The Mumsnet-loved smart money app and debit card that gives kids a head start in life

Money may seem like a topic for adult conversation but discussing finances with our kids may prove invaluable in the long run. From teaching them the value of every penny to encouraging them to be smart with their savings and confident with their spending, it even helps develop their financial skills for the future. A Cambridge University study shows attitudes and habits are formed as young as seven and that parents play the biggest role.

GoHenry is the only money app created by parents, for parents, and knows first-hand how important it is to set kids up for a bright future. As a mission-led business - making every kid smart with money - it's a firm favourite with our Mumsnet community too, with Branleuse sharing: “I use GoHenry for my teens. I find it very practical.” 

“DS has a GoHenry,” ProudThrilledHappy added. “The transfers / payments from me to him are instant, so if he is out on a Sunday with friends and needs money he can call me and I can put it in straight away.” 

SKIP TO: What is GoHenry? | Key benefits | Why parents love GoHenry | Safety for kids | GoHenry vs regular banks | Costs | Junior ISAs | Family contributions

What is GoHenry and how does it work?

GoHenry is the smart money app and prepaid debit card designed for children aged 6 to 18 years old, and was launched in 2012 by Co-founder and CEO Louise Hill. 

As a parent, Hill was inspired to create the service after observing her own children's growing involvement with online spending and pocket money. She wanted to create a safe, monitored environment where children could learn essential real-world financial skills while developing good spending and saving habits.

GoHenry is more than a debit card, the smart money app helps children build financial confidence through hands-on experience with money and educational features like their financial quizzes and videos. 

Since its launch, GoHenry has grown significantly, with one in nine 10-12 year olds in the UK owning a GoHenry card** to help their children develop money management skills in a safe, educational environment.

What are the key benefits of a GoHenry account?

1) Learning money management

GoHenry are firm believers in learning by doing and financial-education being a life skill, like swimming, that you can’t just teach theory to. You need to get hands-on and do it yourself.  The app and card give kids a one-stop shop to gaining financial independence - combining the practice and theory in one place.

Money Missions is a series of in-app stories, videos and quizzes to boost kids’ knowledge and strengthen their skills. The engaging lessons are tailored to a variety of ages between 6 and 18 years old and include the following: 

• A full financial education curriculum, including money basics, earning, saving, investing, responsible spending, credit, money safety, and more

• Kids can watch animated videos, take quizzes and earn points and badges while gaining real-world experience with money

• The missions are developed with teachers and financial experts, and mapped to age-appropriate education guidelines in the UK 

• And finally, they’re tailored to the age of your child - as kids go through missions, levels are unlocked and adjusted to their age, skills and confidence 

2) Earning money themselves

If children believe money grows on trees, it's likely they'll struggle to understand its value. With GoHenry, parents can teach that money must be earned by setting them chores to complete in return for extra pocket money.

Simply choose a chore from the list, such as making their bed or unloading the dishwasher, or create your own. Determine the cost of the chore and when your child has completed it, you can tick it off and the money will be deposited into their account. 

They can also learn the concept of earning money via Money Missions, with a number of educational videos that could help.

Encourage your child to set savings goals and learn how to save

3) Learn how to save

You can encourage your children to set savings goals, whether that’s for a particular product, an experience or a rainy day. They can track their progress and feel a sense of accomplishment and delayed gratification when they hit their target. 

Plus, kids can earn interest on top of their savings so they can learn the power of growth. Parents can choose to pay interest on kids' savings, or as a GoHenry Plus and Max member kids can see their savings go further with an interest savings account paid daily***.

4)  Build a nest egg for their future

There’s also the opportunity to invest in their future with a GoHenry Junior Stocks and Shares ISA*. You can stay on top of things via regular updates, and the money will be held until your little one turns 18. Plus, you can invest from as little as £1.

Why will parents love GoHenry?

There are so many benefits to becoming a GoHenry member. The bite-sized learning via Money Missions is invaluable and tailored to a wide age range, enabling them to tackle trickier concepts the older they get.

The chore-based earning feature is a great way to not only encourage your child to be more helpful around the home, but to teach them where money comes from and that hard work earns reward. A weekly allowance can be debited into their account automatically, taking the pressure off you to remember. 

GoHenry gives children more control over their finances, but parents can still stay in the loop with the parent app. You can set spending limits and adjust them as needed. For example, when gaming, you can set a limit on online purchases. This way, your child is spending their own money, and there’s no risk of them accidentally racking up massive bills without realising it's real money. Plus, you'll get real-time notifications for every purchase, so you’re always informed.

You can also decide where they can spend their money and use the app to block certain merchants who may sell age-restricted items. It may prove a great tool for co-parenting too, as you can invite  a co-parent or guardian to  help manage your child’s money via your parent app.

Plus, you can send instant transfers to their account when needed (or vice versa). Family or friends can also pay into their account via Giftlinks, which allows them to spend the money on a gift they’ll love.

And finally - kids can make their debit cards their own with over 45 designs to pick from, plus they can add their name to the card to personalise their money journey.

Is GoHenry safe for kids?

Absolutely, as it was designed by parents with kids and teens in mind. Parents can have total peace of mind, with real time notifications and spending limits so you can choose where their card is used. 

Plus with bank level encryption, you know your child’s money is safe. You can also encourage them to save, while locking the pot via your parent app if you fear they may be tempted to dip into it.

Children can customise their debit card with their own name and design

What are the benefits of using GoHenry over a regular bank account? 

While most banks and building societies allow debit accounts from age 11 years old and up,  parents can sign up their child to GoHenry from the age of six years old. With money habits being formed as young as seven years old, this is a great opportunity for kids to get hands-on with money.

As well as the functionality of a kids’ debit card, GoHenry offers a generous choice of educational features. Afterall, GoHenry is more than an app and debit card. Kids can build vital money skills and gain a head start in life. With GoHenry, they can: 

• Learn through award-winning, bite-sized money lessons, Money Missions

• Earn via automated pocket money, one-off tasks or regular chores

• Spend responsibly via the prepaid debit card and app, which offers parental controls, real-time notifications and easy to view balances that teach budgeting

• Save by watching their interest add up in savings accounts*** and set saving goals to help them learn delayed gratification

• Parents can invest by building a nest egg for adulthood through the Junior ISA*

• and finally, they can give through donations to NSPCC in the app, teaching them how money can help others

🏫 Teaching financial education beyond the app

GoHenry is committed to its mission to make every kid smart with money. Not just GoHenry members. Which is why it’s leading the push for financial education to be made compulsory in all schools from primary age. 

The company has hosted events at the House of Commons and Welsh Senedd, provided evidence to the Education Select Committee’s inquiry into strengthening financial education in schools, and successfully prompted a government response to their petition. 

They've also developed a comprehensive Financial Education Manifesto that outlines how the government can implement money lessons into all schools.

What are the costs associated with GoHenry?

There are various membership options available to suit an individual parent’s needs. Starting from £3.99 a month per child, families get access to tools that teach kids to earn, save, spend and invest.

For the same price as a cup of coffee, you can give your kids a head start in life and teach them money skills you wish you’d had. 

The new Max account is a great saver for big families. It offers all the benefits, with up to four child accounts included for just £9.99 a month.

How does GoHenry’s Junior ISA work?

A GoHenry Junior ISA* can be opened by parents or the legal guardians of children under the age of 16 who are also UK residents.

You can open a Junior ISA from as little as £1 and pay in up to £9000 per year. The Junior Stocks and Shares ISA is a long-term savings account that cannot be touched by your child until they turn 18.

Your child can only have one Cash and one Stocks & Shares Junior ISA, so if they already have a Stocks & Shares Junior ISA, this will need to be transferred to GoHenry before you contribute.

Similarly, if your child has a Child Trust Fund, this will need to be transferred to GoHenry before you contribute.

A GoHenry Junior ISA is easy to open. Simply activate it in the app to start growing a pot of money for when your kids turn 18!

Can family members contribute to a child’s GoHenry account?

Friends and relatives can send money for special occasions or just because with GoHenry Giftlinks. Share your child's unique link, which the gifter can personalise with the amount they want to send, cute graphics and messages. Giftlinks are paperless and free of charge to send and kids can also send a ‘thank you’ message back via the app - win:win!

You can also invite relatives to create a free GoHenry Relatives account, so they can instantly send money to your child's account without a Giftlink.

About GoHenry

GoHenry was the brainchild of mum Louise Hill and was the first of its kind when it launched in 2012 to help kids become smart with money. 

Not only does it offer the practical application of money management via a smart money app and debit card, but there are also educational resources to strengthen a child’s financial skills. Available for children aged 6 to 18, you can also start a savings pot or a Junior ISA*.

About the author

Kat Romero is a writer and journalist with over a decade’s experience in the industry. Hailing from London, she has become experienced in scouring the market to find the latest and best products and services that are designed to make parents’ lives easier. Away from her desk, Kat can be found consuming far too much coffee and spending her weekends with her toddler and partner - soaking up the sights of London and sampling anything new and exciting that has opened up within walking distance.

T&Cs apply. © GoHenry Limited. All rights reserved. The GoHenry card is issued by IDT Financial Service Limited, a principal member of VISA Europe.

*Capital at risk. Junior ISA rules and terms and conditions apply. Investment services are provided by GoHenry Limited, a firm authorised and regulated by the Financial Conduct Authority (FRN: 1013107).

**Data taken from 2022. This is based on UK census data for how many 10-12yos there are in the UK compared to how many 10-12yos are signed up to GoHenry.

***Interest savings: Exclusive to Plus & MAX. T&Cs apply. GoHenry Interest Savings is provided by Bondsmith Savings Ltd, authorised by the Financial Conduct Authority.