Is this the future of pocket money?

I get sent a tonne of press releases, brands and products trying to get me to write about their stuff, mostly, I’ll skim it and bin it – but – I had one last week that piqued my interest.

The release was from goHenry – a ‘pocket money’ service aimed at 8 to 18 year olds (I don’t really think 18 year olds should get pocket money – but still!), anyway, you go to their website and go through a simple 4-Step Sign Up, and the accounts are ready to use.

So how does goHenry work? Well, the parent loads money into their goHenry account, either via a bank transfer, or a debit card payment, and then you choose when, and how much pocket money your child is allowed. You can reward the pocket money on a ‘Task’ based system. So for example you can set a task of ‘Tidy your Room’ or ‘Do the washing up’, and when the parent is satisfied the task is completed, they can go into the app, or website, and ‘Ok’ it. The money is then transferred into the child’s goHenry account.




gohenry-card-only

That’s all well and good, but obviously, the child needs to have access to the funds, this is done brilliantly – when you register, you (well your child) gets sent a ‘Pre-Paid’ Visa Card. The card isn’t a credit or debit card only the money on the card can be spent, there’s no danger of debt or an overdraft. Cleverly, you can set limits on how much money can be spent, and where, so if you don’t want your child buying stuff online, you can do it, or if you ONLY want them to be able to withdraw cash, again, you can do it! You can also completely block the card too! It’s all fiendishly simple and set from the app or website.

Your child can monitor their finances too, they have a login for goHenry, where they can check their balance and see where they’ve spent their money, all this either from the app, or the website. There aren’t any hidden fees, it costs £1.97 per child, per month to use the service, there aren’t any fees added to any spends or withdrawals on the card in the UK. The only other fee is 50p if you put money into the parent account with a debit card, and there are fees on spends and cash withdrawals OUTSIDE the UK.

a-bank-account-reimagined

At the moment we’re waiting for delivery of G’s Visa Card so we can fully start using the service, but I LOVE the concept behind it. G does have a bank account, but she can’t really do much with her money right now. She’s not able to touch online banking until she’s 12, and if she wants money from her account she needs to go into a branch and withdraw it over the counter. I also feel a bit happier with her carrying around a card, rather than cash, and I love the fact she can ‘see’ her money and hopefully learn to keep it. Also having the ‘task’ system of rewarding money is a brilliant touch, It’s good for kids to ‘earn’ their pocket money!

Anyway – this obviously sounds a bit ‘sponsored post’ like – but it’s not, I think this is a fab service, and I can’t wait to get using it!

Also, something that is pretty cool, is if you sign up via here – you and I BOTH get £10 ‘pocket money’ added to your account to try the service out! There are Terms and Conditions to this – which are below!

Terms and conditions

Get £10 for each friend who joins goHenry and we’ll reward them with £10 of starter pocket money too

  • Introduce us to your friends and for each friend that signs up for a goHenry account we will add £10 to your account and give them £10 starter pocket money to get them going.
Offer Terms and Conditions you should know about:
  • Recommendations must be made by existing customers of goHenry Ltd who have an active goHenry account.
  • An active goHenry account is deemed to be an account where a minimum of £10.00 has been loaded to the parent account and at least one child card has been activated.
  • Existing customers may recommend as many friends as they wish but should remember that goHenry parents must be UK residents aged 18 or above to hold a goHenry account.
  • Friends who are already existing customers of goHenry Ltd will not qualify.
  • For each recommended friend who signs up to goHenry , activates their account, we will add £10.00 to the originators goHenry parent account. These funds will be added within 5 working days of qualifying conditions being met.
  • Occasionally, due to regulatory reasons, goHenry is unable to offer an account to a customer. In these rare cases, the recommended friend will be unable to open a goHenry account and will therefore not qualify for the recommend a friend offer.
  • If the recommended friend subsequently closes their new goHenry account within 3 months, the £10 starter pocket money will not be refunded.
  • The scheme is not open to employees or associates of goHenry Ltd.
  • This recommend a friend offer may be varied or withdrawn at any time in whole or in part without prior notice and is subject to availability and our Fair Use policy. Participation in this recommend a friend offer constitutes acceptance of these terms and conditions.
  • The Promoter is goHenry Ltd. with its registered office at 9 Angel Courtyard, High Street, Lymington, SO41 9AP.

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4 Comments

  1. EllaRalph 06/12/2013
  2. Anni Large 28/02/2014
  3. Karen 03/03/2014
  4. Scott 07/06/2014

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