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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:
Stevenetween · 04/05/2021 14:01

'But can be done in branch?

presumably, but there's not one in our local town. But we're not in a hurry as the kids have their Nimbl cards.

ItMustBeBedtimeSurely · 04/05/2021 14:02

You’re paying for convenience. Obviously.

Stevenetween · 04/05/2021 14:06

'You’re paying for convenience. Obviously.'

Yup, and for the sake of a few quid a month compared to what we fork out for Netflix, Xbox subscription, Prime, sports clubs, etc etc, etc it's feels like great value for money.

Mistressinthetulips · 04/05/2021 14:14

The sensible thing here is simply not to save the card
Well not necessarily, if you are happy for your dc spending small amounts on fifa points or vbucks, having their card on there saves regular pleas for your to enter your card details and there is no way £6000 could accidentally be spent!
I actually agree Maisie I wouldn't personally get one for a dc who only shops with an adult there - my 8 year old doesn't have one - but for those who go out a bit more I'm very pleased with ours.
I'm more annoyed currently as had the radio on in the car and there was a story about the average pocket money being £7 a week - much more than my dc get!! Shame they heard that!

Seoirnbru · 04/05/2021 14:16

@Ilovemaisie

Seoirnbru but if your child is old enough to have a phone with an app and be out independently surely they would be old enough for a normal childrens bank account with debit card. I was talking more about 6/7 year old kids. Sorry all... still don't get it.
Yes he is, absolutely- he's 13. But until he turned 13 he couldn't get one with an app to check the balance, so that's why we went with the nimbl one when he was 11/12 or so. Up until then he just got cash ad hoc when he went out. And for now I'm quite happy paying for the convenience of avoiding the bank!
Ilovemaisie · 04/05/2021 14:21

Seoirnbru I still don't quite get the point of the app. Maybe because I don't use apps for things like bank accounts. Maybe that's why the whole concept of these cards is making me baffled.

Seoirnbru · 04/05/2021 14:26

@Ilovemaisie

Seoirnbru I still don't quite get the point of the app. Maybe because I don't use apps for things like bank accounts. Maybe that's why the whole concept of these cards is making me baffled.
I would genuinely struggle to cope without my banking app- it means I can check my accounts wherever I am, not just when I'm at home with my own laptop, and move money around accounts as needed / pay bills / pay friends etc.

For my son it just means he can check his balance and decided whether he really wants / can afford whatever he's buying when he's out.

00100001 · 04/05/2021 14:31

@Ilovemaisie

But why do you need an app so badly. What's wrong with just keeping a record of what you have spent in a notebook. It would actually make it more educational to have to figure out how much money is left from £10 if you spend £3.45. The app will just tell you. How will children learn the actual value of money if it's just a figure on a screen that does the maths for them?
We live in 2021....not 1921 - why do we need to use paper and pens all the time? Apps are great, it's the way of the world... move on!

And besides, why can't the child use both cash AND an app? Confused they can still learn the value of money without relegating themselves to the dark ages.

Stevenetween · 04/05/2021 14:33

'Seoirnbru I still don't quite get the point of the app. Maybe because I don't use apps for things like bank accounts. Maybe that's why the whole concept of these cards is making me baffled.

Ah, that explains it. A genuine luddite. I have more than one credit card that now only allows online access via their app - they closed online banking.

I love my banking apps. I was never the type of person to look through a bank statement...

Ilovemaisie · 04/05/2021 14:38

You don't have to use pen and paper - you could do the maths in your head.
I worry about a total reliance on technology. The press of a few buttons and the world could grind to a stop. We could very easily be plunged into 'the dark ages' with the wrong press of buttons - either accidentally or on purpose. Modern technology is incredibly useful. But humans also need to know the basics. I have no need for an app to monitor my finances. Would you have any clue what is in your bank account if all the phone and internet services went down? Not to the penny obviously but everyone should have a basic idea.

Ilovemaisie · 04/05/2021 14:42

Steven maybe I am a luddite....but I do like technology for lots of things. I mean I am here on an online forum.
Maybe it is just me. Sorry but I will say it again.... I don't see the point of this and that is that Grin

00100001 · 04/05/2021 14:43

@Ilovemaisie

You don't have to use pen and paper - you could do the maths in your head. I worry about a total reliance on technology. The press of a few buttons and the world could grind to a stop. We could very easily be plunged into 'the dark ages' with the wrong press of buttons - either accidentally or on purpose. Modern technology is incredibly useful. But humans also need to know the basics. I have no need for an app to monitor my finances. Would you have any clue what is in your bank account if all the phone and internet services went down? Not to the penny obviously but everyone should have a basic idea.
Why would using an app stop me knowing how much is in my bank account if that app was unavailable? I do have a clue, because my app tells me. I can check right now - my balance, my pending balance, all transactions that have completed, I can search for things etc And if I couldn't access it right now or for the forseeable... I'd still have an idea, because I know how much was in there, how much is due to go out and how much I'm going to spend at Tesco.

How do you know how much money is in your account - without checking an app or logging on online? Same way we do... because you know roughly how much is going in and out at any given time...

The app just makes life a LOT easier... need to send £15 to your sister? 1 minute it's done. Need to check of Bill X has come out? checked. Need to move some money between accounts? Boom, done.

00100001 · 04/05/2021 14:44

need to pay a cheque in? easy peasy. I can do it on my phone.

Feel free to go to the bank yourself (if you're lucky enough to have a proper branch nearby open at sensible times) But I'll use my app, thanks.

BlackLambAndGreyFalcoln · 04/05/2021 14:52

@Stevenetween

'Because I don't. I don't see the point when there are other (free) options about there.'

The only 'free' option ( banks aren't free really anyway are they??) for us is give them cash, or use our cards and keep a running total of who owes what or spent what. We've found using Nimbl better for us. That's all there is to it. When someone suggested Go Henry when our eldest was 8 I didn't see the point. But now our DC are older, going places more independently or with others, being given more money, it's become a great stop gap in between an actual piggy bank full of coins and a full bank account.

There is a free option that has been mentioned on this thread a few times and which I use for my 8 year old dd: Revolut junior. Comes with a card and an app but with no monthly fee for the basic version.
Ilovemaisie · 04/05/2021 15:00

I read the monthly bank statements. I know how much goes in monthly, what goes out on direct debits and roughly whatever amount will be left. And I take it from there.
No one has given me a cheque to pay in for donkeys years.
If I need to do a bank transfer to someone I pop to the bank and it takes two minutes. Yes I could do it at home online if I wanted too but I am usually out at the shops once a week so I just do it then.

Fiercebadiggi · 04/05/2021 15:03

Very unlikely that my local banks are open except for during the times I'm at work.

BrieAndChilli · 04/05/2021 15:07

@Ilovemaisie

You don't have to use pen and paper - you could do the maths in your head. I worry about a total reliance on technology. The press of a few buttons and the world could grind to a stop. We could very easily be plunged into 'the dark ages' with the wrong press of buttons - either accidentally or on purpose. Modern technology is incredibly useful. But humans also need to know the basics. I have no need for an app to monitor my finances. Would you have any clue what is in your bank account if all the phone and internet services went down? Not to the penny obviously but everyone should have a basic idea.
Using an App doesn’t mean you are thick!! I know in my head exactly when all our bills come out and how much, I know how much we budget for petrol and food etc plus other bits, I know how much money we need left for the rest of the month etc. I still use an app - to make transfers, to check money has gone in/out as scheduled etc, to make sure no fraudulent transactions etc!
Ilovemaisie · 04/05/2021 15:10

An app doesn't stop you knowing what's in there obviously. But if the app or online banking system went down surely you would need to keep track of what's being spent while they sort it.
It's an extreme 'what if' scenario but it could happen. If the systems were down for a week would you not just think "ok I checked yesterday and I had £250" and then during that week you would just keep a tally of what you are spending to make sure you don't go over £250.
The problem is there are a lot of people that unfortunately don't have the maths skills to add up the amounts on their receipts either by pen or paper or in their head. Over relying on technology is not good.
My first retail job (1990s)was a very basic till system. It would add the prices up but not tell us what change to give. You had to count it out in your head. I could do this at a pretty fast pace. Jump 20 years and the tills were all singing all dancing and did it all - except when they went wrong and we had to count the change ourselves or work out how much to remove to turn an amount into a 3 for 2. It was suddenly such a shock to have to figure it out manually. Our brains (of perfectly intelligent people) suddenly went "arrrgh" because we were so used to have the technology do it for us.

Ilovemaisie · 04/05/2021 15:11

Brie I never said anyone was 'thick'. Please don't make out I did.

Sarjest · 04/05/2021 15:17

‘Shame you didn’t do a vote for this, @Namechange. I am very much in the camp of yanbu but there are some strong defenders of GoHenry and its ilk. The junior Revolut card sounds interesting but I’ll stick with the high street account. Serves its purpose, didn’t take long to set up and it’s free.

Soubriquet · 04/05/2021 15:28

I have a GH for both kids

When they come of age, I will switch to a bank account

For now it works for us

bunniesanddaisies · 04/05/2021 15:41

maisie I have to say you are really spoiling the discussion here

Flydesk · 04/05/2021 15:47

I really like it - mainly because trying to go and set up a bank account at the minute would be a massive massive hassle and so many places don’t take cash anymore. But when it’s easier to go into a bank, I’ll probably swap them.

Ilovemaisie · 04/05/2021 15:49

Ok. I will go away.
Conclusion of my opinion about Go Henry or similar....
"I don't get it"
Bye all Smile

bunniesanddaisies · 04/05/2021 15:49

WE KNOW!