Gohenry is a new way of banking for children. The brand launched in 2012 and now has over 500,000 members.
Why was Gohenry created?
Gohenry was created by a group of parents as they decided that they wanted to solve the problem of banking and money with children. Instead of parents last minute trying to find some coins in their pockets to give their children their weekly pocket money, it can be put straight on their children’s Gohenry card.
Gohenry is a safe place for children to learn about money as some banks do not offer an account to children over the age of 16. But now children need a card and to learn about money before this age.
How it works
The parent opens a Gohenry account and then they link up accounts to that for their children. Then the children get their own cards, but they come with parental controls. For example; when something is brought the parent will be notified. The main account can transfer money over and watch the account.
How to use Gohenry
You can set up an account in a matter of minutes. Go onto the Gohenry website and click on the ‘Start free trial’ button the right-hand corner. Give all of your details and begin the first-month free trial.
Then you can set up automatic weekly payments into the accounts for your children. Or you can make one-off transfers when you like. A really good idea would be to set amounts for chores and tasks, then you can transfer them when they’re complete.
Next, you can set one-off and weekly spending limits. This is good to stop your child overspending. There are also options to set where they can and can not spend money alongside the great feature of being able to block and unblock the card.
Have you got a Gohenry account for your children? Let us know here.
If you’re looking for more information on money and finance then speak to our Personal Finance Expert.