Nobody likes signing up to something and then finding out there are hidden costs and fees. After all we are dealing with a product here for handling your child or teenagers money. You want to get them off on a good start by choosing the right financial product for their needs. To get the best answer to the question of how much does Go Henry cost? We cover the following:
How Much Does Go Henry Cost Initially?
This question is pretty straight forward, there are no initial costs with goHenry. It’s free to sign up and in fact if you sign up through our website you get 2 MONTHS FOR FREE. This isn’t virtual pretend money, but money that can be spent in a shop, on a website or withdrawn from a cashpoint.
It’s a very generous offer and the makers of Go Henry are so confident that you will like their product, that you will become a regular user.
How Much Does Go Henry Cost Each Month?
The next piece of great news that we have is that once again if you sign up through our website, the first 2 months free. You can cancel at any point without incurring any costs. Any money in your Go Henry account will be refunded.
After four months the cost is a very modest £2.49 each month per child, which is automatically taken out of the outstanding balance in the parent account and not paid by the child. Considering that you get a smartphone app, a website and contactless debit card, along with full reports, a spending breakdown, parental controls and a text message to the parents phone every time the card is used. We think that this is fantastic. You also get security features like a PIN number and the ability to block the card instantly from the smartphone app or the website should the card get lost or stolen.
Add into that the ability to create tasks or jobs for your child to complete to earn extra pocket money and a regular weekly allowance or an emergency top up. Then you can see that the makers of Go Henry have come up with a truly amazing tool that can be used to teach your child the value of money and how it can be managed.
Go Henry also send you regular emails. The emails contain tips for parents on getting the most from Go Henry and money tips and advise to share with your children. You can choose whether or not to share these with your child or teenager. How much does Go Henry cost? Not a lot considering what they are providing you with.
OSPER - £3 POCKET MONEY
& 1 MONTH FREE
Sign up to Osper and you will get £3 FREE pocket money and 1 Month FREE.
Here is summary of what is included with the monthly charge:
The only other regular cost is 50p per top up if you use a debit card. This can be totally avoided by setting up a standing order or bank transfer from your bank account.
- A pre-paid visa card that can be used online, on the high street and to withdraw cash from cash machines in the UK
- Your child’s secure online account so that you can manage your money together.
- Free secure smartphone app
- Free to top-up money into the parent account using your bank. This could be via standing order or bank transfer.
- Free cancellation at any time
- Parental controls
- Text message alerts
- Parental controls to dictate where the card can be used
- Instant block should the card be stolen
There is no overdraft facility and therefore no overdraft fees. We have tested the cards and when you make a purchase your child or teenagers account instantly updates. You can be confident that when your child or teenager uses the card, they cannot spend use it elsewhere if there are insufficient funds in their account.
All the charges below are fully published on the Go Henry website so whilst they are not hidden, they can lead to additional charges over and above the £2.49 per month.
10% CASHBACK ON PURCHASES
99p to signup and earn 10% cashback on purchases
The only real charges occur if your child or teenagers uses the card abroad to withdraw cash. The cost is £2 per transaction which is the same as a lot of UK current accounts. If your child or teenager buys online from another country there is a charge of 2.75% of the value of the transaction. Therefore a £10 purchase would incur a charge of 28p.
I already mentioned the charge to the parent if you top up your parent account from your debit card (50p charge from the debit card provider which is passed onto you rather than being paid by Go Henry), but you can avoid this cost by setting up a regular standing order or top up using a bank transfer.
If your child or teenager loses their card, they have it stolen or damage it, Go Henry will replace it for a cost of £5.
The final charge worth mentioning is related to closing your account whereupon any outstanding money in your parent account can be transferred to your bank account for a one-off charge of £5.
There is no risk when signing up as you can cancel for free, you also get 2 MONTHS FOR FREE. Keep your eye on using the card abroad and on websites that bill in non UK currency. It’s £2 per transaction when abroad. Using the card on non UK websites will incur a 2.5% charge. Top up the parent account using a regular standing order, we pay in using online banking as and when we need to avoid the 50p debit card charge. From the parent account it’s free to ‘pay’ your child via the website or smartphone app. Following these simple steps means that the only cost for using Go Henry is £2.49 per card and this is only payable after the 2 month free trial is over.