Go Henry

Go Henry stands out among other kids debit card options with its user-friendly app and customizable parental controls, along with bite-size lessons on money management that provide valuable lessons and savings goals.  The concept is a fantastic way to help teach children about money!

Parents deposit funds into their child’s (aka parent’s account) and then transfer funds weekly for allowance, chores or savings purposes.

What Is Go Henry?

Go Henry is an Android and iOS-compatible financial app and debit card designed to teach children how to spend wisely, save wisely, and become financially independent. These prepaid Mastercard cards can be accepted anywhere Mastercard is accepted, over 210 countries and territories globally! In addition, its money lessons come combined with an intuitive design with real-time notifications of spending, as well as protection of up to $250,000 provided by FDIC insurance coverage for accounts under Go Henry.

Go Henry provides parents with an easy and secure way to send money directly to their kids via an app, be it one-time transfers or regular allowances. They can set savings goals and even receive bonus cash for taking financial literacy courses! Parents can easily track spending habits with real-time alerts and notifications.

Giftlinks enable friends and family members to send money directly into a child’s Go Henry account without incurring fees.  Customizable cards allow kids to personalize them further for an additional small fee, giving pride of ownership to these cards.  The company provides phone and email support to parents if needed.

Go Henry stands out from similar services by offering educational tools that make financial learning fun for kids of various ages, developed by teachers and financial experts. These interactive games and quizzes teach kids money management such as setting budgets and savings goals. Other important lessons include compound interest and tax liability.

Go Henry stands out by offering low minimum deposits with no overdraft or non-sufficient funds fees.  A user-friendly mobile platform with 256-bit encryption protects personal information securely.  An instant notification system is triggered if any suspicious activity arises.  Parents have access to transaction and balance information on the app or online.

Go Henry Features

Go Henry was created to give children aged six and up the independence necessary to manage their own money. They can use their debit card at brick-and-mortar and online stores that accept Mastercard, while Go Henry blocks purchases from merchants that may be inappropriate (gambling sites, adult entertainment retailers and wholesalers of alcohol and tobacco). Parents can set per transaction spending limits, as well as merchant blockages in order to prevent children from making transactions at restricted merchants.

Go Henry provides its young users with more than just parental controls.  In addition to educational tools and games designed by teachers and financial experts, GoHenry also provides children with educational tools designed to instill good habits and money management skills. These are tailored specifically for kids of different ages. Although not a full banking app, GoHenry allows children to learn the processes of banking practices.

Parents can link their bank accounts and cards to GoHenry, using funds in those accounts to fund child accounts when necessary. A monthly fee may be taken out of either one or both linked accounts or automatically deducted from card balance. Unfortunately there is no overdraft protection.  Transactions will fail if card balance drops below zero.

Go Henry provides children with an app that enables them to set and monitor unlimited savings goals, track their progress and set weekly autosaving to reach those goals faster. In addition, kids can donate funds directly to charities like Boys & Girls Club of America through this system. 

Go Henry Fees

GoHenry is available both in the United States and the UK, and free for 30 days, after which its monthly fees start at $4.99 each. Go Henry fees are relatively modest considering what is included in a account. 

A trial period is an ideal way for you and your family to assess whether a service will fit. Should it not, simply contact or email the provider and cancel your account.

Advantages

Go Henry stands out from its competitors by its emphasis on financial education. To facilitate this goal, the company has created “money missions” designed to teach children about saving, budgeting and smart spending decisions.  These are short stories and lessons tailored specifically for younger kids, as well as more complex modules for older kids.  The goal is to engage them through fun yet educational content, while offering badges or points as children complete them!

GoHenry allows children to set savings goals independently and automatically fund them from allowance and chore payments. Parents have the option to restrict how their kids move between goals,  and enable merchant blocks for stores selling age-restricted goods.  Parents can set weekly, daily, or per-transaction spending limits for their child that trigger an alert if those limits are exceeded, or block their card instantly via GoHenry should it go missing or get stolen.

Go Henry Competitors

Greenlight is a prepaid debit card designed specifically for children and teenagers. It provides parents with a convenient and secure way to manage their child’s finances. Key features include: 

Parental Control: Greenlight allows parents to set spending limits, allocate funds for specific purposes (such as chores or allowances), and even block certain merchants or categories. 

Educational Tools: The platform offers educational resources to help children learn about money management, budgeting, and saving. It also allows parents to assign chores and track their completion. 

Real-Time Notifications: Parents receive instant notifications whenever their child makes a purchase, giving them a transparent view of their spending habits. 

While Greenlight offers many similar features to Go Henry, it does have certain limitations. For instance, it lacks the ability to earn interest on savings or set up automatic savings transfers. 

FamZoo is another prepaid card and family finance app that aims to teach children financial literacy. It offers numerous features that make it a strong contender against Go Henry: 

Parental Control: FamZoo allows parents to set up spending limits, create automatic allowances, and even pay interest on savings. They can also block certain merchants or categories. 

Customizable Learning: The platform offers customizable financial lessons, allowing parents to tailor the learning experience to their child’s needs. It covers various topics like budgeting, investing, and charitable giving. 

Multiple Funding Options: FamZoo supports various funding methods, including direct deposit, bank transfers, and even cash loading at retail locations. 

However, FamZoo may not be as intuitive or user-friendly as Go Henry or Greenlight. Additionally, some users have reported occasional glitches or technical issues with the app.

While Go Henry is a popular choice for parents seeking a prepaid card for their children, it’s essential to explore alternative options to find the one that best suits your family’s needs. Both Greenlight and FamZoo offer unique features and benefits that can help parents teach their children about financial responsibility and money management. By considering these top competitors, you can make an informed decision and empower your child to develop healthy financial habits for life.

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