What is PSD2

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What is PSD2 and how does it affect me?

What is PSD2?

PSD2 stands for Payment Services Directive (2)... It is designed by countries of the European Union to create a common legal framework for businesses (and consumers). It will have a big effect on the payments industry, changing things like how we pay online and the information we see when we’re making a payment.

How does PSD2 affect me?

In terms of goHenry, PSD2 means have had to make some changes to the way we charge for various account top-up methods.

Prior to PSD2, we would charge 50p per debit card load, and all bank transfers or Standing Orders were free of charge. Now that PSD2 has come into force, we’ll be giving everyone 1 load per month included as part of the goHenry service (that can be bank transfer or debit card etc.) and then we’ll charge a 50p service fee whenever an account top-up is made within that calendar month.

Take a look at how things will change in our table below:

At the moment After Jan 2018
Loading chargesAny load by debit card = a 50p load fee (most parents load their accounts this way as it is fastest and most convenient)
Any load by bank transfer or standing order = free
As a goHenry parent you get one parent account load included per calendar month.
There is a service charge of 50p for any loads after that.
What does this mean?If you load once a week by debit card it will cost you £2.00 (4/5 loads x 50p)If you load once a week by debit card it will cost you £1.50 (1 inclusive load, 3/4 x 50p = £1.50/£2.00).

Recommended: If you load enough money to cover the month ahead you never need to pay a service fee to keep your account topped up. You pay £0 for loading your account.

In short, by making sure you add enough money to your account for a few weeks pocket money at a time, you can avoid paying any extra charges.

Related FAQs

Why the fee for a goHenry account?

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How can I avoid paying a service charge for loading my account?

Since the 14th Jan 2018 you will get one load into your goHenry parent account per calendar month included, just as part of using goHenry - no matter which load method you choose. Any extra loads that calendar month will cost 50p. Here are our top tips to make sure you avoid paying any extra. Continue Reading...