GoHenry Evaluation — App-Primarily based Debit Card With Parental Controls

They didn’t have app-based custodial debit playing cards after I was a child, however my mother and father nonetheless did what they may to organize me for monetary self-sufficiency. Now that I’ve my very own children, the enchantment of a kid-friendly debit card I can effortlessly load, monitor, and management from my telephone is obvious.

I’ve spent hours testing a number of standard app-based debit playing cards for teenagers. Although not flawless, GoHenry is healthier than common, with strong monetary training options and a strong system for assigning and paying for chores. And it’s designed to develop along with your child, with paycheck direct deposit as they age into the workforce and versatile parental controls you may dial again over time.

GoHenry does have flaws, together with a pricing mannequin that disadvantages bigger households and restricted financial savings and investing options. So it’s supreme for educating one or two children price range, handle, and spend their cash extra successfully, relatively than offering complete monetary providers for broods 4 or 5 deep. See the way it works and determine whether or not it’s the appropriate custodial debit card app for your loved ones.


What Is GoHenry?

GoHenry is a monetary app for teenagers. If you enroll, your child will get a Mastercard debit card you fund, monitor, and management by way of your dad or mum account. The debit card works wherever Mastercard is accepted, however you all the time have the ultimate say over the place and the way a lot your child can spend.

Notable GoHenry app options embrace scheduled allowance transfers, paid chores, a straightforward means for kinfolk to ship cash to children, and direct deposit for older children who work outdoors the house. GoHenry has a complete lineup of economic training sources as nicely.

After a 30-day free trial, GoHenry prices $3.99 per youngster per thirty days. There’s no household pricing possibility, and there are not any plan tiers. All customers get the identical options and performance for a similar value per child.


What Units GoHenry Aside?

GoHenry isn’t as complete as some competing apps, nevertheless it nonetheless has some standout options.

  • Highly effective Allowance and Chore Options. Regardless of what number of chores your children have or how personalized they’re, you may create and handle all of them out of your GoHenry app. You too can schedule a recurring allowance, tied to chores or not.
  • Emphasis on Monetary Schooling. GoHenry has wealthy monetary training options: tales and fast classes for the youngest customers, tales for barely older children, superior modules for teenagers. The curriculum goes nicely past what most opponents provide.
  • 30-Day Free Trial. Few custodial financial institution accounts and debit playing cards include free trials. GoHenry does, and 30 days must be lengthy sufficient to determine whether or not it’s best for you.

Key Options of GoHenry

GoHenry’s sole plan prices $3.99 per youngster, per thirty days, for all options and capabilities. GoHenry debits this payment every month out of your dad or mum account. In case your dad or mum account doesn’t have the funds for in it, GoHenry pulls out of your linked exterior checking account.

Sure account actions and choices carry one-time charges, however you’ll by no means need to pay a better month-to-month payment to entry core options.

Dad or mum Account

You management your child’s GoHenry expertise by way of your dad or mum account. You’ll be able to experience solo or add a co-parent with full account administration permissions.

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Balances held in your dad or mum account have FDIC insurance coverage as much as the statutory most (presently $250,000 per account). However as a result of the account’s sole function is to fund your child’s debit card, you shouldn’t hold a lot further money in there. Simply sufficient to fund their allowance, pay them for chores, and high up their debit card for authorized purchases. Hold the remainder of your money the place it belongs, in your linked exterior checking account.

Within the dad or mum account, you may:

  • Get real-time in-app notifications about your children’ account exercise, together with purchases and declined transactions
  • Block and unblock children’ debit playing cards if the playing cards are misplaced otherwise you’re quickly placing them in spending timeout
  • Ship prompt transfers (Fast Transfers) to your children’ debit playing cards at no extra cost
  • Handle chores, allowance, and financial savings targets

Debit Card for Children

Every child in your GoHenry account will get a Mastercard debit card that’s accepted by thousands and thousands of retailers worldwide. 

GoHenry routinely prevents purchases from age-inappropriate retailers, equivalent to casinos, liquor shops, and tobacco retailers. Past that, you may additional prohibit spending to stop purchases in sure service provider classes and at sure retailers. You too can set per-transaction spending limits to make sure your children can’t spend all their cash in a single place.

GoHenry is open to children between the ages of 6 and 17. As your children age into eligibility, you may add them to your account and get them organized their very personal card. It’s fairly simple, as you may see. 

Allowance Funds

The default approach to fund playing cards is the allowance function. You don’t need to name it “allowance” in your family in case you don’t need — it’s only a recurring weekly switch in an quantity you’re comfy with. You set the quantity and the day of the week to switch the funds to the child’s card.

The great factor about this open-ended function is you may dial it up as your children grow old and acquire extra monetary accountability. For instance, you would possibly give your 7-year-old $10 per week and allow them to select a deal with or two on the grocery retailer whereas their 15-year-old sibling pays for his or her “portion” of the weekly grocery invoice with their $70 allowance.

Chores & Chore Funds

GoHenry’s hidden superpower is its chore function. Within the dad or mum app, you may arrange one-time or weekly chores and specify a fee worth for every. Mark a chore as full and GoHenry transfers the fee on the child’s subsequent allowance day.

Belief your child? Untick the “solely mother and father can mark duties as accomplished” field within the Settings menu. That permits the kid to mark chores full themselves, which saves you the difficulty of confirming the job is finished and opening the app to mark it full. It’s a helpful little function for older, extra unbiased kids.

Financial savings Objectives

Your youngster can arrange their very own financial savings targets within the GoHenry app. GoHenry funds every objective out of their weekly allowance and chore funds primarily based on the quantity of the objective and the goal date the kid units.

Whereas there’s no official restrict to the variety of financial savings targets your youngster can set, there’s a sensible restrict as a result of the cash comes out of allowance funds. Relying on what number of targets they set and the way a lot they need to save, your youngster gained’t have something left over to spend in the event that they’re too aggressive. Nonetheless, you or your youngster (in case you permit them) can switch cash out of targets they haven’t accomplished if needed.

Your youngster can’t spend financial savings cash utilizing  the GoHenry debit card. When a objective is absolutely funded, you or the kid releases it again to the debit card spending account. That makes it obtainable to spend on regardless of the objective was for. You’ll be able to hold cash in a totally funded objective for so long as you’d like — for instance, in case your child reaches their back-to-school financial savings objective in Could, they could as nicely maintain again the funds for a few months. 

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GoHenry doesn’t pay curiosity on financial savings balances. If you need, you may incentivize saving by manually paying “curiosity” by way of a one-time switch to the child’s account or a small improve of their weekly allowance. However it will be good for GoHenry to construct curiosity into the financial savings function.

Teen Options

When your child turns 14, they get entry to 2 extra options: direct deposit and person-to-person funds.

Direct Deposit

Direct deposit is beneficial for teenagers who’ve jobs. Your child units it up by way of their employer, offering their GoHenry account quantity and routing quantity. 

In contrast to allowance and chore funds, direct deposit funds bypass the dad or mum account and don’t require any motion in your finish. They’re your teen’s to spend and save. 

For safety causes, GoHenry manually clears direct deposit funds bigger than $500, doubtlessly delaying funds for teenagers with good-paying jobs. It’s not clear how lengthy this takes, however given GoHenry’s fast responses to my much less pressing customer support queries, I wouldn’t anticipate it to trigger vital delay.

P2P Funds

GoHenry’s person-to-person, or P2P, funds work inside and outdoors the system. They don’t have to start and finish with a GoHenry consumer; they will undergo exterior programs like Zelle too. In order that they’re helpful even when your teen is the one GoHenry consumer of their social circle.

In-App Cash Classes

GoHenry has a pleasant number of age-appropriate monetary training modules. Generally known as Cash Missions, they’re organized into three ranges:

  • Degree 1, or fundamental cash and monetary literacy matters for teenagers 6 and up
  • Degree 2, extra superior classes for teenagers age 12 to 14
  • Degree 3, excessive school-level classes for teenagers age 15 to 18

GoHenry offers little nudges and hints to maneuver children by way of the teachings. Badges and in-app recreation prizes mark every efficiently accomplished lesson, with issue rising over time. All classes observe Ok-12 private finance training requirements developed by private finance educators and directors. They’re not simply coin-counting and monetary arithmetic.

There’s a seemingly limitless array of Cash Missions in GoHenry. Even in case you use the debit card sparingly, I’d argue the app’s academic sources alone justify the month-to-month payment. 

Sick of these annual paper birthday checks? Add grandparents, aunts and uncles, and anybody else to your GoHenry account to allow them to give straight. This safe gift-giving function known as Giftlinks, and it’s free to make use of, so there’s no motive to not invite kinfolk in the event that they’re keen to take part.

Personalized Playing cards

You’ll be able to customise your child’s debit card with greater than 45 designs, plus add their first identify in cute “go[name]” format. The default card model exhibits the GoHenry brand on a plain crimson background.

This is without doubt one of the few issues that GoHenry costs further for. It costs a $4.99 one-time payment per customized card. But it surely’s a small value to pay for a card your child enjoys toting.

Different Potential GoHenry Charges

GoHenry doesn’t cost many extra charges, however take a look at the payment schedule in case you’re curious. Notable potential charges embrace:

  • $1.50 per home ATM withdrawal
  • $2 per worldwide ATM withdrawal
  • 2.75% of the quantity of every worldwide transaction
  • $4.99 per substitute card with a unique design (the identical design is free, even when it was customized) 

Benefits of GoHenry

GoHenry is straightforward and enjoyable for folks and youngsters to make use of. These are its core strengths.

  • Infinitely Customizable Allowance and Chores. GoHenry can substitute no matter system you employ to assign and monitor your children’ chores at house. It’s infinitely higher than my household’s “verbal reminder” system, nevertheless it’s additionally a major enchancment on spreadsheets or bulletin boards that aren’t built-in with a fee technique.
  • Easy Parental Controls. GoHenry’s parental controls are complete, versatile, and simple to vary. You’ll be able to customise your child’s spending expertise with a couple of faucets within the app. And GoHenry routinely prevents your children from shopping for stuff from retailers they don’t have any enterprise at, like liquor shops.
  • No Cost for Rapid Transfers. GoHenry doesn’t cost for immediate transfers out of your dad or mum account to your child’s debit card. That’s helpful in emergency conditions — say, your teen doesn’t have the funds for for the bus house.
  • 30-Day Free Trial Interval. GoHenry has a 30-day free trial interval. Primarily based on my expertise, that’s loads of time to determine whether or not it’s best for you. Some opponents have 30-day free trials too, however many conventional banks don’t provide free trials on their custodial accounts. From the get-go, these accounts have month-to-month charges just like GoHenry’s.
  • Wealthy Academic Sources for Children and Teenagers. GoHenry’s academic sources are intensive and rigorous. From video games and brief classes to extra superior modules appropriate for highschool college students, this a part of GoHenry practically justifies the month-to-month payment by itself.
  • Straightforward for Relations to Chip in With Giftlinks. GoHenry’s Giftlinks function makes it simple for grandparents and different prolonged members of the family to ship cash to child customers. Something that replaces paper checks and saves a stamp is a win in my e-book.
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Disadvantages of GoHenry

Most of GoHenry’s downsides are omissions — options that related apps have, however GoHenry doesn’t.  

  • No Investing Choices. GoHenry doesn’t have funding accounts for teenagers or mother and father. That’s a disadvantage in comparison with Greenlight particularly, which makes funding training a precedence. GoHenry children can study investing within the academic modules, however that’s not the identical as really placing up their very own cash.
  • No Curiosity-Bearing Financial savings. GoHenry’s financial savings function doesn’t pay curiosity (a la Greenlight) or include a parent-paid match (a la BusyKid). You could possibly argue that the satisfaction of reaching a financial savings objective is sufficient, however a monetary reward would incentivize and educate children. 
  • No Tax Benefits. GoHenry doesn’t provide any tax-advantaged accounts. Some kid-friendly monetary apps, like Acorns, boast training financial savings accounts that may uninteresting the sting of paying for faculty down the street.
  • Not Value-Efficient for Bigger Households. GoHenry isn’t cost-effective for bigger households. When you have a couple of child within the app on the identical time, Greenlight’s base plan is a greater deal. FamZoo is a greater deal when you have greater than two children within the app. 

Is GoHenry Legit?

Sure, GoHenry is reputable. The GoHenry debit card is backed by Mastercard. Balances held within the dad or mum account and on the debit card are FDIC-insured as much as authorized limits. The app is encrypted to the identical requirements as different on-line banking portals.

Actual GoHenry customers appear to love and belief it too. The app has hundreds of 4- and 5-star evaluations and greater than 2 million verified customers. There are different causes to decide on a competitor over GoHenry, however not as a result of the app is a rip-off. It isn’t.


How GoHenry Stacks Up

One in every of GoHenry’s closest opponents is Greenlight, one other kid-friendly monetary app and custodial debit card. 

Greenlight has extra monetary options than GoHenry, together with interest-bearing financial savings with all plans and custodial investing in higher-priced plans. So it’s a greater wager in order for you extra than simply every day cash administration to your child. GoHenry is cheaper for one youngster and has extra strong training options, so it’s fiscal entry level for youthful children.

GoHenry Greenlight
Month-to-month Pricing $3.99 per child $4.99 for as much as 5 children
30-Day Free Trial Sure Sure
Custodial Investing No Sure, for $7.98/month
Financial savings Options Restricted In depth, with curiosity
Monetary Schooling In depth Restricted
Direct Deposit Sure Sure

Alternate options to Contemplate

When you’re in search of a extra complete or cost-effective monetary training app than GoHenry or Greenlight, you’ve gotten choices. Contemplate these alternate options.

Product Greatest for
FamZoo Making casual loans to children
BusyKid Annual fee low cost (save 20%)
Mazoola Avoiding bodily playing cards (all transactions are touchless)

Last Phrase

GoHenry is without doubt one of the higher monetary apps and debit playing cards for teenagers. It’s supreme for folks who need a greater approach to arrange and pay for teenagers’ chores, and who don’t belief their children’ elementary and center faculties to offer age-appropriate private finance training. (Most don’t.)

With out interest-bearing financial savings or kid-friendly funding accounts, GoHenry falls brief in another areas. It’s not cost-effective for bigger households both. However in case you plan to have just one child within the app at a time or don’t want the investing stuff, it’s price a better look.