Go Henry account anyone?

[TiddlesUpATree]

DS is nearly 8. Wondering about getting him a Go Henry account. Hoping it might help to teach him the value of money and allow him a little responsibility. Also want to set up some chores for payment. Looks quite a nice setup but DH thinks it's a really expensive gimmick.

Does anyone have one? How is it? Do you think it's worth it?

I tend to agree with him tbh. We used actual money at that age and then once they were 11 they got a high street bank account with a debit card and it was free unlike paying £2.99 per month plus the actual pocket money value.

Also agree with your DH. At that age we gave our DC proper money then set them up with a normal bank account (Santander mini current account) when they were a bit older.

Go Henry is an expensive gimmick !

My ds is learning to use a debit card at 11, he didn't have the understanding to manage this at 8 despite being quite bright

It is a gimmick. If you want to teach the value of money you should lead by example and not pay for this unnecessary nonsense. Cash is fine for kids, in fact they learn more about money by handling cash when they are young than they ever will by tapping a card on a machine. Get a current account t and debit card when they turn 11.

I'm in two minds - yes it's expensive but I think it was useful for DS to see how much he'd saved/ whether he had enough for X/how many more weeks he would have to wait/how many chores he would have to do before he could buy Y

I don't think it's given him a sensible attitude to money though - he still burns through it at a rate of knots :rolleyes:

DD2 has one. It keeps all her money in one place, she can see how much she has, what she's spent money on and whether she can afford something she wants. She also has family abroad and so they can pay in birthday money etc. It works well for us.

Expensive gimmick. Some of my friends kids had one but I made my daughter wait until her 11th birthday and we went to HSBC on the day. She was very proud of her proper bank card. Her HSBC account has savings and current in one and she can transfer between the two as needed.