Frequently Asked Questions > Managing the Parent Account > How is the money in goHenry accounts protected?

How is the money in goHenry accounts protected?

Frequently Asked Questions > Managing the Parent Account > How is the money in goHenry accounts protected?

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How is the money in goHenry accounts protected?

Because goHenry is an e-money product, it isn't covered by the UK Financial Services Compensation Scheme (FSCS). However, to be approved to work with Visa we have to comply with Visa's very strict regulations about how customer money is held and we are audited to ensure that this is the case. Your details are securely stored with our payment processing partner using bank-grade encryption

All customer funds are held in a NatWest client account which cannot be accessed by goHenry. If the worst were to happen and we went out of business then IDT Financial Services (our card issuing bank) are required by Visa to manage the return of all customer funds. If IDT went out of business, then Visa themselves are contractually bound to step in and oversee the return of all customer funds. If Visa were to go out of business, then NatWest step in and do the same.

Related FAQs

What is the difference between using a high street bank account for my child and using goHenry?

Whereas most high street banks will only provide your child with a debit card from the age of 11, goHenry has been designed from the ground up specifically for children aged 6-18 and their parents. goHenry was set up by a group of parents and friends who wanted to help children learn the value of Continue Reading...

How secure is the money in my goHenry account?

To be approved to work with Visa we have to comply with Visa's very strict regulations about how customer money is held and we are audited to ensure that we are meeting their expectations. IDT Financial Services are our card issuer and they are licensed by Visa to hold customer funds as well as being Continue Reading...

What is a parent account?

Your parent account is the part that controls the goHenry account. When you load money on to goHenry, it will firstly go into your parent account. You then filter your chosen amount,or pay pocket money directly from parent to child. Think of it as the middle man of the goHenry account.