GoHenry edges closer to grown-up banking with paycheck deposits for teens

Childrens’ debit card GoHenry is today upgrading its account for older teens with the ability for employers to deposit directly into the account.

The upgrade means that GoHenry’s 14 to 18-year-old users who might have paper rounds or Saturday jobs can now get paid without relying on the bank account of mum or dad.

Previously cheques or salaries would have to be paid into a parent’s account, and then transferred across, but no more.

“Introducing kids at an early age to all of the options they will have as they enter the workforce once independent is important to their overall financial health,” said GoHenry’s president and co-founder Dean Brauer.

“As we continue to become a more cashless society, responsible money management as early as possible will help kids as they become more financially independent.”

Of course, the new feature still has a heavy element of parental oversight, but moves GoHenry further towards competing with the fully-fledged teen bank accounts of Starling and Monzo.

The question now is to wait and see whether GoHenry continues to advance its teen account to encroach into the world of ‘grown-up banking’.