Financial literacy has been a topic of increasing interest over the last several years. Data on the financial readiness of adults in terms of emergency savings, retirement progress, and other money milestones have shown less than ideal insights about the state of financial health.
To help bolster these numbers and work toward improving the financial standing of individuals, companies across the financial spectrum are developing tools and resources constantly. Some argue, however, that the same financial literacy efforts can and should be trickled down to younger generations.
GoHenry, a finance mobile app and debit card solution, was created to help on this front. As a solution designed for children aged 6 to 18 (and their parents), GoHenry promotes financial literacy and healthy money management habits earlier in life than many other financial tools.
The app and debit card offer several benefits to young children and teen users, as well as a handful of features not found with traditional bank accounts or money resources. With more than 2 million users to date, the finance app and debit card are worth considering.
Here’s our GoHenry review for 2024 with what you need to know about the basics of GoHenry for kids.
The Basics of GoHenry App and Debit Card 💳
At its core, GoHenry is a financial technology company focused on helping kids build better financial habits at a younger age.
A Mobile App and Debit Card for Kids (6-18 yrs. old)
The company offers a mobile app and associated debit card to users between the ages of 6 and 18, where children can learn how spending and saving works by doing. The app helps young kids and teenagers keep track of money coming in and going out, and the attached debit card allows for easy use of funds in their accounts. It also offers money lessons through its newly launched Money Missions.
Parents Get a Companion Mobile App
GoHenry also provides a companion app for parents to make monitoring and managing their child’s spending and saving habits a breeze.
Through the app, parents can set spending limits, automate allowances, and transfer money quickly when chores or other tasks are complete. The app also offers a way for friends and family members to contribute to savings goals for children through a secure gifting link.
Opening a GoHenry Account
Opening an account with GoHenry takes just a few minutes online. Once an account is created, parents simply link their bank account to their child’s account to enable the transfer of funds. The debit card for the child functions as a prepaid debit card, so there is no opportunity for overspending on the account.
Over time, younger users learn about the ins and outs of spending and saving, and parents have peace of mind knowing their kids have a tool designed specifically for their financial needs.
GoHenry Benefits for Parents and Kids ✅
Several unique benefits come with the GoHenry app and debit card, for both kids and their parents. The most notable include the ease of transferring funds, customization, automation, Money Missions, and parental controls.
Transfer Funds with Ease
One of the main attractions to GoHenry is the ability parents have to transfer funds quickly and safely to their children’s debit card. Once a parent has connected their bank account to GoHenry, transfers can be done in one of three ways: allowance, tasks, and quick transfers.
- Allowance – gives parents the opportunity to transfer money to the child automatically each week, on a set day and for a set amount.
- Tasks – can be set in the app and completed by either the parent or the child.
- On-Demand Transfers – parents can move money anytime to a child’s account with this selection.
Debit Card Customization
A fun feature for kids using GoHenry is the ability to customize the card design. The app offers several standard card designs, as well as unique options for selecting a more unique design.
Allowance Automation
There is no need for cash allowance when using GoHenry. Parents can automate the process of giving allowance to their children digitally through the app.
This feature transfers a set amount on a set day of the parent’s choosing, and it immediately becomes available in the child’s account when the transfer is complete.
Money Missions
A newer addition to the Go Henry app is Money Missions – the company’s financial literacy and learning feature. Children using the app can access the library of content, including videos, quizzes, and articles.
Topics covered within Money Missions span the full spectrum of financial management, such as basics, saving habits, earning and jobs, spending, and money safety.
This feature helps GoHenry standout among other financial apps for children.
Parental Controls
Parents have full control over a child’s access to funds through the app. Tools including monitoring, setting spending boundaries and savings goals, as well as real-time notifications on a child’s activity with their card, gives parents the resources they need to be proactive.
Additionally, GoHenry automatically prohibits 18+ spending categories, so a child’s debit card won’t work for those flagged transactions or merchants.
Other GoHenry Account Benefits to Notes
Above and beyond the basic features of GoHenry, a few additional benefits are built in.
- FDIC-Insured – money added to the parent or kid’s account is FDIC-insured, and the debit card is issued by Community Federal Savings Bank in partnership with MasterCard.
- Card Locking and Replacement – debit cards can be locked and unlocked at any time in the app and getting a replacement for a lost or stolen card is as simple as making a request online.
- Direct Depositing – kids who have earnings can set up direct deposits with GoHenry, making it easy to manage cash flow over time.
Cons of GoHenry 💡
While GoHenry’s benefits and features make the app an attractive choice for kids and parents, some downsides exist.
1. No Interest Earned on Savings
Currently, GoHenry does not offer any interest on savings or account balances in either the parent or child accounts. Other kid-friendly apps and accounts may offer interest, helping young users learn more about compound interest and the benefits of long-term savings.
2. Limits on Money Transfers
Although there are no transaction fees for transfers, GoHenry has a limit on how much can be transferred through its quick transfer feature. Parents cannot transfer more than $500 per transfer, per child.
3. Must Call to Close Account
Finally, GoHenry allows parents to cancel an account at any time, without a fee. Unfortunately, cancellation must be done over the phone. GoHenry operates a support line for customers seven days a week, making the process a bit easier.
Who Should Consider Using GoHenry? 💁
As a financial management app combined with an FDIC-insured debit card, GoHenry is a smart choice for parents who want to empower their children with sound money management tools from an early age.
GoHenry has put together a variety of benefits and features in the app to make spending and saving easy and fun for young kids, teens, and parents. The company has also been intentional about its addition of financial education tools and resources available to both children and adults using the app.
Using GoHenry makes sense for families who want equal parts control and flexibility for their children’s spending, saving, allowance, and financial education. For larger families, those who want higher transfer limits, or those who want to earn interest on account balances, an alternative to GoHenry may be a better option.
Try GoHenry Free for 30 Days!
The Cost of GoHenry Membership
How Much is the GoHenry Monthly Fee?
Individual Child Plan ($4.99/mo per kid) – GoHenry offers a free 30-day trial to parents and kids who want to get started, then an ongoing monthly fee of $4.99 is charged for each linked child account within the app.
The cost is higher than a free child’s bank account or some other mobile apps available to minors but this one is more heavily focused on helping parents teach their kids about money than most others.
Family Plan ($9.98/mo for up to 4 kids) – Families with 3 or 4 children are now be able to pay just one low monthly rate for everyone under the family pricing plan.
How Much Does it Cost to Use the GoHenry Card at an ATM
No ATM Fee – GoHenry does not impose any additional ATM fees. An automated teller machine (ATM) fee of $0 for domestic and $0 for international ATM transactions is assessed and parents have the ability to turn off ATM access for each child account.
How Much Does it Cost to Upgrade or Replace a GoHenry Card?
$4.99 Upgrade / Replacement Debit Card Cost – Also, choosing a different card design for a replacement card costs $4.99, and a personalized card upgrade carries the same fee.
Does GoHenry Have a Foreign Transaction or Funds Transfer Fee?
No foreign transactions fees exist, nor are there charges for transferring funds or setting up automatic transactions like direct deposit or allowance automation.
Questions, Comments and GoHenry Customer Reviews ❔
If you decide to use the Go Henry App and debit card to help teach your children about money management and spending, please come back to share any positive or negative experience you had with them in the comments section below. And don’t forget to leave us a comment if you have any other feedback, complaints, questions, or thoughts regarding our GoHenry app review.
