goHenry - a fun way to pay pocket money and teach good money habits?
Disclaimer: This blog is not a product recommendation. The goHenry concept seems helpful in creating an environment where children can learn to manage money. However, it is a financial product and you should obviously investigate further and if necessary take advice. The goHenry card itself is issued by IDT Financial Services Limited pursuant to a license from Visa Europe. IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission, Gibraltar. Products for young people from other providers exist.
goHenry is a Pre-paid Card and App with unique parental controls for young people aged 8 to 18. It was founded by a group of parents, designed specifically with the goal of helping young people learn about money in a safe environment. It has won numerous awards.
How does it work?
As a parent, you set up an online account for yourself, and a linked account for each of your children - all managed through mobile and web applications. Each child gets their own goHenry Pre-paid Debit Card with parental controls. Only the money on the card can be spent, there’s no danger of debt or overdraft.
You pay into your parent account by bank transfer, standing order or debit card. Pocket money transfers to your child's account and card automatically. You can also make one-off payments to your children. Set tasks so your children can earn a little more once you have indicated they have completed the task. You can also invite your relatives to contribute to your children's savings.
There are other controls as well. You can set single and weekly spending limits, decide where each card can be used: in shops, on-line or at cash machines, block and unblock cards instantly, without a phone call and view how and where they spend in real time.
Your children can earn by completing weekly and one-off tasks, create savings goals and let goHenry automatically save towards them, see their weekly earning, saving and spending in graphical, easy-to-use educational formats.
They always know how much they have to spend and can only spend within your rules, anywhere Visa is accepted. They receive immediate and clear reasons for declined spending where your rules were broken.
There is a charge of £2.49 per child per month.
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