Remember piggy banks? Well, these have become a thing of the past as cash slowly but surely becomes obsolete, too. Of course, we are not there yet. Still, the pocket money parents give their children looks a bit different now. It comes in the form of a Visa debit card, and its name is gohenry. So, if you want to find out more, here is our gohenry debit card review.
What is gohenry?
Since we are less and less reliant on physical cash, it’s becoming increasingly difficult for parents to teach their kids about the value of money. However, gohenry Pre-paid Debit Card comes to the rescue. It is a Visa card created for children aged 6 to 18, and it’s a fantastic way to teach kids about money management, essential for when they get older and start college, for instance. Parents set limits, and they can oversee their kids’ spending activities. At the same time, children experience financial independence, which is crucial in the modern world.
Gohenry is a fantastic way to teach kids valuable life lessons concerning finances. It works like any other debit card. Children can use it for online shopping, in regular shops, and to withdraw money from ATMs. And since parents top the card in advance, there is no risk of over-spending, and it is impossible to go overdrawn.
As a matter of fact, gohenry is a parents’ brainchild. It is designed so that parents and kids have different login credentials. Moreover, it allows for excellent parental control as it lets parents set limits and decide where kids can’t use the card.
How does the gohenry Debit Card work?
Gohenry is essentially a bank account for you and your children. There is an online account for you, and it is linked to the accounts for each of your kids. You can manage all of the accounts easily online or through an app.
Each kid gets their own gohenry debit card, and each card comes with parental controls. Also, as we have already mentioned, children can spend only the amount of money they have on the cards. Thus, the account cannot become overdrawn, and kids cannot create any debts.
Keep in mind that other banks offer similar bank accounts for children. However, there is a significant difference between them and gohenry. And that difference is in the extent of parental controls gohenry offers.
What are the rating and reviews of the gohenry app?
Gohenry app retes relatively well. On Google Play, it has got a 2.9 out of 5 ratings with 18.2 thousand people who rate the app. On App Store, the ratings are excellent. It has a score of 4.7 out of 5 from more than 22 thousand app users. Also, on Trustpilot, gohenry scores 4.2 out of 5, and it’s rated a Great app. Moreover, 77% of users rated the app as excellent, and many have praised the customer services and reported an increase in their kids’ financial knowledge.
Pros and Cons of gohenry
No gohenry debit card review would be complete if it didn’t contain a pros and cons section. So, let’s have a quick overview of what makes it excellent and what doesn’t.
Gohenry pros
- Teaches children about money management through financial independence
- Parents can manage and control their kids’ spending activities, and they can block the card any time they want
- All payments in places that are not age-appropriate are automatically restricted
- Parents can also control where the card can be used (for instance, they can prevent the kids from using it online)
- There are personalization options
- Parents set the spending limits
- The possibility of automatic weekly allowance
- Parents can set tasks for their kids to perform before the money gets transferred to their accounts (for example, after they have done some chores)
- Relatives can also send money to kids’ accounts
Finally, it’s important to note that you can use the card at home and abroad without additional fees. If you are moving home or traveling abroad, it’s good to know that your kids can continue to practice financial independence. Also, in hectic life events such as relocations, your kids can be very helpful. If they are old enough, having a debit card can allow them to complete some tasks for you. For example, shopping for packing supplies. That way, you can ensure you will change your residence hassle-free, while your kid will handle some simple but time-consuming tasks.
Gohenry cons
The most significant disadvantage of gohenry are the costs:
- The first trial month is free, after which there is a monthly fee; kids may appreciate that amount in their money boxes, given the amount of pocket money they get
- There are additional fees for personalized cards
- Extra fee for ATM withdrawals
- There is no savings interest
- Only one parent can have access to the account
- You have to call or send an email to cancel
- There is no family account.
An additional problem may be that there is a limit of four kids per parent who can get a gohenry debit card.
Costs of gohenry
- $3.99 monthly fee
- $4.99 for a personalized card
- $1.50 for ATM withdrawals (in the UK, this is free)
- No service charge when you top up the account in the US (50p charge in the UK if you want to load the account more than once per month)
How’s the security?
Gohenry isn’t a bank. However, Community Federal Savings Bank (“CFSB”) issues gohenry cards. CFSB is a federal saving bank regulated by US federal laws. It is also a member of the Federal Deposit Insurance Corporation (FDIC). So, you can rest assured knowing that your deposits are insured for up to $250,000 should anything happen to gohenry.
Moreover, each card is protected by a PIN. Also, if it is stolen or lost, you can instantly block it online or using a mobile app.
Alternatives to gohenry
There are several gohenry alternatives available:
- Greenlight – a popular account for teens in the states. The monthly fee is $4.99. There are no limitations in terms of signup age. It has it all, from customized cards to automated weekly allowances and chore lists.
- RoosterMoney – available in the UK, the USA, and Australia, this account comes in three options: free, plus, and family. The free option is a virtual tracker only. However, the paid alternatives have savings interest rates, unlimited guardians, and chores lists.
- Current – empowers teenagers to make intelligent financial decisions. There are no age restrictions, and the features include savings goals, chore lists, the option to request money or send it to friends, send money to charity. There is a 30-day free trial and then a $36 fee per year per child, with no hidden fees.
- FamZoo – features an extensive list of financial literacy features, including chore lists, saving goals, instant transfers, purpose-driven accounts, etc. A free trial period is followed by a $2.50 to $5.99 fee per month for up to four cards. The lowest fee comes if you pay two years in advance ($59.99). There are also reloading fees from $4 to $6 (there is a free option if you use direct deposit, PayPal, Apple Pay, or Square Cash).
Whether you will go for gohenry, FamZoo, Greenlight, or another app is entirely up to you. Make sure you read in more detail about each account so you can make an informed decision.
Gohenry debit card review – completed
The concept of the gohenry debit card is highly educational in terms of enhancing kids’ financial literacy and teaching them good money habits. Also, it can teach them to save for what they want, and they can track their progress through the “saving foals” feature. Although it can be a bit costly, given that we are slowly moving away from physical money, solutions such as this one are highly beneficial.
