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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:
bonfireheart · 03/05/2021 20:45

I've never paid for a current account and never would. The cashback offers are there to encourage you to spend more.

minniemomo · 03/05/2021 20:45

Mine had NatWest accounts from 11 with cards. Free. Why would you pay a subscription???

bonfireheart · 03/05/2021 20:46

And you can get cashback for free via Quidco and there's discount codes galore online and via employer employer free.

BlackLambAndGreyFalcoln · 03/05/2021 20:46

@EineReiseDurchDieZeit

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

Each to their own though

But why when most of life now revolves around digital payments? It teaches them that there is an actual cost behind a card payment (i.e. its not just "free money") which has to be born. My dd is currently saving up for a big purchase. She has an app showing how much she has saved so far and she knows that when she's in a shop if she spends money it will mean that there's longer to wait until she can make her big purchase. She can use her maths skills to calculate how long it will take her to save up for this purchase.
dchange · 03/05/2021 20:47

@Namechangeforthis88 ultimately your money. If u see value....pay. However can't see them offering services for free like the traditional banks. Then it won't be a business!!

SimonedeBeauvoirscat · 03/05/2021 20:47

I’ve never paid for a current account either. Who does that?!
Surely there are prepaid cash cards which you could give your kids which would be better value than GoHenry?

blueangel19 · 03/05/2021 20:47

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

Absolutely this

CombatBarbie · 03/05/2021 20:48

With our bank the child needs to be 13 to get a bank card.

My eldest child had one from age 10. You can set up tasks/chores that mean the money doesn't go them until they are completed on a weekly basis. The can set savings goals and it separates this money from their "available spending". I. E. Saving for Xmas presents. I also got notified when they used the card and where. For ages 10-14ish I advocate them.

My 9yr old has just got hers.

conywarp · 03/05/2021 20:49

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.

7 year olds really don't need cards. Where was your child goi g through covid alone that you couldn't just pay with your own card for her?

Iwantacookie · 03/05/2021 20:49

Glad you asked this too op I dont get the point either. Up until they can have a debit card ide give mine pocket money in cash so they can get used to spending/saving etc.
I dont pay for my own bank account so not a chance ide pay for one for dcs.

EineReiseDurchDieZeit · 03/05/2021 20:50

Has the thing in KS2 maths stopped where you had to work out repeatedly plus and minus how much money you had from the coins shown?

I am showing my age and need to go and buy a hairnet and a housecoat, clearly.

conywarp · 03/05/2021 20:50

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.

Wow. Massive micromanagement there.

prettypinkflamingo · 03/05/2021 20:50

My DD has one and it's great. I can't be doing with finding £3 a week change for pocket money...and then finding a bank to change it all for notes when she hands a bag of pound coins back that she's saved! It's great for relatives paying money in for birthdays etc. Before she would see something she liked in a shop but wouldn't have her cash with her so I would pay with my card and again be left with a load of cash to pay in to the bank. This was is much easier and tbh, by the time she is an adult, cash will be overtaken by card payments anyway. I like the app and feel it is worth the monthly fee. Like a PP I make one payment to the parent account each month to cover everything and to avoid unnecessary fees.

lovelyupnorth · 03/05/2021 20:51

This reply has been deleted

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Bonkerz · 03/05/2021 20:51

We've had go Henry accounts here for a few years now.
You can access the card accounts via an app
You get a notification every time your child spends any money
You can limit how much they can draw out at atm or spend online etc
You can add extra jobs they can do for extra money
You can block the card if necessary so child can't use it.
The kids can choose to save for something or donate to charity.
People can send gifts of money to be opened on certain dates.

My kids love their go Henry accounts. It's given them some independence and me some control!

CombatBarbie · 03/05/2021 20:51

Biggest issue is money either gets lost or frittered away, at least this was I can account for their spending.

CoffeeWithCheese · 03/05/2021 20:51

@minniemomo

Mine had NatWest accounts from 11 with cards. Free. Why would you pay a subscription???
Because my kids are 8 and 9 and all the local bank branches are closed. Fine when they get to an age where they can have a card and rarely need to go into the bank - not fine now when they want to buy something and the nearest open branch is in the city centre.

They've both started really tracking their money and can tell me to the penny what is on their card at any time.

BarbaraofSeville · 03/05/2021 20:53

[quote SimonedeBeauvoirscat]@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![/quote]
Yes I did. I was agreeing with the OP that GoHenry isn't worth the money.

A large part of good money management is deciding whether something is worth the price it costs, which GoHenry really isn't.

BlackLambAndGreyFalcoln · 03/05/2021 20:56

@conywarp

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.

7 year olds really don't need cards. Where was your child goi g through covid alone that you couldn't just pay with your own card for her?

But how does that teach then budgeting and money managing skills if you just use your own card?

FWIW as I said uptrend I no longer use Go Henry as I switched to Revolut Junior to avoid the monthly fee. But I do 100% in todays world believe that children need to learn how to manage their money digitally.

IdrisElbow · 03/05/2021 20:56

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

Stompythedinosaur · 03/05/2021 20:56

I looked at go henry but decided I didn't fancy chucking £72 away a year for 2 dc.

We have a monzo account and the dc have their own "pot" within our joint account. There weekly pocket money goes in automatically and they can check what money they have on either dp or my phones. Works fine for us and is free!

reluctantbrit · 03/05/2021 20:57

DD had cash pocket money until she was 11 and managed fine spending and saving it.

We then got her a normal Nationwide account with a debit card. She cannot go overdrawn and as it is her money she has to learn to save and budget instead of just hitting the contactless button all the time.

BlackLambAndGreyFalcoln · 03/05/2021 20:57

@prettypinkflamingo

My DD has one and it's great. I can't be doing with finding £3 a week change for pocket money...and then finding a bank to change it all for notes when she hands a bag of pound coins back that she's saved! It's great for relatives paying money in for birthdays etc. Before she would see something she liked in a shop but wouldn't have her cash with her so I would pay with my card and again be left with a load of cash to pay in to the bank. This was is much easier and tbh, by the time she is an adult, cash will be overtaken by card payments anyway. I like the app and feel it is worth the monthly fee. Like a PP I make one payment to the parent account each month to cover everything and to avoid unnecessary fees.
Yes exactly - I don't tend to carry cash on me myself, so it's much much easier to manage pocket money in a digital form!
ChairmansReserve · 03/05/2021 20:58

I was also shocked to see the fees when I looked into this for my eldest who is 10. Pointless..just going to wait until she turns 11 and get her a real bank account.

I didn't have the natwest pigs but I had the "world saver' which gave you a 'gold' coin with an endangered species on it every year and cards or a magazine. It was that late 80s environmentally conscious thing.

Terminallysleepdeprived · 03/05/2021 20:58

@conywarp

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.

7 year olds really don't need cards. Where was your child goi g through covid alone that you couldn't just pay with your own card for her?

No where, but that isn't the point. She is quite mature and she wanted to be able to spend her money and pay for treats if we went out herself not have to put it on my card. Also defeats the object of teaching her that she can only have things if she has the money for them.

As I said above if you don't want to do it fine, each to their own. I happen to find it a fantastic tool and dd loves being grown up and using her own card.