and tools to foster financial literacy. The app syncs with a Mastercard debit card, enabling kids and teens to make purchases and withdrawals while learning to manage their money. Features include direct deposit for job earnings and in-app currency rewards for activities promoting financial literacy.
- Till. Till offers a banking experience for kids with features such as debit cards, spending insights, task lists, savings goals, and a parent wallet. Different parent roles allow for collaborative financial management, including contributions to kids' savings from community members.
- Step. Step stands out by offering a secured credit card rather than a debit card, allowing kids to build credit responsibly. Savings goals and rewards incentivize financial discipline, while teens can set up direct deposits from their jobs. However, Step does not include features for chore management or allowance distribution.
Editorial opinion
Additional Resources
- GoHenry Online Banking
- How to Apply for GoHenry
- GoHenry Mobile App
- GoHenry Reviews
