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Original poster

What's the point of GoHenry?

192 replies

Namechangeforthis88 · 03/05/2021 19:57

Inspired by the another thread, I decided to get DS a GoHenry card today. I was part way through before checking the charges, I assumed it would be minimal. It's £2.99 a month. I checked what my bank offer for, a child account doesn't have any monthly charge, he'll get a debit card, I can set up a standing order for pocket money and, if I need to top it up, that's free, while GoHenry is a 50p charge for ad hoc top ups. I don't get it. The quotes on their website from people saying how GoHenry is teaching their kids to manage their money are a bit ironic, aren't they all chucking £36 a year away? Or am I missing something?

OP posts:
GravityFalls · 03/05/2021 19:59

Interested to know the answer to this - I was going to get DS one but as he gets less than £10 a month pocket money the charges are absurd! I just don’t see what the advantage is of them for the costs.

SuperPixie247 · 03/05/2021 20:01

Also looking forward to seeing the answers as I have often thought this. I was stunned at the cost!

Original poster
Namechangeforthis88 · 03/05/2021 20:08

Yup, I was going to give him £2 a week pocket money. So £104 a year, then about £30 a year in charges, when there's a free alternative. It's the definition of poor financial management.

OP posts:
Original poster
Namechangeforthis88 · 03/05/2021 20:09

£36 in fact. Accidentally bumping myself here.

OP posts:
BarbaraofSeville · 03/05/2021 20:11

It might 'only' be £3 a month but it's likely to be a significant percentage of the amount of money going through the account.

It is quite good at demonstrating how you shouldn't blindly get sucked into pointless gimmicks that add little extra to what you could do yourself for less/free.

But that's probably not what they were thinking is it?

If you want to teach your child about money management, probably best looking on the Moneysavingexpert website, they do a free downloadable textbook aimed at schools to teach money management as part of PSE or whatever it's called these days.

00100001 · 03/05/2021 20:12

I've never seen the point either 🤷‍♀️

LegoLady95 · 03/05/2021 20:13

I have Rooster card for my 12 year old which is similar to GoHenry, but cheaper. It is £29 a year. We are on the first year and I was planning to just use it for one year the get a regular current account at age 13. However I am so impressed I might pay for one more year. Things I like are, complete visibility about what he is spending, ability to set and amend daily or weekly spend limits, ability to switch on and off cashpoint withdrawals, online payments, contactless. We pay his pocket money in weekly and any birthday and Xmas money. He likes having 'spend' and 'save' pots. We can ring-fence money he is saving up for higher price items, and the rest he can spend on what he wants. He likes to see his total on the app,even if he can't spend it all. We also do formal savings into a savings account as well, but he is not really aware of this. If you recommend a friend you both get £10. I think it's great for the first year or two before getting a regular debit card.

00100001 · 03/05/2021 20:14

I think the benefit of tracking their spending and instant alerts below convince people?

SavoyCabbage · 03/05/2021 20:14

That's crazy!

My two have Barclays accounts and could have a debit card when they were eleven. They both have an app which they can use to check their balance and can also use the app to suspend their card if they mislay it or cancel it if they loose it.

00100001 · 03/05/2021 20:17

@SavoyCabbage

That's crazy!

My two have Barclays accounts and could have a debit card when they were eleven. They both have an app which they can use to check their balance and can also use the app to suspend their card if they mislay it or cancel it if they loose it.

Bit can you

Track their spending

Limit where they spend

Limit the amount they spend at any transaction

Give then weekly limits

Get instant notifications to spending

Enable/disable cash point access

Set tasks to earn money

?

KleineDracheKokosnuss · 03/05/2021 20:17

I can set savings goals for my 8 year old, set variable spending limits, ban the use of tap and go, check her pin whenever she forgets it, move money from her account to mine and back as needed, and get instant alerts when she spends. I’m happy to pay for it for a few years before she can have a regular bank account.

00100001 · 03/05/2021 20:19

I just googled what a Go Henry card does. And it does all of that.

I mean, I never felt the need to take that much control of DS17 spending and taught him how to budget in other ways etc... but I guess some people want/need that level of restriction?

SimonedeBeauvoirscat · 03/05/2021 20:22

@BarbaraofSeville did you actually read the OP’s posts? It sounds like you didn’t.

OP: on the face of it the charges are pretty shocking but from others’ posts I guess you’d be paying for the additional services. Up to you whether you think that’s worth it. I guess it’s a way of teaching kids about how to manage their finances in an age where not everywhere accepts cash ... used to be that you’d just get your pocket money in cash and you’d know when you had run out!

NotOnMute · 03/05/2021 20:22

I have Nimbl cards for my DC. I can add money easily, see what they’ve spent immediately (I get an alert), control where they spend money, send them extra instantly if they need it, set spending limits.

My sensible 12yo is nearly ready to move on to a basic child’s account, but she needs to be 13 to have the app that goes with the account (weirdly) and she likes to be able to see how much she’s got, so we’re waiting until then.

My younger dd is just learning to manage her money, and I want to keep some control over it for a few more years.

BlackLambAndGreyFalcoln · 03/05/2021 20:22

I think the main point of it is for younger children who cannot have a debit card (which is usually 11 for most banks). I used to use it for dd who is now 8 and still unable to get a traditional bank debit card, however I have now moved to revolut junior which does not charge a monthly fee for its basic account.

SavoyCabbage · 03/05/2021 20:22

I wasn't saying what you said was crazy, that was a cross post. I was saying the costs were crazy.

No, I don't think I can. My dc both have an amount that they have set themselves that they don't go under. I don't see the need to do any of the other things like limit where they are shopping or how much they spend. Nor would I want to be notified when they were buying something. I certainly wouldn't want someone doing that to me! Grin

Pokkadots · 03/05/2021 20:23

I don't understand why people use them for their children, just get a bank account with no fees.

UhtredRagnarson · 03/05/2021 20:23

“Bit can you

Track their spending

Limit where they spend

Limit the amount they spend at any transaction

Give then weekly limits

Get instant notifications to spending

Enable/disable cash point access

Set tasks to earn money”

This sounds like the complete opposite of teaching your DC how to manage their money. It looks an exercise in showing them how much their parent can manage their money for them.

Taswama · 03/05/2021 20:23

I agree OP.
DS gets £12 / month pocket money and has a current and a savings account (HSBC). I transfer agreed amounts to current and savings and give some as cash too. He has a debit card too.
All for free!

BlackLambAndGreyFalcoln · 03/05/2021 20:26

@Pokkadots

I don't understand why people use them for their children, just get a bank account with no fees.
Not possible if you want a debit card and your child is under 11!
dchange · 03/05/2021 20:27

You are simply paying for additional functionality the traditional banks don't offer. One thing to note, these fintech are the same traditional banks at the back end with a shinier and improved front end. Every time you move money they get charged by the banks and this is a cost to them. Unlike traditional banks who hold deposits and lend money at crazy rate and can offer most retail services for free, these fintechs can't afford not to pass on the fees to consumers as the don't have deposits/lending facilities.

The fees are high, but it's intimately based on what you value. Netflix at £12.99 versus a bank account for my kids to control
Spending at £2.99....

ineedaholidaynow · 03/05/2021 20:27

DS had one for a couple of years. Felt it was safer to have more restrictions with his first debit card. After a couple of years we cancelled it and then got a normal child's bank account and debit card for him

CoffeeWithCheese · 03/05/2021 20:28

It's not great - but for kids in that age band before they're allowed an account with a cashpoint card, but at the point where they want to spend their pocket money (especially as local bank branches are shutting down like mad around here) it fills that niche. We have them for the DDs - as soon as they turn 11 I think it is - they'll be getting a bank account instead but for now I can't be fucked going into the city centre to find an actual remaining open bank branch if they want to get at their money.

EineReiseDurchDieZeit · 03/05/2021 20:29

I don't understand why parents don't just start bank accounts

It was standard in the 80s

Natwest Pigs anyone?

Original poster
Namechangeforthis88 · 03/05/2021 20:29

It's only very recently that DS has had any reason to spend money when he hasn't been with either me or his dad, so I'm struggling to see the benefits of alerts for young children spending money. He's 12. Maybe it appeals more if your kids have a higher turnover. As far as I'm concerned right now, if he blows his own money on something I think is stupid, that's up to him.

OP posts:
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