By Aisling Finn on Thursday 22 October 2020
The kid-friendly fintech is tapping into teens wanting to take a step back from the bank of Mum and Dad.
Family-focussed financial management app GoHenry has launched a new account aimed at older teens seeking a bit of financial independence from their parents.
The new Teen account will be available for kids aged between 13 to 18 and will be automatically offered to existing account holders over the age of 13.
Users of GoHenry’s teen account will be able to have a salary paid into their account, in a first for the fintech.
Louise Hill, co-founder and COO of GoHenry, said: “We developed the Teen account to help young adults continue to learn good money management skills at a period when they are seeking more independence in all areas of life.”
“The GoHenry Teen account helps 13-18-year-olds with the transition into adulthood – offering more freedom and features to suit their growing independence, while still having the safety net of being guided by their parents, when needed.”
As well as giving its app a sleek new look for its teenage customers, Teen account holders will also be able to order a matte black card for a one-off cost of £4.99.
Just like other GoHenry accounts, the Teen account will need to be connected to a parent or guardian’s and will cost £2.99 per month.
GoHenry is following in the footsteps of other digital banks who have promised more financial independence to older teenagers, for instance, kids aged between 16 and 17 can open a Monzo account where they can pay and get paid, and Starling also offers 16-year olds the ability to open an account with them, as well as more recently children as young as six with Starling Kite.
In May 2020, the kid-friendly fintech launched a biodegradable card, made from 82 per cent renewable materials, for eco-conscious GoHenry users.