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Do you know your limits?

We believe that kids learn by doing, which is why it’s so important to empower them to take control of the money they earn, save, spend and give. But if you’re worried they might get carried away and blow all their birthday money on V-Bucks and bubble tea, we’re here to help.

There are several gohenry spending limits on your child’s account. Some of these can be added or adjusted via your gohenry app, and some can’t – simply because these are the limits we’ve agreed with our issuing bank.

It’s a good idea to make sure that both you and your child know your limits, as this will spare them the embarrassment of a declined payment, and also means they’re less likely to run out of money when they’re out and about with friends.

Set your child’s spending limits 

You can choose how much your child is allowed to spend in a single transaction, over the course of a week, and at an ATM (up to a maximum withdrawal limit of £120 per day). This is really useful when your child is taking the first steps towards independence, and you want to make sure they learn how to spend wisely.

It only takes a minute to set up spending limits in your gohenry app. If you’re happy for your child to use an ATM, you can set spend limits from as little as £5, which is the minimum amount they can withdraw from a cashpoint. But if you’ve switched off ATM use, you can set the spend limit as low as you like. Don’t forget to adjust this if your child has been saving up and is ready to buy something special, otherwise their higher-value transaction will be declined.

We recommend discussing these spending limits with your child on a regular basis, as it’s a great way to open up the conversation about money. You could even set a regular date to review your gohenry spending limits, perhaps after their birthday, or at the start of the new school year.

Online, high street and ATM limits 

Kids don’t always understand they’re spending real money when they make in-app purchases, and it’s so easy to get carried away. So if you’d rather limit their spending opportunities, you can choose exactly where they’re able to spend.

You have the option to switch off online, high street and ATM spending – and it only takes a minute to adjust these options in your gohenry app. This is the perfect solution if you’d like to pause online spending, or ensure that your child can only make gaming purchases at the weekend.

Daily spending limit

Did you know that all gohenry kids and teens have a daily spending limit of 10 transactions, or 20 transactions over a four-day period? This doesn’t include ATM withdrawals, but it does include online and in-store payments – so it’s worth bearing this in mind if your teen makes a few in-app purchases, then heads out with friends and pays for their bus fare, lunch and some extra shopping.

This limit can’t be changed because it’s there to protect your child if their card gets lost or falls into the wrong hands. So encourage your child to keep track of their spending on their gohenry app, especially if they tend to make lots of small card transactions instead of using cash.

ATM limit 

If you’re comfortable with your child using an ATM, they can make up to three cash withdrawals per day, or four withdrawals over a four-day period, up to a total of £120 per day.

Understandably, many parents don’t like the idea of kids and teens carrying much cash, which means you may have told them to only withdraw a small amount at a time. If so, remind them of these withdrawal limits, especially if there’s a chance they might want to go back for more (and more, and more…)

The contactless limit 

In April 2020, the contactless limit was raised from £30 to £45 per transaction, to help reduce physical contact when paying for items in-store. This means your child can tap and pay, without needing to enter their PIN.

Even if your child mostly uses contactless payment, it’s still important to check that they know their PIN as they will be asked to enter it the first time they use their card in a shop. After that first transaction they can use contactless, unless they spend more than £45 in a single transaction. They will also be asked to enter their PIN after they’ve made several contactless transactions.

Don’t worry if they’ve forgotten it: your child can view their PIN at any time in their gohenry app.

Available to spend 

Remind your child to look at the ‘available to spend’ balance, rather than the total amount that’s on the card or in their savings. Even if they have £50 on their card, they won’t be able to spend more than their single or weekly transaction limit, which could be much lower.

It’s also a good idea to get into the habit of checking your parent balance to make sure that there’s enough to cover your children’s pocket money payments. And if you’ve recently topped up your parent account, don’t forget that it won’t automatically land in your child’s account until their regular pocket money payment date, unless you make a quick transfer via your gohenry app.

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