Cash cards for kids

July 11, 2020 in Saving Money - 1 Comment

Why should I get a card for my child?

Managing money by card instead of cash can help set children up for a more stable financial future.

A positive for parents is they can monitor and control funds via an app, recieving notifications every time the child spends or saves.

Plus additional features such as freezing their card is helpful should the card become lost or stolen.

Which card do I get for my child?

There are two options here. The first is via a traditional bank and the other is via a prepaid card. We tried out the GoHenry prepaid cards for our daughters and this is what we found.

An honest review- GoHenry

The girls were already excited about getting their new cards, because they could chose their own design and is personalised with their name. (Children must be a minimum of 6 to obtain a card).

Personalised GoHenry prepaid card

Once they arrived, we loaded an initial £5 on to each card and sat down with the girls to determine how they would earn pocket money, setting up tasks on the parent app.

We then set spending limits to restrict the amount of money they could spend in shops and online, meaning there was a ‘safe barrier’ so that they would not be encouraged to overspend.

The positives

They are a great tool to help children learn the basics of budgeting and saving and may get them doing more of their chores to earn extra pennies.

The negatives

  • Monthly & annual fees – GoHenry came with a free trial period, afterwards it is just £2.99 per month, per child.
  • ATM fees – Charges for spending and withdrawing cash abroad.

Cancelling the account

If you find the GoHenry card doesn’t work for you, there is no obligation to keep the account after the free trial. Once your child reaches 18, you will need to close the account and them open a traditional bank account.

Hopefully by this time your child will have the fundamental knowledge to managing their finances successfully in the future.

Refer a friend and you both get £10 

For every friend that joins gohenry they will add £10 to both parent accounts.

refer a friend
GoHenry prepaid card

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1 Comment

  • Eva Katona August 2, 2020 at 6:33 pm

    These are such a great idea for a little bigger kids who understands handling money better!

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