GoHenry review – the best pocket money app?

GoHenry was launched in 2012 by a group of parents that wanted to teach their children how to manage their own money without getting into debt. GoHenry now has over 500,000 members across the UK and America and has raised over £10m through investors and shareholders. GoHenry is an account that can be monitored by a parent while giving children between the ages of 6 and 18 the freedom and independence to manage their own money.

Most high street banks already offer a number of children's accounts, however, none of them offer the ability to track your child's spending or provide features that can help your child to understand their spending first hand. For more information on the best bank accounts for under 18's read our article 'The best bank accounts for under 18's'.

GoHenry key features

• Customisable Visa prepaid debit card - a custom prepaid card that can be topped up and used in shops, online or at cash machines. It can be customised to your child with a personalised name and image
• Online or mobile app - Gohenry can be controlled online or via an iPad or smartphone app
• Regular payments - set up regular pocket money payments
• Set tasks/chores - set tasks for your child to complete, they can then mark them as complete when finished
• Instant notifications - instant spending notifications for both you and your child
• Block and unblock cards - block and unblock the card if it becomes lost or if you want to prevent your child from spending on the card
• Pick where the card can be used - stay in control of where your child can spend money
• Savings goals - set savings goals within the app and track the progress

How does GoHenry work?

You can set up a GoHenry account online or by downloading the smartphone app. The app has a demo account, meaning you get to see how everything works before signing up. When you download the app you can choose whether to download the parent or child's version.

What can children do? 

• Earn money by completing tasks
• Budget within their weekly allowance
• Spend on the card (within the set limits)
• Get instant notifications as to why a transaction was declined
• Save into set savings goals
• Ask for relatives to contribute

What can parents do? 

• Manage up to 4 children's accounts in the app
• Set up regular payments
• Make one-off payments
• Set tasks
• Invite relatives to contribute
• Set spending limits
• Control where the card can be used (cash machines, online, in-store)
• Block and unblock cards
• Receive instant spending notifications

What the parent sees

The home screen allows you to see the balance of your own account and to easily top up or transfer any money to your children's account. Any children's accounts that you have connected to your account will show here and you are able to see in brief how much each child has saved, spent and has available to spend. As a parent you can manage up to 4 children's accounts at any one time.

The cards section gives you an in-depth breakdown of what each child has spent as well as the option to transfer money, block cards, set limits, retrieve a cards pin number or order a custom debit card for your child. The earning section of the app allows you to add and edit any tasks that have been set for the week. Tasks can be set to repeat weekly or as a 'one-off' but it is important to ensure the task is checked as complete by 10pm the evening before the payment day, otherwise the money will not be paid into your child's account.

You can also edit the weekly allowance and set the allowance payment day. If you are unsure of how much you should be giving your child each week, GoHenry has a handy feature that suggests the average amount for a child based on their age. The savings tab allows you to see what each child is saving for and how close they are to achieving their goal. You are also able to add a savings goal, for example if your child owes you money you can give them the option to save and pay it back via the app. The More tab consists of a Spending, Giftlinks and Offers tab. If you wish to refer a friend to GoHenry you can receive a £5 reward payment.

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What the child sees

Children who download the GoHenry app are able to manage their money in a similar way to app-only banks such as Monzo and Starling. The Home tab shows the spending limit, how much has been spent and how much of the limit is left to be spent. It also separates how much is on the card and how much has been squirrelled away into savings goals. The home screen shows how much allowance is due, when it is expected to be credited into the account and how many tasks are remaining.

The card tab shows spending transactions, your pin number and any limits that have been set on the card. The earning tab breaks down the tasks and highlights those that have been completed and those still yet to complete. The saving tab allows you to set new goals and track your progress towards current goals. The more section has a spending summary tab and a gifts section.

 

                   

 

How to setup a GoHenry account

To setup a GoHenry account simply signup online or download the free mobile app. You will need to enter personal details such as your name, email and mobile number and then create a password to create an account. Once you have added your child's details and confirmed your account your cards will be ordered and should arrive within 5-7 days. There is a 1-month free trial where you get access to full membership, after which you will be charged a monthly membership fee of £2.99 per child, taken from the parent account. You will need to activate your cards and deposit a minimum of £5 to start setting spending limits and tasks as required.

 

How do I cancel a Gohenry account?

If your child reaches 18 or becomes too old for an account you can cancel by contacting the customer services team by calling 0330 100 7676 or emailing help@gohenry.co.uk between 8am-8pm, seven days a week.

Your account will be closed with immediate effect, although there is a 3 day cooling-off period during which time you can reactivate your account. Any money left on the account will be returned to your bank account within 7-10 days, however, GoHenry recommends withdrawing the money at a cash point if the funds are needed quickly.

Are there any limits on the Gohenry account?

Parent limits

• Maximum account balance - £6,000
• Maximum account load at any one time - £500
• Maximum account loads in a day - £600
• Annual load limit - £10,000
• Maximum number of loads in a day - 3

Child limits

• Single bank transfer load - £500
• Maximum bank transfer loads in a month - £1,200
• Maximum spend in a day - £4,000
• Maximum number of spends a day - 10
• Maximum number of spends in 4 consecutive days - 20
• Maximum ATM withdrawal - £120
• Maximum daily ATM withdrawals - 3
• Maximum ATM withdrawals in 4 consecutive days - 4

How much does GoHenry cost?

Gohenry has a monthly fee of £2.99 per child and gives you access to all of the features mentioned above. You get one free load a month onto a parent account, after which you will be charged 50p per load. However, an easy way around this load charge would be to load a larger sum onto your account at the beginning of each month, for example add £20 at the beginning of the month if your child gets an allowance of £5 a week. You also get a free standard Gohenry card but if you wish to upgrade your Gohenry card to a customisable card or the Eco card this will cost you a one-off fee of £4.99.

How does GoHenry make money?

Charging a monthly subscription fee and loading fee is the only way that Gohenry makes money to develop the app, according to the Gohenry website.

Is GoHenry safe?

The money in your GoHenry account is held as e-money as it is a prepaid card, GoHenry doesn't offer FSCS protection. GoHenry says that it is regularly monitored by Visa to ensure it is complying with its regulations. All money held with GoHenry is held in a secured NatWest account and Gohenry itself is regulated by the FCA.

Can GoHenry be used abroad?

Yes, GoHenry can be used abroad at no extra cost (be aware that some foreign ATMs may charge a small fee). All payments will be taken in GBP and GoHenry will use the Visa Europe exchange rate on the day the payment leaves the account. GoHenry can be used anywhere that accepts Visa cards.

GoHenry vs other prepaid cards 

There are a few other apps that offer pre-paid cards to help your children manage their money without opening a children's bank account. We compare GoHenry to its alternatives in the table below.

	GoHenry	Nimbl	Osper	RoosterMoney
Eligibility	6-18	6-18	8-18	6-18
Cost	£2.99/month (30 day free trial)	£2.49/month £28/year (1 month free)	£2.50/month (first 30 days free)	£24.99/year (1 month free)
Loading fee	50p	Free	50p instant loads or free by debit card	Free (limit applies)
ATM fees	Free	Free	Free	Free
Fees abroad	No international fees	£1.50 cash withdrawals 2.95% transaction fee	£2 cash withdrawal 3% fee	3% transaction fee over £50 per month

GoHenry vs Starling Kite

Starling Bank has launched a pocket money account for children aged between 6 - 16 years old. Starling Kite exists as a 'Space' within a Starling Bank personal account and therefore a parent needs to have a Starling account for it to be used. If you have a Starling Joint account then both account holders will be able to access and control the Kite account. A Starling Kite account costs £2 per month per card with no additional charges for transferring or withdrawing money. Starling Kite has no additional app for children to use on their own devices and it doesn't have the functionality to set tasks or chores within the app.

A Starling Kite account allows you to:

• Instantly transfer money
• Set up regular payments
• Set savings goals
• Summarise spending with spending analytics
• Set spending limits
• Spend overseas with no additional fees

 

GoHenry free alternatives

GoHenry is a great idea but can be an expensive way to teach your children about money, especially if you only want to pay your child a small amount each month. Below are a few alternatives to help you teach your children about money for free.

RoosterMoney

Above RoosterMoney is listed as a competitor to GoHenry for its prepaid debit card account however, it also has a free pocket money app that has similar features to GoHenry without the monthly subscription fee. A RoosterMoney free account is essentially a pocket money tracker and allows you to keep tabs on the money you are giving your child and the money they have been sent as a gift from friends or grandparents. To add tasks/chores and to get the full use out of the app your need to register for a RoosterMoney plus account (£14.99 a year) or a prepaid card account (£24.99 a year) but it is a great place to start.

A basic RoosterMoney account allows you to:

• Add up to 4 children
• Give your child access to their own account to see how much money they have to spend
• Incentivise tasks with reward stars or money
• Set goals for your child to save toward
• Save money for safekeeping

The free RoosterMoney account is essentially a virtual star chart or chore tracker and allows the child to see how much money they have to spend if you are out shopping together or if they're saving for a big purchase.

Otly!

Otly! is a pocket money app that allows you to keep track of pocket money and gifts that your child has accrued over time. Children can download Otly! Jr and manage their own money within the app. Each child is able to request to spend some of the pocket money by sending the parents a notification which can then be approved or denied within the app. You can create tasks and chores for free within the Otly! app and it can be used in multiple currencies.

An Otly! account allows you to:

• Create tasks/chores for your children to earn pocket money
• Track your children’s spending or saving 
• Create savings jars 
• Approve or deny spending or allowance requests from your child

Online resources

In the following Money to the Masses podcast episode, Damien and Andy share some brilliant free online resources to teach your children about money. Click to listen to the full podcast episode, or search the title on your favourite podcast app, 'Understanding fund performance & teaching your kids about money online.'

GoHenry customer reviews

GoHenry is rated as 'Great' on Trustpilot with a rating of 4.2 out of 5 stars. 77% of customers rate it as 'Excellent' with customers citing great customer service and noticing an improvement in their children's financial knowledge. Those who rated it as 'Bad' (9%) cited difficulty in cancelling the subscription fee and one user commented on the app always breaking down leaving the children in the lurch when trying to make a payment.

Conclusion

GoHenry pros and cons

Pros

• Teaches children about money
• Personalised card option
• Gives children financial independence
• Allows adults to still keep track and manage spending
• Can block the card at any time
• Can control where the card is used to spend
• FCA regulated

Cons

• Expensive
• 50p loading fee for more than one load a month
• Unable to earn interest on savings
• No FSCS protection
• Have to call or email to close the account

 

Overall, I think it is an excellent product and I really like the fact that you can demo the app before downloading it, enabling you to see all of the features before signing up. At Money to the Masses, we are big advocates of teaching children about money and this app is a great way to teach basic financial skills whilst encouraging independence at the same time. Unlike a high street children's bank account, you can access and control your child's spending from a distance, helping them on the road to financial independence.

I do however believe that you shouldn't have to pay to teach your child about money and there is no doubt that the monthly fee will be enough to put many parents off. That said, GoHenry has over 500,000 users worldwide suggesting that for many, the card and features on offer are a price worth paying for.