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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 21:00

@Stompythedinosaur that’s exactly what I’ve been doing with my Monzo account!

Thatisnotwhatisaid · 03/05/2021 21:01

I have one for my older 3. They’re too young for a bank account but they wanted a debit card rather than cash. Cash is rather useless to them since we rarely go into shops anymore and the things they wanted to purchase tended to be online anyway. They put their Christmas and birthday money in there too and they use it to buy the crap things I won’t buy because it’s a waste of money Grin.

CheshireCats · 03/05/2021 21:06

@lovelyupnorth

CheshireCats
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.

What a load of shit - but thats why society is fucked.

What a rude comment. Is this how you normally speak to people?
What exactly is a "load of shit"?? And why is society fucked?

00100001 · 03/05/2021 21:09

@EineReiseDurchDieZeit

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

Each to their own though

Why does it have to be cash or card? They can use both...
Goshitstricky · 03/05/2021 21:09

All 4 of my kids have a GoHenry, the eldest being 16 but with SEN means he has no idea of financial decisions and would happily spend £££ on sweets after school at Tesco for 'friends' so it's good to have that level of restriction.

Tbh I need to change DS2 over to a regular bank account but I have been so busy it's a real faff getting into town. Blush

The younger 2 don't really spend money but have a little bit of pocket money so it's just sitting and building up at the moment. I don't really notice the fees but I'm not generally good at checking accounts etc (financially lazy!)

lovelyupnorth · 03/05/2021 21:13

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Goshitstricky · 03/05/2021 21:16

I hope all the super parents on this thread are keeping those awards polished ..... Hmm

Nothing like a thread to bash people doing things a different way!

diddl · 03/05/2021 21:18

"Many a mickle macks a muckle."

Haven't heard that for a long time!

conywarp · 03/05/2021 21:32

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

The kid is 7. There is plenty time to teach budgeting skills.

GloriaSilver · 03/05/2021 21:32

I think I read the charge is because they don’t make money from other products like mortgages and loans? My daughter has a contactless bank card from a normal high st bank.

Catladyisback · 03/05/2021 21:37

I think this every time I see the advert!

ChampagneCommunist · 03/05/2021 21:38

Also, bear in mind that as with any service - if you aren't paying for it, you are the product.

It's true for free email, streaming, banking & whatever.

ForThePurposeOfTheTape · 03/05/2021 21:43

My kids have had standard visa debit cards from year 7 and that's been ample. I don't see the point in paying for Go Henry either.

GravityFalls · 03/05/2021 21:49

I don’t object to paying for a service as such, I just can’t see how people part with £36 a year of their hard-earned money for something like that without wincing! I suspect everyone is just richer than me.

Terminallysleepdeprived · 03/05/2021 21:58

@GravityFalls

I don’t object to paying for a service as such, I just can’t see how people part with £36 a year of their hard-earned money for something like that without wincing! I suspect everyone is just richer than me.
Single mum on low-ish income. Not rich by any stretch, but it is convenient for me. I don't drink, I don't smoke...I don't fritter money. But I don't mind paying for things that make my life easier especially as a single mum. For example I paid a not insignificant amount for a private mortgage broker as it was easier than trawling the Internet for deals and means I don't have to think about it. He sorts it all for me when the renewal comes along. I pay for someone to come in a more the lawn because I have a minor disability that is exacerbated by physical tasks. Also I work full time and I simply don't have time or inclination to do it myself.

We all spend money on things that make our lives easier. Be it meal box services like hellofresh or someone to do the ironing for you, pt sessions at the gym, a Costa coffee...

For me the £3/month is nothing. It's a coffee from Costa essentially. It is well worth it to not have to scratch around finding cash that dd then cannot spend only to have to shell out again and then claim back from dd.

MrsSifB · 03/05/2021 22:16

My daughter is 6. She was given £10 pocket money from her grandparents to spend on holiday at centre parcs last summer and when we got there everything was card only due to covid and so she was really upset she couldn’t spend her money. So we signed her up for a gohenry card as she couldn’t have got a debit card with a normal bank account as she is too young. She has since been given birthday/Christmas money through the links that gohenry provide for people to send them gifts straight to her card which make it easier for her to save money...she knows she can go in the app and transfer some straight to her saving account which she does every time she gets pocket money or money as a gift. I think if we had to take it to the bank each time she would be less likely to save so having the debit card and online account rather than cash really helps with that.

And she spends her money on sweets/magazine/Bath bombs/lipsyl and she is currently saving some for a large Lego set. It teaches her about money and she’s already a keen saver as a result.

dchange · 03/05/2021 22:25

We live in world where services offered are perceived to be free but in reality they are not. They either using you deposit to lend money to others or sell your data.

I digress but I chuckle when people say Facebook is free. Data is kind in the world is social media. In banking, data should be king but it's more like you deposit as it easily monetised.

BarbaraofSeville · 03/05/2021 22:51

But adults don't generally pay for bank accounts so why would children?

Whether or not you have a paid account, they're going to use your data. GoHenry won't free your data from being used.

Newpuppymummy · 03/05/2021 22:58

I think they are ridiculous. Set up a proper bank account!

mercimacherie · 03/05/2021 23:03

Our eldest DD has had a Go Henry card for about 5 years since she she was 9, which she still uses. She has a kids bank account and an ISA for savings but I wanted an account with a debit card so she can manage and spend her pocket money, birthday money etc. Our 8 year old DD also uses Go Henry.

I don't get the fuss about the fee, it's less than the price of a coffee. I make one payment a month to the parent account on each card, which the fee is taken from and their pocket money paid. The app is far better than any of the high street banks. Imo Go Henry is a kids equivalent of Monzo, or Starling. I use Monzo and also have Halifax and Barclay's apps, Monzo is far more user friendly, as is the Go Henry app.

mercimacherie · 03/05/2021 23:08

@Newpuppymummy

Both my DD's have "proper" junior bank accounts but they do not provide debit cards or have an app available.

I like that my dd's can use their own cards to buy what they want and than I can set spending limits, and see what they're buying. When my eldest dd started going shopping with her friends I could see where she was and what she was spending.

Sarjest · 03/05/2021 23:18

I didn’t go down the route of Go Henry due to the cost. My DD only gets £2 a week pocket money and I wouldn’t have wanted her to pay £3 a month on fees. She’s perfectly happy spending cash at the local Co-Op and if she wants something online she’ll pay me out of cash in her Piggy Bank and I’ll get it. She’s about to get her first debit card at 11 with HSBC and it’s a milestone. I’d be uncomfortable monitoring her spending tbh but each to their own. Plus she’s tight with money. 😀

NotOnMute · 04/05/2021 11:12

It may be that it’s a regional thing. Here in London, it’s now almost impossible to pay with cash anywhere - toy shop, newsagents etc are all card only. Even before covid, it was unusual to see anyone pay with cash for things like a coffee or a sandwich in central London, the culture had definitely changed to tapping with card or phone.

So for my DC, it was no use having cash, they always had to ask me to pay by card and then pay me back in cash. I never remembered, or had the right change. Nimbl means they can pay in shops by themselves, and also buy things online independently.

TooManyAnimals94 · 04/05/2021 11:22

Forgive me for being thick but how exactly does monitoring every single transaction your child makes teaching them to be responsible or independent with money? I had a debit card from age 12 which my mum paid an allowance into and I would always discuss big purchases with her but I think it's weird to want a notification everytime your kid buys a snickers from the corner shop.

Mistressinthetulips · 04/05/2021 11:31

I find it reassuring to get the notifications about what is spent - the only way I know where he is sometimes! There is also a "savings" bit and he moves money over to there to save for games (this is Nimbl). If family give him cash he always asks me to put it on Nimbl. The only time I use cash now is in shopping trolleys and tips.