Do you use goHenry or similar?

[BlueAmbition]

Someone be suggested this to use for out kids money. It looks interesting but obviously being new to it I don’t know anything about it really.

So I’m looking for opinions, recommendations or alternative suggestions.

I love it. I used to forget to give the kids pocket money so now it just automatically transfers to each child every Saturday. The kids have debit cards but they don't actually use them. It's more used for little purchases, eg they ask if they can buy some Fortnite shit for £3.99 and I do a quick transfer of the amount back to me. Easy.

Every now and again they do actually save up for big ticket items. They have the app on their phones and they can see how much they've got.

And sorry MNHQ, I just reported this post instead of replying to it! Whoops

No I wouldn't pay money for something they can get for free at age 11

Why not use a normal debit card?

Get them a monzo account. It's free and done on an app so pretty kid proof.

You need to be 16 for monzo

I use GoHenry for my 3 older children. It's great! Automatic payments of pocket money, half into savings and half into spending. They can chose their card design, have some independence when out and about but on the flip side if they're stranded or need anything and I can't get to them I can instantly transfer funds for transport/food/drink etc.
You can set tasks to add money if they complete them and I can keep half an eye on where they're spending money when out. I really recommend it.

We got my dd a debit card when she was 11 . She is brilliant with money . No need to pay for a service .

We use Go Henry in a similar way to flimp althoihg dc1 starting to enjoy the independence of using a card now. Might switch to regular debit cards soon, but I like being able to control pocket money and make it dependent on chores etc

I used it for a year, until the youngest was 11 and then switched to regular bank accounts with debit cards for them. It was nice being able to track their spending but the number of times their system crashed and the monthly fee annoyed me. I do online banking so can transfer pocket money and urgent spends to them instantly.

Sounds like a massive waste of money to me 🤷‍♀️

We have normal account for my 11 year old, comes with debit card and we just setup a standing order for pocket money.
No fees.

I use nimbl it's £15 for the year and you can turn off or on online spending and if they lose the card you can instantly block it and unlock it when they find it, also it shows them how they are spending their money.

Both mine have a GoHenry card at 12 and 14. DD1 is good with money but DD2 is shit and would empty her bank account in seconds without the controls I can set. I get text messages when it's used which also means I can track her when she's out shopping with friends alone. I have set up tasks so they can earn extra too.
Oh and I can xfer extra money in seconds, so if DD1 is at the cinema I can reimburse her card for ticket money or food etc immediately.

Love go Henry - great for them to learn to save and budget, i get complete control and transparency on spending.

The app ive found to be really clear and child friendly compared with adult banking apps.

Mine have just got debit cards, as others have said, why pay for something you can get for free.

Also, how will they learn to budget if their parents are controlling their spending? I let mine buy what they like, if they spend all their money on something they later regret then that's the better lesson. If they spend it all on crap but are happy with having nothing saved later, then that's their choice!

(Oh, and don't forget, now we've got Faster Payments, you can do instant transfers to your kids' accounts anyway. For free.)