GoHenry Review: A Comprehensive Look at the Kid-Focused Financial Tool

GoHenry offers a unique platform aimed at kids between the ages of 6 and 18, combining a debit card with financial education tools.

What is GoHenry?

GoHenry is a financial technology company that provides prepaid debit cards and a financial education app specifically designed for kids. Founded in the UK in 2012 by a group of parents, GoHenry has since expanded to the US, offering its services to over 2 million members.

Quick Summary

Prepaid debit card with parental controls
Allowance and chores management
Savings and financial literacy tools
Monthly fee: $4.99 per child or $9.98 per family (up to four kids)
No ATM or foreign transaction fees

Features of GoHenry

Debit Card

The GoHenry debit card can be used anywhere Mastercard is accepted, including online and at ATMs. It’s a prepaid card, so it’s not linked to a traditional bank account. This card comes with various parental controls and spending limits to help manage children’s finances.

Debit Card Limits:

Feature	Limit
Maximum balance	$6,000
Daily cash withdrawal limit	$120
Daily purchase limit	$2,500
Daily number of purchases	10
Daily number of cash withdrawals	3

Allowance and Chores

Parents can set up weekly allowances or tie payments to household chores. This not only digitizes allowances but also helps kids understand the connection between work and earning money.

Money Missions

GoHenry’s Money Missions offer bite-sized financial lessons through videos, stories, and quizzes, catering to different age groups. These missions are designed to meet national K-12 standards for personal finance education.

Parental Controls

Parents can control where and how much their children can spend. For example, they can restrict spending at certain types of merchants or set specific spending limits. Purchases at “over 18” merchants are automatically blocked.

Customizable Debit Cards

For a fee of $4.99, children can personalize their debit cards with various designs.

Savings and Goals

GoHenry allows children to set savings goals and track their progress. Parents can also pay interest on their kids’ savings through the app, though this feature may be less practical than a traditional savings account.

Direct Deposit

Teens aged 14 and up can have their paychecks directly deposited into their GoHenry accounts.

Charitable Donations

Kids can donate to selected charities, such as the Boys & Girls Club of America, directly through the app.

Giftlink

This feature allows approved relatives and friends to send money directly to the child’s GoHenry account.

Pricing

Plan	Monthly Fee	Number of Kids
Individual	$4.99 per child	1
Family	$9.98 per family	Up to 4

Comparison with Competitors

GoHenry vs. Greenlight

Greenlight offers similar features but includes investing options for kids and pays up to 5% interest on savings, depending on the plan. Greenlight’s family plan is priced between $4.99 and $9.98, making it a more cost-effective option for larger families.

GoHenry vs. BusyKid

BusyKid charges $4 per month (billed annually) for up to five kids and offers an investment platform. However, BusyKid includes various fees, such as ATM fees, which GoHenry does not.

GoHenry vs. Chase First Banking℠

Chase First Banking is a true bank account with no monthly fee, offering many of the same features as GoHenry. However, it requires the primary account holder to have a Chase checking account, which might not be convenient for everyone.

Frequently Asked Questions (FAQs)

Is a GoHenry card worth it?
The value of a GoHenry card largely depends on the number of children in your family. For single-child families, the cost might be higher compared to other options. However, the comprehensive features and educational tools make it a worthwhile investment for many parents.

Can you use GoHenry as a bank account?
No, GoHenry is not a traditional bank account. It is a prepaid debit card not linked to a bank account.

Does GoHenry help build credit?
No, since GoHenry is a prepaid debit card, it does not help build credit. However, the financial education tools provided can teach valuable credit-building lessons.

How secure is GoHenry?
Funds in GoHenry accounts are FDIC-insured up to $250,000 through Community Federal Savings Bank. The cards come with chip and pin protection, bank-level encryption, and Mastercard’s Zero Liability Protection.

How do I contact GoHenry?
You can contact GoHenry through their website form or by calling 877-372-6466. They are also available on social media platforms like Facebook, Twitter, and Instagram @gohenry.

The Bottom Line

GoHenry offers a robust set of tools for teaching kids about money management, from a user-friendly prepaid debit card to engaging financial education resources. While the monthly fees can add up for larger families, the benefits of teaching children financial responsibility and independence may outweigh the costs. For those looking for additional features like investment options or lower fees for larger families, Greenlight or BusyKid might be better alternatives.

Overall, GoHenry stands out as a practical and educational tool for parents aiming to instill financial literacy in their children.

Quick Tips:

Take advantage of the one-month free trial to see if GoHenry is right for your family.
Use the parental controls to tailor the experience to your child’s needs and spending habits.
Explore the Money Missions to engage your kids in learning about money management.

Tables and Charts:

Comparison Table

Feature	GoHenry	Greenlight	BusyKid
Monthly Fee	$4.99 per child	$4.99 – $9.98 per family	$4 per month per family (billed annually)
ATM Fees	None	None	Yes
Foreign Transaction Fees	None	None	Yes
Investing Platform	No	Yes	Yes
Savings Interest	No	Up to 5%	No
Customizable Cards	Yes, $4.99	Yes, $9.99	No

Pros and Cons Chart

Pros	Cons
No ATM fees	Monthly membership fees
Comprehensive parental controls	No interest on savings
Financial education tools	No investment platform
Customizable debit cards	No credit card options
Allows charitable donations	Not linked to a traditional bank account