For children and teenagers, GoHenry provides family-friendly debit cards that may teach them how to manage their money and enable them to participate in a cashless digital economy. By completing in-app Money Missions, your kid may swiftly acquire money, make payments, obtain a unique card, and gain additional money. You may arrange allowance payments as a parent and keep an eye on your child’s accounts. GoHenry was created in 2012 by parents searching for a quick and easy solution to provide their kids an allowance and assist them with making internet purchases. Currently, this platform has over 1.5 million users. It provides kids with personalized debit cards that come with a variety of banking tools and a few additional benefits that may make managing money simpler. Parents have rapid access to financial transfers, parental restrictions, and task assignments.

Who may join?

Residents of the contiguous United States, Alaska, and Hawaii are presently eligible to use GoHenry. Additionally, the service is accessible in the UK. Parent must enroll their children and create an account. To register a kid, you must be that child’s legal guardian. A child’s debit card will expire on the specified date once they reach the age of 17 years and 11 months. Therefore, when your kid turns 18 and becomes a legal adult, they must upgrade to a regular account.

Cost

GoHenry offers a 30-day free trial, after which you must choose between the Family Plan and a single-kid plan. The monthly cost of the family plan for up to 4 kids is $9.98. The monthly cost of the individual kid plan is $4.99. There are various more incidental costs you can face:

• $1.50 in ATM withdrawals
• 0% for international transactions
• Designs for personalized cards cost $4.99 each.
• Designs of common cards: 0

Limits for GoHenry accounts

You can run across the following transactional restrictions while sending and receiving money:

• The maximum balance for accounts for parents and children is $6,000.
• Three loading at most per day (up to $500 daily for parent accounts).
• 10 transactions each day, with a daily spending cap of $2,500
• ATM withdrawals: $120 per day maximum (up to 3 daily withdrawals)

How to use GoHenry

To access the platform features, you must download the GoHenry mobile app to your Android or iOS device. While both parents and kids use the same software, each group’s dashboard is unique. Here is a deeper look at how GoHenry may be used by both parents and kids.

The parents

Parents will open accounts for their kids between the ages of six and eighteen. For improved use, a second parent may be added. A step-by-step guide to joining GoHenry is provided below:

Create a profile

A smartphone app or online account opening are also options. Your first 30 days are free after which you must pay $4.99 (or $9.98 for the family plan) each month for each kid.

Connect a card or bank account

The next step is connecting a debit card or external bank account to finance your parent account. If your parent account is insufficiently funded, GoHenry also utilizes this account to pay your monthly service charge. When this service needs money from your linked account, there are no transfer fees.

Donate to your child’s accounts

After funding your parent account, you can send money to your children’s accounts. Additionally, recurring transfers can be planned to help put this tool on auto-pilot.

Utilize the kid’s debit card

After opening an account, your child will receive their debit card a few days later. You can keep an eye on their spending habits as they use their card, change parental controls, and use other planning tools to support their financial success.

Parental regulations

You can set up additional parental controls and get real-time spending alerts as your child makes purchases to make sure they stay out of trouble.

For teens and kids

A Mastercard debit card is given to your kid, who may use it to make purchases in stores and online up to the account balance. Additionally, because transactions won’t be processed if there isn’t enough money, there are no overdraft fees. Utilizing the GoHenry smartphone app, children can manage their accounts and do activities. You could get money from your parents, siblings, friends, or work. Additionally, Community Federal Savings Bank offers FDIC protection on the account balance. The program also offers kids the chance to earn free money by participating in quick financial courses. The program primarily aids teenagers in learning the fundamentals of financial literacy by teaching them how to receive and spend money.