GoHenry Review: A Financial Literacy App and Debit Card for Kids

April 25, 2023

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My father used to say that lifetime financial success never solely depended on how much money people earned. He agreed that making a comfortable income could help fund wealth and security. Still, achieving monetary goals often rested more on how well people managed money than on how much they earned. 

Recently, online publications have published many stories about excellent earners with good educations who lack savings or get trapped by high-interest debt. Schooling may not translate to financial success unless it includes lessons about financial literacy. A few decades ago, few schools offered classes about financial literacy. Back then, responsible parents tried to set a good example and help children learn to use the few tools at their disposal, like a child's savings account.

Today, a few more children have access to financial literacy classes at school. Even more, parents have robust and engaging teaching tools, such as the financial literacy app and debit card discussed in this GoHenry review. This service empowers and teaches children while helping parents with its convenient and secure features. 

Why Should Parents Teach Kids About Financial Literacy?

Financial illiteracy can negate all the benefits of hard work. A Bankrate study found that less than half of American adults could pay an urgent $1,000 bill in cash if needed. In contrast, financially literate people usually prioritize saving for an emergency fund. 

For instance, good savers can enjoy the security of keeping accessible funds on hand, even if that means giving up a few luxuries. That way, they will not need to turn to high-interest loans or even worse, risk going without an urgent repair or dental visit. Moreover, savers can put that extra money to work to earn more income through interest or dividends. 

Good financial management requires some discipline. Thus, children can benefit by adapting sound practices at a young age. Starting young gives financially literate children a massive advantage their entire lives. They have time to let the lessons sink in and develop into a habit. Also, even people who earn modest incomes can build a comfortable emergency fund through regular deposits and the power of compound growth. 

Some parents might think that children should learn lessons about managing their finances in school. Meanwhile, CNBC reported that only 25 percent of students have access to financial literacy lessons in school. Typically, these classes begin in high school. Plus, school lessons tend to stick better when reinforced at home. This scarcity of money management lessons at school underscores the need for finding supplemental resources. 

GoHenry Review: What is the GoHenry Financial Literacy App?

GoHenry Homepage

GoHenry offers many features to help kids from 6 to 18 develop good budgeting habits. At the same time, it empowers children to choose how they spend their money, all with parental control to prevent serious mistakes. 

GoHenry Review: The GoHenry Debit Card 

The first part of the process involves choosing from dozens of designs to create a personalized debit card. Some beneficial features of this card include the following: 

  • The FDIC-insured savings account allows instant transfers from a parent's bank account. 
  • Parents can schedule periodic allowance payments or make one-time transfers for chores or special occasions. 
  • Kids can access several money-management features, including using their debit card to spend money online or at a store and making charitable donations. 

GoHenry Review: The GoHenry App 

Most banks offer free bank accounts for students. For decades, responsible parents have helped their children set up one of these children's accounts to learn the basics of managing money. However, the GoHenry app offers features that can make this option more valuable than setting up a typical child's bank account at a bank. 

GoHenry App Highlights: 

  • Parental and automatic controls over spending: Children can manage their spending as much or little as the parent allows. For example, the system lets parents set various spending limits. The app also sends parents spending notifications. The app will decline the transaction if a child's purchase would cause a negative balance in the account. 
  • Customized payment settings: Parents can schedule periodic transfers for allowances. In addition, the parents can base allowances on specific chores. The payment-for-chores feature lets kids see what they need to do to earn. It also gives adults a chance to approve the transfer first. 
  • Savings goals: Children can create multiple savings goals. The app helps make saving fun and engaging by displaying the user's progress toward each goal. 
  • Charitable donations: Many families also want to emphasize giving to worthy causes. The app lets children make charitable donations and integrates with some organizations. 
  • Quick transfers: Parents can send instant money to their kids for various reasons, like field trips, outings, or emergencies. In turn, the child can use their card just like any other debit card. 

GoHenry does more than provide tools for spending and saving. It also offers age-appropriate financial literacy lessons through a feature called “Money Missions.” Videos and interactive quizzes help kids understand the basics of managing money, plus the app awards badges and points for completion. Parents can add to the fun by rewarding earned badges with extra cash. This gamification of lessons helps kids stay engaged. 

GoHenry Review FAQ

GoHenry App

No GoHenry review would be complete without covering some of the most commonly asked questions about the app. Here's what you need to know about GoHenry before you get started!

How Much Does GoHenry Cost?

The company offers a 30-day trial. It will even send out a free card upon signing up. The plan costs $4.99 a month after the trial period ends. The free trial gives families time to explore the app and find out if the app and kid-friendly debit card offer them good value. 

A subscription also offers the following: 

  • The option to cancel at any time. 
  • GoHenry does not charge fees for transactions, even foreign ones. 
  • Parents or children don't need to worry about maintaining a minimum balance in the account. 
  • The company also doesn't charge to load money in the account or replace a debit card. 
  • The company blog offers plenty of tips for parents and kids, including suggestions for online safety. 

Which Financial Services Does GoHenry Use?

Savvy parents will want to do some due diligence before signing up for a financial product for themselves or their children. GoHenry's financial partners include: 


Almost everybody recognizes the Visa brand. Visa licenses the prepaid debit card used with the app. This credit card company boasts the largest worldwide market share of customers. 


In addition, FIS™ supplies tech to process transactions. FIS™ doesn't possess as recognizable a brand name as Visa, but this company works behind the scenes to process more card transactions than any other vendor.

IDT Financial Services

IDT Financial Services provides GoHenry users with banking services. These services include issuing debit cards and ensuring compliance with legal regulations. The Financial Services Commission licenses this bank, and the company has a headquarters in New Jersey. 


A recognized leader in card production and digital security, Gemalto produces and issues physical cards. The company also ensures prompt, safe delivery of personalized debit cards to users. 

W2 Global Data

W2 Global Data serves as a security watchdog for GoHenry and is a recognized leader in the field. This company provides KYC, onboarding, and anti-fraud services. 

Does GoHenry Pay Interest on Deposited Funds?

A GoHenry review could only be considered complete after touching on earning interest or savings dividends. After all, most adults try to maximize savings by making good returns on their money. GoHenry doesn't offer to pay interest on deposited funds. 

GoHenry does provide many services, like instant transfers and instant spending notifications. The app also does not require a minimum balance to stay active. Parents should consider this service to teach and enable budgeting rather than investing. 

Which GoHenry Competitors Should Parents Consider?

Today's parents have several good choices for financial literacy apps. Take a brief look at how major GoHenry competitors compare. 

GoalSetter also provides a debit card and an FDIC-insured account. The app targets children from 6 to 16. It also gives kids a chance to earn money by passing lessons. The company operates on a pay-what-you-can model, with typical users contributing $1 to $10. 

Greenlight serves children between 8 and 18. Monthly fees range from $4.98 to $14.98, depending upon the tier. At some levels, Greenlight offers the ability to earn interest on savings accounts and even to invest in ETFs and stocks. This service also comes with an FDIC-insured account. 

FamZoo brands itself as appropriate for children of all ages. It's comparable to having parents act as a virtual family bank to prepare children for dealing with financial institutions in the future. For instance, the service allows kids to take out loans from the “bank” and learn to repay the loan with interest. It also lets teens make direct deposits into the account from earnings they may receive from a part-time or summer job. FamZoo costs $5.99 per month with the option to prepay to save money. FamZoo's subscription also covers an entire family with multiple children. 

Related Article: FamZoo Review: Financial Literacy and Debit Card for Kids

What is the History of GoHenry?

Established in the UK in 2012 by Louise Hill and Dean Brauer, GoHenry got its name from its first customer, 11-year-old Henry. The company initially raised funds through private investments and successful crowdfunding campaigns. GoHenry earns revenue from subscription fees. 

The current CEO and father of two children, Alex Zivoder, lives in London. He took over three years after GoHenry launched and had prior management and executive experience at an online education company and a digital travel app. 

Final Thoughts from Our GoHenry Review

Older teens and their parents may wish the app allowed the child to make direct deposits or earn from investments. Most families should find the subscription fee affordable, though it might seem significant compared to the amount of money the youngest users may get from an allowance. 

Even so, financial literacy training like this can prove invaluable in the long run. The app can build good money-management habits for a lifetime and just as important, emphasize the value of managing budgets and spending. Developing excellent financial practices for the youngest young consumers can save them from making expensive mistakes later. 

GoHenry can help children practice sound money management skills and understand how they spend and save money. Parents retain control over their child's spending and can allow them as much or little independence as they deem appropriate. The parents also get instant spending notifications. Included lessons cover many important topics to help develop financial literacy. The ability for parents to make instant transfers can also offer a convenient way to supply funds for unexpected expenses, like a school book sale or outing. 

Access your free trial of GoHenry here and see for yourself!

What else would you like to know after reading this GoHenry review? How are you growing your family's financial literacy?

Please let us know in the comments below.

Marilyn Katz

Marilyn Katz

Marilyn Katz has over 10 years of writing experience. Before that, she enjoyed a 20-year career in software development and time spent raising three kids and several pets. She's passionate about new technology and the ways humans can employ tech to improve their lives.


    • I have not signed my kid up for it because I prefer to manage the process myself. But for those parents who aren’t as interested in money, GoHenry could be a great fit.


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