Banking Bank Reviews

GoHenry Review [2024]: Financial App and Debit Card for Kids

Parents can use GoHenry to teach kids about budgeting, saving, and investing by using a prepaid debit card and financial education tools. Here’s what the app offers and where it might fall short.

Updated July 22, 2024
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Go Henry

OUR VIEW

As a parent, one of my biggest goals is to set my kids up now for long-term financial success. GoHenry offers a way to do that through its useful app that enables parents to deposit money, monitor their kids’ spending and savings, and help guide their kids to make good money decisions.

GoHenry and its debit card can make it really simple to teach your kids about money. I love the app as a whole, especially its fun strategies for teaching financial literacy. There is a monthly fee, though, so be sure to take advantage of their 30-day free trial to try it before you commit. You'll also want to compare GoHenry to Greenlight before making a decision.

Pros

Easy to pay kids and monitor their saving and spending
Debit card that kids can use for online or in-store purchases
Financial literacy education through age-appropriate Money Missions

Cons

Savings balance does not earn interest
No investing opportunities for kids
Not all retailers accept the GoHenry debit card
How we evaluate products

GoHenry is a financial technology app launched in 2012 as a simpler way to fund allowances and teach kids money habits. Fun fact: the “Henry” in the name came from the first child to use one of the company’s debit cards!

In early 2023, GoHenry was purchased by savings and investing startup Acorns.

According to the GoHenry website, over 2 million people have used the app and it has received funding from angel investors, venture capitalists, and even customers during crowdfunding campaigns.

Who should use GoHenry?

This app is geared toward parents who want to teach their kids about money. It has wonderful features to give your child a basic knowledge of how to save and spend (and let’s face it, using strictly physical money isn’t going to prepare them quite the same way as a debit card, as cash becomes less and less common).

By teaching kids between the ages of six and 18 how to manage their income, make spending and saving choices, and plan ahead for expenses, GoHenry can build confidence in kids. A healthy money mindset and habit of saving money at a young age can make such a difference for the rest of their lives.

With the app, you can transfer money to your child’s account, set parental controls on your child’s spending habits, and even pay them interest on their savings.

Some drawbacks with GoHenry are that it charges a monthly fee and it does not pay any interest on your child’s savings. However, the fun and education of Money Missions, customizable debit card, and ease with which you can set up allowances or chore payments for your kids are all fantastic features.

Monthly fee $4.99 per child or $9.98 for up to four kids
Target age group Kids ages 6 to 18
Free trial First 30 days free, charges apply after the trial is over
Maximum number of accounts Up to four children
Parental controls Yes — spending controls, block or unblock the debit card, spending notifications, merchant blocks, and limit how much a child can spend at specific stores
ATM availability Yes, wherever Mastercard is accepted
ATM withdrawal limits $120 daily or $480 in 4 days; parents can change the maximum amount in the account limits
FDIC insured Yes, if the prepaid card is registered with the card issuer

How does GoHenry work?

The GoHenry app helps guide and encourage kids and teens through different app lessons tailored to their age. Some of GoHenry’s primary features include:

Letting parents monitor a child’s allowance and chores

Whether you believe in an “allowance” or solely paying children for tasks they complete, these payments to kids are convenient with the GoHenry app. Parents can set up automatic weekly allowances to their child’s account and select when the funds are available.

Chore payments are easier with GoHenry as well. You can assign household chores, give each one a dollar amount, and transfer funds once each task is completed. If circumstances change or your child refuses to do their chores, you can even remove an allowance once or permanently through GoHenry’s companion parent app.

GoHenry screenshot

Providing a debit card

One of GoHenry’s primary features is its prepaid debit card offered through Community Federal Savings Bank. Kids can get a custom card with their choice of over 45 different card designs for a fee or receive a free standard card without customization. (Look, another opportunity for a money lesson: do you pay the extra $4.99 for a fun, customized design or stick with the standard version?)

Parents can cancel and replace a lost or stolen debit card through the app for free. However, a replacement card solely for a different design will set you back another $4.99.

The debit card is offered through Mastercard, has a secure chip, and allows PIN-protected transactions. Cards can be used online, in-store, at ATMs, or even through Apple Pay.

GoHenry screenshot

GoHenry doesn’t charge a fee for using a domestic or international ATM, though the ATM owner may charge fees. The GoHenry debit card has a $120 daily withdrawal limit or a $480 limit over four days. There is a maximum of three withdrawals in one day or four in four days, which applies to debit cards for both kids and teens.

GoHenry’s debit card for teens offers similar features and can accept direct deposits, which can be great once your teen gets a job. And since it’s a prepaid card, there’s no need to worry about overdraft fees.

Teaching financial literacy

Here’s a terrific feature of the GoHenry app: interactive money lessons called Money Missions. They provide age-appropriate financial literacy stories, quizzes, and games on money basics like earning, borrowing, budgeting, and investing.

Topics were created with teachers and financial education experts in accordance with the K-12 Personal Finance Education National Standards, so they’re not merely about fun and games.

Challenges are divided into three age-appropriate levels. The app nudges kids to participate and awards badges when your child has completed a game or lesson. If you like, you can offer cash prizes for completing Money Missions.

Kids today have been raised in a digital world, and this app lets kids have fun while learning on this digital platform.

Providing parental control

One of the biggest challenges of parenting is discerning when it’s better to let kids make mistakes and when it’s better to step in with an assist. GoHenry parental controls let you digitally peek over your child’s shoulder to see how they handle funds. You receive real-time spending notifications and can set weekly or single-purchase spending limits.

In emergencies, you can quickly transfer funds to your child’s card and receive an alert if the card is ever declined. You can lock the card and enable merchant blocks for stores that sell age-restricted items. Plus, it’s simple to block or unblock a card via the app in case of loss or theft.

GoHenry offers a seamless way to gradually loosen the reins on your child’s financial habits. As they grow up, your kids can become more empowered to handle their own money.

GoHenry screenshot

Teaching the value of saving

GoHenry helps kids set up savings goals with target dates (for instance, if they need a set amount for a class trip) and autosave features. You can prevent your kids from moving money from one goal to another or leave it unlocked and let them decide what to do with their funds.

Since GoHenry is not a bank, it does not pay interest on its savings account. However, you can pay your child interest on their savings balance every month if you wish. You set the interest rate and can adjust the amount through the app. It’s a fun way to give your kids real-world experience with the power of compound interest.

How much does GoHenry cost?

GoHenry costs $4.99 monthly for each child or $9.98 for up to four children, and you can test it out for 30 days for free.

The monthly fee includes a standard kids’ or teens’ debit card, access to the features in the parental app, and money missions and savings goals for the child. Customized debit card designs cost $4.99, but replacements for any design of a card are free if lost or stolen.

GoHenry allows you to cancel anytime and doesn’t charge fees at ATMs or foreign transaction fees.

What customers are saying

GoHenry has earned 4.4 out of 5 stars on the Apple App Store with more than 9,100 reviews and 4.2 out of 5 stars on Google Play with more than 26,000 reviews.

It also has a rating of 4.3 out of 5 on Trustpilot, with over 3,000 reviews. One positive review stated, “My kids are doing their chores and so excited to watch the videos. They like having their own personal card at stores and are actually saving vs. using cash. Love it!”

One recurring complaint on Trustpilot is that the prepaid debit card isn’t accepted everywhere. Merchants accept prepaid debit cards on a case-by-case basis. If you’re concerned about having the card readily accepted everywhere, opening a traditional bank account with a debit card with your child might be a better choice.

Overall, many customer reviews are happy with the app, with parents and grandparents commenting on the topics' thoroughness and the features' usefulness. However, some report the app malfunctions or is slow to load updates.

Alternatives to GoHenry: Greenlight and BusyKid

Despite its helpful features, GoHenry may not be the perfect fit for every family, especially if you have more than four children. If you’re looking for investment options or an account that pays interest, GoHenry doesn’t fit the bill.

You might consider one of these similarly priced apps.

Greenlight

Greenlight has three monthly membership levels, starting at $4.99 for basic features. If you’re looking for more features, including investing for parents and kids, earning 1.00%-5.00% (as of Apr. 15, 2024) on savings, and purchase protections, you’ll need to sign up for Greenlight Max ($9.98 a month) or Greenlight Infinity ($14.98 a month).

Like GoHenry, Greenlight enables parents to pay their children an allowance or wage and direct it toward specific savings, spending, or giving goals. Greenlight also offers educational tools and games to teach children financial literacy.

To see more about how it stacks up against GoHenry, check out our GoHenry vs. Greenlight comparison.

Visit Greenlight | Read our Greenlight review

BusyKid

Busykid also helps kids learn about money. For $4 a month (billed annually), you can access app features like allowance and chore tracking based on age, an optional savings account match, and Visa debit cards for up to five children.

Busykid also teaches kids about investment accounts with hands-on experience for no additional charge and provides access to more than 55,000 ATMs nationwide.

Visit BusyKid

GoHenry Greenlight Busykid
App features
  • Allowance and chore lists
  • Kids’ debit card
  • Savings goals Parental controls
  • Merchant blocks Financial literacy lessons
  • Allowance and chores
  • Kids’ debit card
  • Savings
  • Earning interest on savings depending on membership level
  • Financial literacy
  • Cashback and investing options for higher-tier monthly memberships
  • Chores and allowances based on age group
  • Kids’ debit card
  • Savings match
  • Parental controls and push notifications
  • Investing options for no additional cost
Monthly fee $4.99 or $9.98 for up to four kids $4.99, $9.98, or $14.98 a month, depending on the features $4 a month, billed annually
Number of children Up to four children Up to five children Up to five children
App store ratings Apple App Store: 4.4

Google Play Store: 4.2

Apple App Store: 4.8

Google Play Store: 4.7

Apple App Store: 3.4

Google Play Store: 3.6

Debit card available Yes Yes Yes
Investing features No Yes, on Greenlight Max and Greenlight Infinity memberships Yes, at no additional charge

FAQs

What is the GoHenry card contact number?

If you need help with your child’s GoHenry card or account, contact customer service at 877-372-6466 or help@gohenrycard.com.

Does GoHenry charge a monthly fee?

Yes, GoHenry charges $4.99 per child on a monthly basis or offers a $9.98 plan for families with up to four children. Additionally, they do provide a 30-day free trial period.

Is a GoHenry card worth it?

Although it does have a monthly fee, the features of GoHenry can be worth it for many families. The chance to manage allowances, monitor spending, and teach your kids basic financial skills is likely worth the fee. However, if you want broader features, you might try one of the alternative kids’ financial apps.

Is GoHenry better than Greenlight?

GoHenry and Greenlight are both legit and useful apps to teach your kids about money. While Greenlight’s most expensive plan is more than GoHenry’s monthly subscription, it offers additional features, like investing options, paying cash back on purchases, and providing identity protection.

Bottom line

GoHenry has many helpful features and financial literacy lessons to give kids a strong foundation in managing money. Before committing to any one app, research the available options and read customer reviews to help you get an accurate picture of the experience.

While teaching your child about money and financial concepts through an app might seem unnecessary, giving them experience in handling their own money before they enter the adult world can be a game-changer. If you’d prefer to work with a traditional bank and open a children or teen account, though, check out our list of the best banks for options that might work for you.

Get real-time notifications every time your kids spend money
Kids get up to 1% cash back and 2% on their savings balances

Author Details

Kate Daugherty

Kate Daugherty is a professional writer with a passion for providing others the head start they deserve on their financial journeys. Largely self-taught, Kate relied on books, blogs, and trial-and-error to learn how to budget and save for the future, all while working to pay back about $15,000 in student loans.

Author Details

Kate Underwood

Kate Underwood is a professional writer who spent fifteen years as a high school English and French teacher before writing about personal finance. Her specialties include investing, retirement planning, loans, and credit card rewards. Her work can be found on numerous publications, including Business Insider and ConsumerAffairs. She lives in Kentucky with her husband, two kids, and way too many pets.