The Good
- Strong Parental Controls
- Financial Education Tools
- Automated Allowance and Chore Management
- Customizable Debit Cards
- No Overdraft Fees
- Giftlinks Feature
Strong Parental Controls
Parents can set spending limits, restrict where the card can be used, receive real-time notifications, and manage up to four child accounts from a single profile.
Financial Education Tools
GoHenry includes in-app financial education tools, such as interactive quizzes and videos, to boost your child’s financial literacy.
Automated Allowance and Chore Management
The app allows for automated weekly allowances and lets parents assign tasks to kids, who earn additional money upon completion.
Customizable Debit Cards
Kids can choose from over 35 card designs, allowing them to personalize their debit cards.
No Overdraft Fees
Since it's a prepaid card, there's no risk of overdraft fees, and kids can only spend up to the amount available on their card.
Giftlinks Feature
Friends and family can send money directly to a child's account using Giftlinks, making it easier to give monetary gifts.
The Bad
- Monthly Subscription Fee
- No Interest on Savings
- Limited Acceptance
- No Investment Features
- Additional Fees for Custom Cards
Monthly Subscription Fee
GoHenry charges a monthly fee starting at $5 per child, which can add up for families with multiple children.
No Interest on Savings
Savings balances do not earn interest, which might be a drawback for teaching kids about growing their money.
Limited Acceptance
Not all retailers accept the GoHenry debit card, which could limit where kids can use it.
No Investment Features
Unlike some competitors, GoHenry does not offer investing opportunities for kids.
Additional Fees for Custom Cards
While customization is available, there is an extra charge for custom debit card designs.
