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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:
EineReiseDurchDieZeit · 03/05/2021 20:30

Oh and I cannot for the life of me think of one reason a primary school child might need a debit card what do peoples primary DC use them for?

AndWhat · 03/05/2021 20:31

I can’t get a bank ‘spend’ account for my 7 year old. I minimise the charges by making one free monthly top up to the parent account. He then gets £2 per week or extras if he’s done well at school or any odd jobs. He will also give me any piggy bank cash he’s collected to swap for money on his card.
He then uses his card to buy whatever he wants with his money either in the shop or on his Nintendo.
He checks his balance before he buys something and knows if he’s got enough, if not he can’t have whatever it is he wants to buy.

00100001 · 03/05/2021 20:31

@UhtredRagnarson

“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.

Quite!

But perhaps it's about peace of mind? I guess you can tell yourself your child can't spend £50 on online games? I'm very much of the "when it's gone it's gone" teaching method Grin. DS frittered away £150 that he's earned last year on shit like buying Gregg's and doughnuts and deliveroo. Then he wanted to go on a particular camp this summer and has no money left. Tough luck buddy. I spoke to him a fair few times about what he wanted to use that money for and he was always "I've got loads left..."

He's got to find the money for camp now if he wants to go.

BlackLambAndGreyFalcoln · 03/05/2021 20:32

@EineReiseDurchDieZeit

Oh and I cannot for the life of me think of one reason a primary school child might need a debit card what do peoples primary DC use them for?
To get used to budgeting electronically and spending their pocket money in an increasingly digital world where a lot of places now do not accept cash!
KenAdams · 03/05/2021 20:33

We used Revolut kids and pay no fees. They get their own card with that one too.

bonfireheart · 03/05/2021 20:33

How often do people actually use all the features that someone has listed above. If you don't want them to spend above x amount, then make sure they don't have x amount in their account anyway...

AccidentallyOnPurpose · 03/05/2021 20:33

@Namechangeforthis88

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.
By the sounds of it that's why some people like the gimmick accounts. They can stop their kids from doing that.

Which in my eyes kinda defeats the purpose.

ineedaholidaynow · 03/05/2021 20:33

@EineReiseDurchDieZeit weren't those accounts more for saving rather than spending

Annietheacrobat · 03/05/2021 20:35

@EineReiseDurchDieZeit

Oh and I cannot for the life of me think of one reason a primary school child might need a debit card what do peoples primary DC use them for?
Was just about to say the same. I can't see why a child of primary school age needs any form of bank card.
Terminallysleepdeprived · 03/05/2021 20:35

If your kids are old enough to have a normal bank account with a debit card then yes it makes no sense. However, dd is 7, no high street account will allow her a debit card. Throughout covid nowhere locally has accepted cash's giving je rocket money I'm cash was pointless. We are regulars at a local animal park. They are still not accepting cash so a gohenry card is brilliant for us. I am happy to pay the £2.99/month.

How many of you pay for your standard current accounts to access benefits such as shopping discounts and cash back offers? It is the same thing really.

I also live no where near family. The gohe ry card allows them to give her birthday or Xmas money without me having to find time to go into the bank to pay in a cheque to then wait for it to clear before giving her the money.

You don't have to use it, no one is forcing you. For me it works well so I use it. Each to their own

idontlikealdi · 03/05/2021 20:35

Mine are too young to get a debit card / account so we have GoHenry. As soon as the are old enough will open them a proper account. They get gifted quite a bit at birthdays and Christmas, being able to stick it on the cards is much better than cash floating round and during CV they have been able to spend online.

00100001 · 03/05/2021 20:36

@EineReiseDurchDieZeit

Oh and I cannot for the life of me think of one reason a primary school child might need a debit card what do peoples primary DC use them for?
Buying toys? Buying sweets? Buying drinks. Books, games... They use them the same way they might use cash.

But saves them carrying the actual money.

Original poster
Namechangeforthis88 · 03/05/2021 20:38

@dchange

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....

Well I'm only paying £9.99 for my Netflix so that's me up £72 a year now.

Many a mickle macks a muckle.

OP posts:
BonnesVacances · 03/05/2021 20:38

We used to have GH cards for DC. They loved the app, savings pots and ability to tick off chores and automatically get paid for them the following week. It certainly has its place for lazy parents like me.

We moved to a proper bank account with debit card once they were a bit older and familiar with the concept of managing money through an app and not having cash in their hands.

ineedaholidaynow · 03/05/2021 20:39

I'm sure DS went to the cinema with his mates before he was 11. So used his card to buy tickets/snacks

EineReiseDurchDieZeit · 03/05/2021 20:40

But isn't handling real money at primary age better for both life skills and Maths?

Each to their own though

soapboxqueen · 03/05/2021 20:40

As others have said Go henry allow children to have cards much younger than a normal bank account. You can also attach chores etc to their pocket money and they have an app also to monitor their money and check off when they have completed their tasks. As others have mentioned, there are lots of other features.

I mostly use it because a) I loose track of cash given as gifts. It's easier just to transfer it straight to their cards

b) I'm teaching my ds life skills as he's home ed and he needs to have experience of making purchases himself.

However, if the features aren't useful to you then they would be a waste of money.

lovelyupnorth · 03/05/2021 20:41

Never saw the point of it. We had mini Santander 123 accounts because of the interest they paid and Trust.

It was their money and their choice they both worked from 13 and it's always been up to them how they use the money they earn. And guidance.

They are now 19 & 20 have starling and various other accounts with various saving pots, isas and spending money.

But then we've always trusted them.

UhtredRagnarson · 03/05/2021 20:42

I guess you can tell yourself your child can't spend £50 on online games? I'm very much of the "when it's gone it's gone" teaching method grin. DS frittered away £150 that he's earned last year on shit like buying Gregg's and doughnuts and deliveroo. Then he wanted to go on a particular camp this summer and has no money left. Tough luck buddy. I spoke to him a fair few times about what he wanted to use that money for and he was always "I've got loads left..."

Yep! My DS is exactly the same. I have two- one saves and one spends. Exactly like me and my sister were (I was the saver Wink)

onemouseplace · 03/05/2021 20:42

I agree with you OP - I looked into it a few years ago as a couple of friends said they used GoHenry. I was gobsmacked at the level of fees relative to the pocket money my children get. At the time they got £1 a week - the fees on the card were nearly as much!

I remember thinking I'd rather give my children the extra £3 a month and teach them to be savvy about looking at fees charged on accounts.

Hottubtimemachine · 03/05/2021 20:42

I have one for my 10 year old as I literally couldn’t open a bank account for him during covid. All the child accounts stipulate you have to open them in branch. No branches would let me open an account in person due to covid!
I gave up and suck up the charges with Go Henry.

bonfireheart · 03/05/2021 20:43

Kids being paid to do chores is another thread altogether. Dd12 and all her cousins have been able to do chores, cook, clean, tidy etc without the need for bribery.

lovelyupnorth · 03/05/2021 20:43

And our Netflix is only £5.99 a month.

Should.add my eldest has earnt over £500 in bank switching bonuses.

CheshireCats · 03/05/2021 20:44

All of the posters saying just get a bank account for free- before you know it you will have high school age children with a phone to enable them to online shop using that bank account and you won't have a clue where they are spending it.
A pp up thread say "that's what we had in the 1980's" Yes, I am a similar age, but what we didn't have was the internet and online shopping and banking... and online criminals involving children in money laundering scams...
Being able to see what your child is spending and where is a big advantage- and also being able to set controls on this.
Whether you think Go Henry is worth paying for is of course entirely your decision op, but there's a whole lot more too it than free bank account/ charges for Go Henry.

UhtredRagnarson · 03/05/2021 20:44

How many of you pay for your standard current accounts to access benefits such as shopping discounts and cash back offers?

I don’t.

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