February 12, 2022

GoHenry Review

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GoHenry offers kids a debit card and fun money lessons. But is it worth the monthly fee? Find out the pros, cons, and whether it's safe for your child.

goHenry
GoHenry Kids' Debit Card

Overall Score

3.8

Savings

2.0

Minimum Deposit

5.0

Checking

3.5

Price

2.5

Customer Service

3.5

Mobile App

4.0

Ease of Use

5.0

Education

5.0
5-point scale (the higher, the better)

Pros and Cons

  • App evolves with your child
  • Flexible parental controls
  • Game-like educational tools
  • Accounts don't earn interest
  • Fees high for multiple kids
  • Can't cancel through the app

Bottom Line

Good banking app with fun educational content

Kids grow up fast. Before you know it, they've graduated middle school, then high school—and then off to college.

Once your little ones leave the nest, they take all the money habits they've learned along the way with them. The good and the bad. Is your kid ready to take on the real (sometimes scary) financial world?

Financial literacy doesn't have to be bland and boring. Apps like GoHenry are designed to make money management fun and convenient. Plus, it meets your kids where they already are: on their smartphone.

Is GoHenry right for your family? Learn more about GoHenry and how it compares to competitors like Greenlight and BusyKid below.

What is GoHenry?

GoHenry is a banking app founded in 2012 by a group of parents. The app is designed to help families teach their kids about money and good financial habits.

The app gives your kid access to their own debit card and online or mobile app. The app comes packed with unique features like allowance payments, chores lists, parental controls, and much more.

Today, GoHenry is used by more than 2 million members. The company has raised more than $13M in equity crowdfunding.

How Does GoHenry Work?

Lots of big banks have bank accounts targeted toward children. But not all of them have the extensive features that teach your child how to be smart with money.

GoHenry comes with a prepaid debit card for your child. Your kid can't spend more than what's on the card. It's an easy way for your kid to get familiar with banking without having to worry about overdraft fees.

Both the parent and child gets access to their own app. Parents can set controls and get spending alerts right from their phone.

Kids from ages 6 to 18 can use GoHenry. The app even grows with your child as they get older. Teens get access to a more mature version of the app, which helps them become more confident with money.

Learn more about how GoHenry stands out and grows with your child below.

Is GoHenry safe?
GoHenry's banking services are FDIC insured. This means the funds inside your child's account are protected up to $250,000.

GoHenry Features

Here are just some of the key features to expect when you open a GoHenry account for your child:

Debit Card
The prepaid debit card features chip and PIN-protection, contactless payments, and parental controls. You can also get a personalized card design complete with your child's name in the logo.

Parental Controls
Parents get their own app, which lets them track progress, set spending limits, and get real-time notifications. The app lets you set boundaries and have as much control as you want.

Easy Payments and Transfers
Parents can easily set up recurring allowances or make one-time transfers. You can send money immediately, so your kid will always have enough even in emergencies. Friends and relatives can also gift money through their free, secure sharing link.

Set Chores and Savings Goals
Through the parents' app, you can set tasks for your kids. Once the chores are done, your kid can get paid. You can also set up savings goals to keep your kid on the right track once they get their allowance.

Money Missions
This cool feature turns learning about finances into a fun game. Your kid can earn points and level up by completing in-app missions about saving, investing, compound interest, and a lot more. The lessons are designed to be quick and easy to understand.

Give to Charity
Kids and teens can learn how money help others. They can even donate a small sum to the Boys and Girls Clubs of America straight from the app.

Direct Deposit
GoHenry offers direct deposit, perfect for when your kid is old enough to earn their first paycheck.

Refer a Friend
When you refer a friend to GoHenry, both you and your friend will receive $30 to your account.[1]

How Much Does GoHenry Cost?

GoHenry charges fees for the following:[2]

  • Monthly fee: $3.99/mo. per child
  • ATM withdrawals: $1.50/transaction
  • Custom card upgrade: $4.99
  • Replacement card with different design: $4.99

There are NO fees for:

  • Standard debit cards
  • Overdrafts
  • Loading money
  • Online or in-store transactions
  • International transactions
  • Replacement card with same design
  • Inactivity

The $3.99 monthly fee isn't too bad if you have just one kid. But it can add up if you have a larger family.

The $4.99 custom card is optional, but it is a nice touch. There are more than 45 designs to choose from. Your kid's first name will also appear within the logo of the card. This customization can help get your kid more excited to learn about money.

Also, keep in mind that GoHenry charges an ATM fee with every transaction.[3] If your child plans on using the ATM often, it might be a good idea to consider other banking apps for kids.

Other than that, you won't run into very many fees while using GoHenry. It's a pretty low-stakes way for your kid to become confident and smart about money.

Try GoHenry for Free
If you're not ready to fully commit to GoHenry just yet, don't forget about their 30-day free trial. You can try the app for 30 days without paying the monthly fee.

How to Open a GoHenry Account

Getting started with GoHenry is simple. Here's what you need to sign up for an account:

  1. Download the free mobile app or simply sign up online.
  2. Create an account using your email, phone number, and a password.
  3. Add your child's details and confirm your account.
  4. Receive your debit card in 7-8 days.

Since there are no long-term contracts, canceling your GoHenry account is simple enough. You can contact Member Services by phone or email to close your account. A team member will be able to close the account for you.

GoHenry Member Services
  • Availability: 9am - 5pm EST, 7 days a week
  • Phone: (877) 372-6466
  • Email: help@gohenrycard.com

Unfortunately, you don't have the option to cancel the account yourself through the app. You have to go through one of their team.

Any funds still in the account will be sent back to your bank account within 7 to 10 days. Or, you can withdraw your funds from an ATM with the debit card if you need the money earlier.

You can also reactivate your account up to 3 days after you close it. But after 3 days, you'll have to create a brand-new account if you want to start using GoHenry again.

How to Put Money on a GoHenry Card

Your child's GoHenry account is linked to their debit card. Any funds you see through the app are also accessible with the card.

Loading money to the card is as simple as transferring money to your child's account from the parental app. There are 3 ways you can transfer money:

  • Weekly Allowance: Set up a recurring weekly allowance to transfer automatically to your kid.

  • Tasks: Set chores for your kid and assign an amount for each task. When your child finishes a task, they'll get paid. You can let your kid check off the tasks, or do it yourself for more control.

  • Quick Transfer: Immediately send money to your child's account. Your kid's app will update with the correct balance, and the funds are available instantly.

Your kid can also receive money from Giftlinks. This is designed for friends and family to easily send money straight to your child's account. The gifter can also send a message along with the money.[4]

You do need to download the GoHenry app and create an account to use Giftlinks. But it is completely free to use—no need to pay a monthly fee.

Using GoHenry Abroad

You must live in the U.S. or the U.K. to open a GoHenry account. But you can use your GoHenry card in other countries where Mastercard is accepted. This is a great option if you don't want your child to carry a ton of cash in a foreign country.

GoHenry charges a $1.50 ATM withdrawal fee for each transaction, both in the U.S. and abroad. As usual, you may also have to pay fees charged by the ATM owner.

A big selling point to using GoHenry abroad is that it doesn't charge a foreign transaction fee. Some cards charge a percentage that gets tacked on to every international transaction you make—GoHenry doesn't.

GoHenry works in most countries. But there are a few countries where GoHenry doesn't work:
  • Belarus
  • Central African Republic
  • Congo, Democratic Republic of
  • Cote d'Ivoire
  • Cuba
  • Iran
  • Iraq
  • Libya
  • Mali, Republic of
  • North Korea
  • Russia
  • Serbia
  • Somalia
  • Sudan
  • Syria
  • Tunisia
  • Ukraine
  • Venezuela
  • Yemen

What We Like About GoHenry

  • Robust and flexible parental controls
  • Works internationally with no additional fees
  • Money Missions make education fun and exciting
  • Easily add a co-parent or guardian
  • Set custom chores and allowance amounts
  • Free replacement cards of the same design
  • 30-day free trial
  • No overdraft fees

What We Don't Like About GoHenry

  • Monthly fee can be expensive for one child
  • Only supports up to 4 children per family
  • Can't cancel account through the app (must call or email)
  • Replacement cards with different design costs $4.99
  • Accounts don't earn interest
  • No investment account option

GoHenry Alternatives: How It Compares

GoHenry isn't the only kid on the block when it comes to children's banking apps. Take a quick look at how it compares against other popular apps:

Banking AppFeesMinimum AgeLearn More
GoHenry$3.99/mo per kid6 yearsVisit Site
Greenlight$4.99/mo (up to 5 kids)NoneVisit Site
CopperNone13 yearsVisit Site
Famzoo$5.99/mo per familyNoneVisit Site

GoHenry vs. Greenlight

Greenlight shares a lot of similarities with GoHenry. Both apps have features like excellent educational content, basic banking, a debit card, and great parental controls. Both are designed to get kids engaged and excited to learn about money.

One big difference is that Greenlight offers an investment account, while GoHenry offers banking only. With extra features, Greenlight also costs more. Greenlight starts at $4.99/mo for up to 5 kids for a basic account and $9.98 for the Max account with investing.

This costs more than GoHenry if you only have one child. But if you have multiple children, it actually ends up being a better deal. It's also a great choice if you want to introduce your kid to investing at a young age.

On the downside, Greenlight has so-so customer service. GoHenry has generally positive reviews for their customer service team.

GoHenry vs. BusyKid

BusyKid is very similar to GoHenry. Both apps offer banking services, chores lists, debit cards, and parental controls. The main difference is that BusyKid is primarily a chores and allowance app. It doesn't have educational content for your kid to explore.

On the other hand, it offers some unique features like parental matching—you can help your kids save faster by matching their own savings each week. It also offers a bigger selection of charities for your child to make donations.

The app costs $3.99 per month—same as GoHenry—except the monthly price includes up to 5 children.

All in all, BusyKid is a great alternative if you're looking for a basic money management tool for your kid. You won't get any flashy educational tools, but it'll get the job done.

Frequently Asked Questions

How does GoHenry make money?
GoHenry makes money from its $3.99 monthly fee. The app is a bit on the pricier side, with each fee only covering one kid. The company has also been very successful with its crowdfunding efforts. It has raised more than $13M from investors.

What bank does GoHenry use?
GoHenry itself isn't a bank. Its banking services are provided by Community Federal Savings Bank, which is FDIC insured.

Which ATMs can my child use?
Your kid can use any domestic or international ATM with their debit card and PIN. GoHenry charges a $1.50 fee for all ATM transactions. Keep in mind that this doesn't include any separate fees that the ATM company might charge.

Can I order a custom card design?
GoHenry offers more than 45 different designs to choose from. You can order the custom card after you create an account. It costs $4.99 to get a custom card.

Where are GoHenry debit cards accepted?
GoHenry issues a prepaid MasterCard for each child. Your kid can use the card anywhere MasterCard is accepted.

Can a GoHenry debit card be used internationally?
Yes, GoHenry cards can be used outside the U.S. GoHenry doesn't charge any foreign transaction fees.[5]

Can I use GoHenry on Amazon?
You can use a GoHenry card online just like you would any other card. This includes Amazon.

Can you take money out of GoHenry?
If you want to withdraw $120 or less from your GoHenry account, you can do so at an ATM. For sums greater than $120, you can email help@gohenrycard.com to transfer funds back to your bank account.

Does GoHenry work with Apple Pay and Google Pay?
GoHenry members age 13 and older can add their card to Apple Pay and Google Pay. This gives you convenient, on-the-go access from your phone.

Can I add another parent to GoHenry and how?
GoHenry makes it easy to co-parent. You can add a parent or guardian to your account by tapping on "Add a parent" in the GoHenry app.

Your co-parent will receive an invitation to sign up and create their own login. From there, your co-parent gets full access to your child's account. But the co-parent can't add or remove payment cards. Only the account owner (you) can do that.

My GoHenry card hasn't arrived! What do I do?
GoHenry cards usually arrive within 7 to 9 business days of creating an account. If you haven't received your card within 11 business days, give Member Services a call at (877) 372-6466. They're available 7 days a week from 9 am to 5 pm EST.

What is GoHenry's gift limit?
GoHenry has two sets of Giftlink limits for your child's birthday month and non-birthday months.

If it's your kid's birthday month, you can get a max of 10 gifts per day, $350 per gift, and $750 in gifts per month. If it's a non-birthday month, you can get a max of 3 gifts per day, $350 per gift, and $350 in gifts per month.

How do I increase GoHenry's spending limits?
You can adjust your child's spending limits through the app or website. Simply log into your account and follow these steps:

  1. Click on your child's name and choose "Cards"
  2. Click on "Limits"
  3. Click "Edit" in the upper right corner
  4. Set your new limits and press "Save"

Bottom Line

There are lots of tools to help kids learn about good money management. In the digital age, your kid's smartphone is a natural jumping-off point to get your kid excited about personal finance.

GoHenry is a great way for kids to get hands-on experience with spending and saving money. Plus, a secure app and debit card are a lot safer and more convenient than a pocket full of change.

Check out these articles to learn even more about your family's options for quality financial education:

References

  1. ^ goHenry. Referrals, Retrieved 2/15/2022
  2. ^ goHenry. Pricing, Retrieved 2/15/2022
  3. ^ goHenry. Will my child be charged to use their gohenry card at an ATM?, Retrieved 2/15/2022
  4. ^ goHenry. Family and friends can now gift using Giftlinks, Retrieved 2/15/2022
  5. ^ goHenry. Can gohenry cards be used when traveling overseas?, Retrieved 2/15/2022
GoHenry Kids' Debit Card

GoHenry Kids' Debit Card

  • Real-time spend notifications.
  • Block and unblock cards easily.
  • Teach financial independence safely.
GoHenry card is issued by Community Federal Savings Bank, member FDIC
BusyKid Prepaid Card for Kids

BusyKid Prepaid Card for Kids

For $3.99/month, your family will gain access to entire app including charities, chores and up to 5 BusyKid Visa® Prepaid Spend Cards (one card per child).

FamZoo Prepaid Card for Kids and Teens

FamZoo Prepaid Card for Kids and Teens

  • Order Online
  • No Credit Check
  • Try for Free
Current

Banking for Modern Life

  • Get Paid Up to 2 Days Faster
  • Fee-Free Overdraft up to $200 with Overdrive
  • 40,000 fee-free Allpoint ATMs in the U.S.
  • No minimum balance or hidden fees
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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