5 Best Gohenry Alternatives
Let’s understand what the main alternatives to Gohenry are and which one is best for your learning or career needs.
Gohenry is quite a popular option for managing kids’ finance and getting financial literacy skills. The card children to experience financial transactions and understand the basics of money management under parental supervision. It promotes financial education and teaches them about budgeting, saving, and making responsible choices. But it’s not perfect, so you should understand what the main Gohenry alternatives are and which one might work for you.
As Gohenry is a prepaid card itself, the main Gohenry alternatives are also prepaid cards, which is a useful option for those who want to give their children access to money without needing to open a bank account A prepaid card can help teach your child how to budget money, as well as develop responsible spending habits. Prepaid cards for children also usually come with apps for parental control. These apps allow parents to set spending limits and add money at any time, while also providing educational tools to teach kids about budgeting and responsible money management.
In this article, we will be analyzing five Gohenry alternatives:
Greenlight Card
The Greenlight card is a financial product specifically designed for kids and their parents to help teach children about money management and financial responsibility. With the Greenlight Card, parents have the ability to set up and manage their child’s account through the mobile app. They can establish spending limits, create savings goals, and allocate funds for various purposes such as allowance, chores, or special occasions. Greenlight is best for kids aged 6-18.
Both cards allow you to easily transfer money to your kids while setting up controls on their spending. You can set limits on how much they can spend, customize where they are allowed to shop, and even receive notifications when they make purchases. In addition, both cards come with a digital allowance feature that let’s you easily give money to your children whenever you need to.
The Greenlight card is a good alternative if you want more advanced features like investing. With Greenlight, both kids and parents can invest with the parental approval of each child’s trade. You can invest in stocks, ETF, and other financial tools with as little as $1.
Unlike Gohenry, Greenlight also has up to 5% on savings reward and a 1% cashback.
Moreover, Greenlight provides more parental control features, including limits on specific spending categories or store parents can set.
Gohenry charges a flat monthly fee of $4.99/month per child, whereas Greenlight has three plans with different monthly subscription fees starting at $4.99 and going up to $14.98 per month. With Greenlight, you pay for the family (up to 5 kids) instead for paying for each kid separately. So, if you opt for a basic plan and have more than one kid, this Gohenry alternative is definitely worth it.
However, Greenlight is only available in the US, so it’s not an alternative to Gohenry if you live in other countries.
Pros:
- Financial Education: Greenlight is designed to teach kids about money management and financial responsibility from a young age, helping them develop important life skills.
- Parental Control: Parents can easily set up and manage their child’s account through the mobile app. They can establish spending limits, create savings goals, and allocate funds for different purposes like allowance, chores, or special occasions.
- Spending Controls: Parents can set spending limits and customize where their children are allowed to shop, ensuring responsible spending habits.
- Digital Allowance: The digital allowance feature allows parents to easily transfer money to their children whenever needed.
- Investment Options: Greenlight offers investment features with parental approval, allowing kids and parents to invest in stocks, ETFs, and other financial tools with as little as $1.
- Savings Rewards: Greenlight provides up to 5% on savings rewards, encouraging kids to save money.
- Cashback: Users can earn 1% cashback on certain purchases, which can add up over time.
- Parental Control Features: Greenlight offers more extensive parental control features, including setting limits on specific spending categories or stores.
- Flexible Pricing: Greenlight offers multiple subscription plans, allowing families to choose the one that best suits their needs. Paying for the family (up to 5 kids) can be more cost-effective than paying for each child separately.
Cons:
- Monthly Fees: Greenlight has monthly subscription fees, which can vary depending on the chosen plan. Some families may find these fees to be an additional expense.
- Age Range: While Greenlight is suitable for kids aged 6-18, it may not be ideal for younger children or older teenagers who require different financial management tools.
- Complexity: The investment feature, while valuable, may add complexity to the platform and require parents to have a good understanding of investing.
Check a detailed comparison of Gohenry vs Greenlight.
Current
Current Card is a financial product designed to provide children with prepaid debit card and parents with a platform to manage their child’s spending. The Current Card aims to teach teens about money management and financial responsibility while giving parents control and oversight over their child’s finances.
Current offers two types of accounts: standart for adults and account for teens. So, it’s a prepaid card for teens over 13-14 years rather then for kids. But if you open the teen account, you can then switch to an adult plan when getting 18.
The Current Card operates like a traditional debit card and can be used by teens for making purchases online or in stores. It is linked to a mobile app that allows parents to manage the card and monitor their child’s transactions in real time. Parents can set spending limits, allocate funds for specific purposes, and track their child’s spending habits. Kids can check a budget for a single category of spending
Current is a great Gohenry alternative as it’s free, there is no monthly or annual fees. Moreover, with Current, you don’t have to pay for cash withdrawals, transfers within the network, etc.
Moreover, Current offers a very high level of security and provides a 4% interest rate on savings. Additionally, Current included the feature for gas hold removals.
Revolut <18
Revolut <18 is a financial product offered by Revolut, a popular digital banking platform. It is an easy-to-use Gohenry alternative and is designed specifically for kids and teens, providing them with a simplified banking experience and introducing them to the basics of money management.
It’s a secure way to keep your children finances safe with no additional fees. With Revolut <18, you can easily set up and manage daily allowances, manage spending limits with instant notifications when they’re reached, and get instant insights into their financial activity. Plus, no matter where your children are in the world, they will always have access to their accounts. It offers the same basic features as Gohenry, such as parental control and money management tools, but with added advantages like no account fees, no monthly subscription charges, and an easy-to-use mobile app.
A kid has to be at least 13 years old to open the account themselves, but parents can do this for younger children.
The service is also fully regulated by the Financial Conduct Authority (FCA). With Revolut <18, parents can manage their child’s finances securely from any device – so they can always be sure their kids are using their money responsibly. Plus, children will receive guidance on budgeting and saving from the app itself.
BusyKid
BusyKid is a prepaid card with a banking app and platform designed to help children learn about money management, chores, and investing. It provides a system that allows kids to earn, save, share, and spend money in a safe and supervised manner.
BusyKid operates on the concept of linking chores to financial rewards. Parents can assign chores to their children through the app, set the associated monetary value for each chore, and track their completion. Once the chores are completed, children receive payments or allowances directly into their BusyKid account.
With BusyKid, kids can earn real-world rewards for chores completed, while parents can set limits on spending and monitor activity from a single dashboard. Kids will receive weekly allowances in their account, which they can use to shop online or donate to charity with just the swipe of a finger. Additionally, with BusyKid, you can easily transfer money directly into your child’s account without having to worry about managing cash or checks.
FamZoo
FamZoo is an alternative to Gohenry that has been on the market since 2013. Famzoo provides a range of features to help parents and children track expenses, set savings goals, and develop responsible spending habits. It’s strong side is that is its security and the robust parental controls. It’s killer feature is catching up on missed payments.
The Famzoo prepaid cards are linked to family accounts that allow parents to easily set up digital allowances, pay bills, and monitor spending for each of their kids separately. Parents can also keep track of their children’s spending in real-time and easily transfer money between family members.
Famzoo’s card is considered highly secured. The company uses advanced encryption technology to protect against unauthorized transactions, and require two-factor authentication for added security. You can also easily lock and unlock Card
Famzoo is also a more affordable alternative if you prepay for at least 6 months in advance. In this case the price ranged from $2.50/mo (if you pay 24 months in advance) to $4.33/mo (6 month) . If you opt for a monthly subscription, you’ll pay $5.99/mo.
On the downside, the interface of Famzoo’s app is not so user friendly and it can be difficult to navigate when you start using it.
David is an advocate of financial literacy. Having previously worked as a financial advisor and being a father of two daughters, he wants to show solutions to improve financial behavior.
