Contributor, Benzinga
April 20, 2022
GoHenry
Overall Rating:
securely through GoHenry's website

Founded in London, GoHenry was designed with families in mind. The technology company offers both a kids debit card and a smartphone app with a kids account. The two are designed to work together to improve financial education in children by facilitating real-world experience combined with age-appropriate learning material. The company focuses on allowing families to work together on financial goals and boundaries while encouraging kids to grow confident in their understanding of financial decisions.

Best For
  • Kids between the ages of 6 and 18
  • Parents of children between the ages of 6 and 18
Pros
  • Instant transfers from bank to debit card
  • FDIC-insured for a maximum of $250,000
  • Real-time notification for parents about a child's spending
  • Customizable debit card includes more than 45 options and works at ATMs
  • Allows parents to set spending controls and place financial boundaries
Cons
  • Not covered by the U.K. Financial Services Compensation Scheme (FSCS)
  • Savings doesn’t earn interest

GoHenry Ratings at a Glance

Customer Service
Pricing
Customer Service
Benefits
User Experience
Overall

GoHenry is a technology company positioned to help families and children gain financial confidence and achieve financial goals by offering kids a debit card that interacts with both the parent’s and children's version of the app. However, each of the company’s offerings scores differently depending on the analyzed sections

GoHenry Customer Service

GoHenry offers an accessible phone number for customer service as well as an online support portal where customers can write a message. The company offers additional communication that allows customers to message support through the contact section of the website. The company provides a troubleshooting FAQ page to help direct customers to the right answer to various questions. 

GoHenry offers an Instagram and YouTube channel with content that can help answer a multitude of questions. Additionally, an account can be canceled by calling a phone number or sending an email; account holders have a three-day period before an account permanently closes. Information provided by cites such as Trustpilot mentions customer service experiences that can use improvement. Overall, customer service tends to rank at a four out of five because of customers mentioning room for growth.

GoHenry Pricing

GoHenry is a technology company positioned to help families and children gain financial confidence and achieve financial goals by offering kids a debit card that interacts with both the parent’s and children's version of the app. However, each of the company’s offerings scores differently depending on the analyzed sections.

GoHenry Customer Service

GoHenry offers an accessible phone number for customer service as well as an online support portal where customers can write a message. The company offers additional communication that allows customers to message support through the contact section of the website. The company provides a troubleshooting FAQ page to help direct customers to the right answer to various questions. 

GoHenry offers an Instagram and YouTube channel with content that can help answer a multitude of questions. Additionally, an account can be canceled by calling a phone number or sending an email; account holders have a three-day period before an account permanently closes. Information provided by cites such as Trustpilot mentions customer service experiences that can use improvement. Overall, customer service tends to rank at a four out of five because of customers mentioning room for growth.

GoHenry Benefits

For parents, the app makes it easier for parents to work together on setting financial goals, chores and boundaries for their kids. The app encourages chore diligence by helping kids receive payment after finishing their assigned chores. Parents can also instantly send money to help kids when unforeseen expenses such as field trips arise. The card and app also helps parents understand spending as it happens by getting notified when the card is used. It helps to get a bigger picture of a kid's saving, spending and giving habits over time. 

For kids, the app offers a game called Money Missions to help boost and promote financial education with age-friendly content and videos. The app also encourages positive reinforcement for chores by allowing kids to receive payment after finishing an assigned task. In addition, GoHenry allows the debit card to be customized so that kids can add a personal touch to their spending. 

For teens, the app changes as a kid grows so that the content becomes more in-depth. The app helps teens to set savings goals and offers no fees on foreign transactions, which can prove beneficial if your teen is studying abroad. This card offers benefits that can help teens that are away at summer camp or out of the country for school. One reason GoHenry is helpful is that it allows parents to figure out the average amount a child or teen needs to comfortably interact and live in a new environment. GoHenry takes out the guesswork by providing clear spending data, allowing parents the ability to send additional funds as needed to keep a child properly funded in new situations. 

For family and friends, the app allows them to send kids a giftlink. A giftlink is similar to a gift card that allows kids to pick a present that they can use and appreciate. 

Overall, GoHenry offers a wide range of benefits that are helpful to many parties. User benefits rank a five out of five thanks to a user-centered experience. GoHenry covers a wide range of beneficiaries and focuses mainly on helping provide kids with the tools to succeed financially while offering parents with security and peace of mind. 

GoHenry User Experience

GoHenry offers a comprehensive user experience for both parents and kids. The parent app allows for safety and oversight while the kids app encourages education and the beginning of financial freedom. GoHenry promotes education through learning content through the app and through actual real-life experience that’s gained by using the debit card. The user experience ranks five out of five as customers highly rate how easy it is for both parents and kids to use the app. 

Compare Kid's Debit Cards

Benzinga offers helpful insight to compare and contrast kid's debit cards and kid's accounts. Before using or giving a debit card to your child, consider which financial education and kid's account would best fit your needs. Determine the goals you want to achieve in terms of financial education and help your child reach these benchmarks. 

GoHenry Overall

GoHenry receives an overall rating of 4.5 out of 5 stars. The technology company understands and addresses the majority of parent needs and concerns such as user benefits and user experience. GoHenry helps encourage better financial habits in kids. However, there is still room for improvement in terms of more competitive pricing and customer service. 

GoHenry Video Tutorial

Frequently Asked Questions

What is the point of GoHenry?

The point of GoHenry is to help children understand and create useful spending habits from a young age. The debit card and app empower children to learn about money by framing it as an exciting and positive experience.

It offers a comprehensive solution that empowers kids while giving parents some peace of mind. The idea for GoHenry was born when families needed a practical alternative to offer their kids some financial freedom when purchasing content on iTunes. The company has recently attracted over 2 million members since its inception in 2012.

The app offers age-appropriate educational tools that empower kids with information to make thoughtful spending choices. It offers lessons in budgeting, spending and saving in a way that’s comprehensive and engaging for a younger audience. For example, the app uses missions that include multifaceted tools from videos and quizzes to better engage and teach valuable financial skills. GoHenry teaches children about the importance of financial decisions and financial boundaries while offering parents a way to gain confidence in their child’s spending habits. The app works well for both parents and children to give them the tools to work together on making smart financial choices. 

GoHenry works as both a debit card and a learning tool so that children can gain real-world experience and confidence. It allows parents to instill the importance of money in children while setting reasonable expectations and financial boundaries.

At what age can a child have a debit card?

GoHenry is designed for children between the ages of 6 and 18. It works in tandem with an adult who supervises action in the app and provides spending money for the child. Children can use a GoHenry debit card when they turn six and begin to learn the importance of money. Parents can place money on the debit card and review the child's spending habits from the companion parent app. The parent app allows parents to provide monetary allowances, transfer funds to the child and understand the child’s spending habits and transactions in real-time. 

The custom debit cards encourage each child to express their interests in a fun and positive fashion. Each custom card costs $4.99 and the card offers a selection of over 45 different options. 

In addition, GoHenry charges monthly fees of $3.99 per child. A family with two kids using GoHenry will total about $96 in annual fees. Although relatively inexpensive, the fee in the context of the larger market is more expensive than similar products that do not have monthly costs.

Overall, GoHenry ranks a 4.5 out of 5 because of pricing that isn’t extremely competitive with the kid debit card market but is still somewhat similar to the competition.

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About Kathryn Hauer, CFP®

Kathy is an expert in finance (personal, corporate), financial planning, financial literacy, tax preparation and laws, saving and investing, retirement, insurance, careers, college education planning and financing, cannabis, gig economy, forming and running a business, credit and debt issues, blue-collar workers, and military issues. She has a strong interest in crypto, DeFi, FinTech, InsureTech, AgTech.