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Do your kids know the value of a dollar?
You may think money management is for adults, but research shows children can grasp the concept of money at just 3 years old. By the age of 7, many money habits are already set.
That doesn’t mean you should hand over a wad of $20 bills and expect your child to become the next Warren Buffet. But you can join the millions of parents starting their child’s financial journey off with the smart financial app and debit card that grows with kids.
With a pre-paid Visa debit card and companion app, GoHenry allows kids to enjoy the ease of paying with a debit card and the valuable lessons that come with it.
More than a way to simplify money, this app/debit card combo makes it easy for parents to hand allowances to kids via a debit card (with less chance of cash going lost accidentally) and manage purchases with real-time updates, parental control, and complete peace of mind for the whole family.
Used by over 2 million kids, read on for a full breakdown of GoHenry and find out why it’s a top choice amongst debit cards for kids.
What we’ll cover:
- What is GoHenry?
- How does GoHenry work?
- GoHenry features explained
- How much does GoHenry cost?
- Final thoughts and what to do next…
What is GoHenry?
GoHenry’s app and debit card help make every kid smart with money – from as young as 6 up to 18.
The combination of a Visa debit card with an app (including a companion app for Mom and Dad) makes it easy for parents to track and control children’s spending habits.
Parents control their kids debit card either via the app or website whether you want to receive notifications for purchases (meaning no surprise spending), or put a lock on the card (if it gets lost or stolen). That’s parental peace of mind in the palm of your hand.
How does the GoHenry app work?
The GoHenry app is designed for the whole family.
This means kids get a card to call their own. While parents can track spending, set goals, and motivate financial education with in-app challenges and experiences tailored to your child’s age.
Here’s how it works:
- Every child in the family gets their account on GoHenry
- The main user controls all accounts (typically a parent or guardian)
- Only the money loaded into the account can be spent. So parents don’t risk their kids running up debts on the card or getting charged with expensive overdraft fees
The app offers granular control, going far beyond just the convenience of electronic pocket money. Parents can customize spending restrictions and limits for each child. You can even choose to unlock cards only at certain periods of the day.
Kids also get budgeting tools that they can use to help them view and manage their spending. To top it all off, parents can set tasks for children. These tasks will top up the child’s GoHenry account with extra pocket money if completed.
GoHenry features explained
Overall, GoHenry offers a comprehensive feature set, much more than most other prepaid debit card products. Though GoHenry doesn’t offer the same full functionality as a checking account with a debit card, it does keep kids out of trouble with zero risk of overdrafts or running up a huge debt.
|Zero Liability Protection by Mastercard®||FDIC-insured accounts up to $250,000|
|Real-time spending notifications||Block unsafe spending categories|
|Chip and PIN-protected transactions||Secure PIN recovery in the app|
|Bank-level encryption||Easily block and unblock cards|
|Set tasks and pay for chores||Send money to your GoHenry account instantly|
How much does GoHenry cost?
A GoHenry prepaid card offers more than the typical prepaid debit card, but what does it cost?
The cost structure is simple: $3.99 per child per month, with the first month FREE.
You can also customize your child’s GoHenry card designs for just $4.99. So, instead of GoHenry, the card would read GoThomas, GoShirley, and so on.
Loading your GoHenry card is also free if you use another debit card but watch out for cash withdrawal fees of $1.50 and note that international transactions will get charged a 2.75% fee on the transaction value.
In terms of usage, there are limits on a GoHenry card, but nothing that will be a problem for a young person’s spending habits. You can have a maximum of $6,000 on your GoHenry card balance and can load up to $500 at a time. Daily purchases are limited to $2,500 and you can make a maximum of 4 cash transactions worth $480 in any given 4 days.
Your child can’t overdraft their GoHenry debit card, so you don’t need to worry about unexpected charges or overdraft fees if they try to spend more than their available balance.
Final thoughts and what to do next…
If you want to start teaching your kids about good financial habits, the GoHenry app may well tick your boxes. All without the risk of going into debt or racking up expensive overdraft fees.
Many banks indeed offer children’s or youth accounts. But none offer the flexibility of a companion app that lets you track spending, monitor usage, and co-parent on the same account.
4 out of 5 parents wish they’d learned more about money as a kid. So if you want to break the cycle and equip your little one with healthy financial habits, get started with GoHenry on a free trial today.
Read Next: How to establish credit at age 18
Watch: How GoHenry helps kids learn to manage money
WAIT! High overdraft fees aren’t the only way your bank is costing you money.
With inflation overheating, you’ve probably heard that interest rates are climbing sharply. That means that for the first time in years, it’s a great time to shop around for a high interest savings account.
The national average interest rate for savings accounts is currently 0.18% APY – that means that if you have $2,500 in a savings account, you’d earn just $4.50 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.00% APY and you’d earn $71.63 more!
Don’t let your hard-earned savings sit there doing nothing. Check out the rates that you can earn at other banks: