As one of the businesses at the forefront of digitizing children’s banking and allowances, gohenry is a familiar name. Following a successful crowdfunding campaign, gohenry developed and released a functional and useful financial tool suitable for children from the ages of 6 to 18 – and their parents, too. Since 2012, the company has only gone from strength to strength. But if you’re a parent looking for children’s bank accounts or kids’ bank cards, is gohenry right for you?
Read on to find out more about gohenry UK and its US iteration, to discover if this particular financial service is the best bank account for kids:
At its core, gohenry is a financial tool that allows parents to transfer allowance into a specific child bank account. While many traditional banks offer some version of child bank accounts, gohenry takes it one step further by providing a service with a far higher degree of parental control.
For children, the gohenry app provides a modern way to spend their pocket money – through a prepaid gohenry card that can be used in stores and with ATMs, as well as for online purchases. For parents, the gohenry app provides greater insight into their children’s spending, as well as offering ways to reward behavior and even block use of the gohenry card and account at certain times or even for specific items.
In essence, gohenry is the modern-day evolution of traditional allowance. With children more internet-savvy than ever, it makes sense to have a kids bank account that supports this. The service itself was created by parents, for parents, to offer a safe space for young people to learn about banking without risk.
The go henry account and service are currently available in two different locations: the UK and the US. While you might expect substantial differences between the two versions of gohenry, there’s a great deal of similarity between the two systems, except for the type of currency used. Whether you’re using gohenry US or gohenry UK, you’ll receive the same level of functionality. Unfortunately, for those outside these two locations, go henry is not currently available – and there’s been little information to suggest that it might be expanding into broader markets.
Regarding what kind of people gohenry is available for, the system is designed for children aged 6 through to 18 and their parents. This means that these accounts aren’t a viable alternative to, say, Venmo or other online payment accounts for older offspring. And it’s not an option for households without children.
There is no limit to the number of children that are subscribed to the gohenry service, so this option works just as well for families with multiple children as it does for an only child. However, it’s worth noting that each child has their own gohenry account and incurs the same subscription cost with no exceptions. With only £2.99 or $2.99 per month for your subscription, this may not sound prohibitive – but it quickly adds up the more children you include.
So, what do you get for the £2.99/$2.99 a month payment? gohenry has three distinct components: the kid’s account, the parent’s account, and the gohenry card. While a lot of the initial attraction is the child’s account, it’s the parent’s account that shines as part of the complete financial package. While it’s liberating for your kids to spend their cash how they want, where they want, with a ‘grown-up’ gohenry card, the parental account has a whole host of features that more than makes up for that monthly subscription fee.
What features are included? The parental account is packed full of chances to support learning about money and to reinforce parenting overall. Some of the top inclusions that stand out are the ability to set spending limits, as well as the option for reward payments following chores or acts of kindness. Also, parents receive a notification whenever their child spends their hard-earned cash, and they have full control over blocking account use both online and for ATM withdrawals.
If you’re wondering what’s in it for the kids, they certainly aren’t getting the stick’s short end. The opportunity for a little more independence is excellent, and the ability to create a personalized gohenry card for a small fee is the cherry on top. Understanding and learning about money is more important than ever, and gohenry supports this with their specific parental and child features.
For parents concerned about the thought of their little ones buying whatever they like online, gohenry has you covered. While kids are provided with their own, shiny gohenry Visa card, they also can’t make non-age-appropriate transactions – including gambling, alcohol, pornography, and everything else 18 or 21+. The final advantage worth mentioning is the fact that what you see is what you get. Kids can’t rack up credit or get into an overdraft because they can only spend what you have. Financial freedom, without all the risk, is attached.
What problems might you encounter with gohenry? The main one we can think of is the ever-rising cost of subscriptions. It makes more sense to us to have a family plan, as opposed to tacking on extra fees for every child – but realistically, for financial freedom, the overall price of this service is relatively low. Unless you happen to have 4+ children at home, the only other issue is the use of the service for older teens. With gohenry offering the same level of control to children aged up to 18, there’s no room for the transition between parental support to complete freedom of finances, causing problems later down the line.
So, the big question: is gohenry worth the subscription fee and time put into setting up an account? If you’re looking to modernize your approach to allowance-giving, then gohenry is a tried and tested method. It’s a stable, well-built company with plenty of investors – which suggests it isn’t going to drop off the radar anytime soon. If you’re looking to get a children’s bank account and kids bank card, that makes gohenry a good bet.
As a system built specifically with children in mind, gohenry app is an excellent stepping-stone on the way to complete financial independence. Allowing parents to slowly taper off their control as children get older and want less involvement over their cashflow. Only you know what’s right for your family, but gohenry is a reliable option in a sea of often quite wishy-washy children’s bank accounts. In our opinion, it’s worth taking a second look at.