What Is GoHenry and How Does It Work?
GoHenry is a kid-friendly debit card and app that helps parents teach financial responsibility through spending controls, real-time tracking, and secure management.
Teaching kids about money management early helps them develop responsible financial habits. GoHenry is a financial tool designed for children, allowing parents to guide their spending and saving in a controlled environment.
This service offers features tailored to young users while giving parents oversight of their child’s financial activity.
Child-Focused Banking Features
GoHenry makes financial education engaging while ensuring parental involvement. One key feature is savings goals, helping kids allocate money for specific purchases like a toy or bicycle. This teaches delayed gratification and budgeting.
The platform also includes a chore-based earning system. Parents assign tasks such as cleaning their room or completing homework, attaching a monetary reward to each. Once the child marks a task as done, parents approve it, and the agreed amount is transferred. This reinforces the link between work and financial rewards.
GoHenry integrates educational content through interactive quizzes and lessons on budgeting, saving, and basic investing. These lessons are designed to be engaging and age-appropriate, introducing financial literacy in a way that resonates with young users.
Fee and Subscription Structure
GoHenry operates on a subscription model, charging $4.99 per child per month. This includes access to custom debit cards, financial education tools, and parental controls. Families with multiple children can opt for a $9.98 family plan, covering up to four kids. Unlike traditional banks that profit from transaction fees or interest, GoHenry’s revenue comes primarily from subscriptions.
While the subscription covers most features, additional costs exist. ATM withdrawals incur a $1.50 fee per transaction, and international purchases have a 2.75% foreign exchange fee. Replacement cards cost $4.99, making it important for kids to keep track of their cards.
Setting Spending Limits
GoHenry allows parents to set spending limits, ensuring children make financial decisions within boundaries. Limits can be adjusted based on age and spending habits.
Parents can set a maximum amount per week or per transaction to prevent overspending. They can also restrict spending in specific categories, such as online shopping or gaming. Certain merchant types, like gambling or age-restricted purchases, are automatically blocked, but parents can further customize these settings. If a child frequently spends at fast-food restaurants, parents can impose limits to encourage healthier spending choices.
Real-Time Transaction Monitoring
GoHenry provides real-time transaction monitoring, giving parents immediate insight into their child’s spending. Every purchase, withdrawal, or transfer appears instantly in the parent’s app.
Each transaction includes details such as the merchant name, location, and amount spent. If a child frequently makes small, impulsive purchases, parents can address the habit early. The ability to review and discuss spending reinforces accountability.
Security is another advantage of real-time tracking. If an unauthorized transaction occurs, parents can quickly lock the card through the app. This feature is particularly useful if a card is lost or stolen, allowing immediate action to minimize potential losses.
Funding Options
Parents can fund a child’s GoHenry account through linked bank accounts or debit cards, enabling automatic transfers. One-time transfers are also available for unexpected needs.
For families who prefer alternative methods, GoHenry supports direct deposits, allowing relatives or employers to contribute. This is useful for teenagers with part-time jobs, helping them manage their earnings in a structured way.
Age Eligibility Requirements
GoHenry is available for children ages six to 18, adapting to different stages of financial learning. Younger kids focus on saving and understanding money’s value, with parents maintaining more control. As they grow, GoHenry provides more autonomy, helping teenagers manage budgets while still benefiting from parental oversight. By adulthood, they have experience handling a debit card, tracking expenses, and making informed financial choices.
Account Security Provisions
GoHenry incorporates multiple security measures to protect accounts. Bank-level encryption safeguards sensitive data, and parents can instantly lock and unlock the debit card through the app if it’s lost or stolen.
The platform also prevents overdrafts, ensuring children can only spend what’s available. This eliminates overdraft fees and reinforces the habit of managing money within limits.