How Much Does Acorns Early (formerly GoHenry) Cost

Is Acorns Early worth the monthly fee? Find out if Acorns Early is a good debit card for kids. Plus, check out the best free Acorns Early alternatives.

How Much Is Acorns Early?

Acorns Early (formerly GoHenry) charges a $5 monthly fee per child, with the first month free. Acorns Early also offers an affordable family plan, which is $10 per month and covers up to 4 children.^[1]

Acorns Early isn't the cheapest option for a kid's checking account. You could absolutely find a free debit card instead. But the educational app is a huge plus that really emphasizes financial education.

Acorns Early Fees to Look Out For

There are a couple of additional fees you might run into when you use your Acorns Early account:

• ATM withdrawal: $0
  
• International ATM withdrawal: $0
  
• Custom card: $5
  
• Card replacement with a different design: $5

Acorns Early does not charge fees for ATM withdrawals, whether in or out-of-network, domestic or international, though the ATM owner may charge a fee.

There is a one-time fee to get the custom card with your kid's name in the logo and a personalized design. It's worth the price if you want your child to get excited about having their own card.

How Does Acorns Early Work?

Acorns Early is a debit card and banking app designed for kids and teens. Unlike a regular checking account, Acorns Early actually teaches kids how to manage money with a unique, educational app.

The app has a feature called Money Missions that turns engaging educational content into a game. Kids earn points and level up with every lesson.

Parents can also assign chores and allowance amounts for each task. And by earning their allowance, kids get a sense of accomplishment. The Acorns Early app even encourages kids to set their own personal savings goals instead of spending the money.

The Acorns Early card can be used wherever Mastercard is accepted. Your kid can use the card online, in-store, and at ATMs.

How to Put Money on an Acorns Early Card

The main way to add money to an Acorns Early card is through the parent app. You can link your debit card to the Acorns Early account and use it as the main funding source for your kid's debit card.

Keep in mind, that Acorns Early doesn't accept prepaid debit cards or American Express cards. But Visa and Mastercard debit cards will work just fine.

There's a $2 minimum to load money from your debit card to the parent account. Once your debit card is linked, you can easily transfer money to your account or your child's account. And there's no minimum to transfer money from the parent account to your kid's account.

You're limited to three transfers and a maximum of $500 per day loaded onto the parent account.

Friends and family can also send money to your kid through Giftlinks. These are links you can send to others to gift money straight to your kid's GoHenry card. These are especially handy for easy birthday or holiday gifts.

What Age is Best for Acorns Early?

Acorns Early is available for kids ages 6 to 18. But you'll find the app's features are best suited for kids on the younger end of that range.

Although the app offers age-appropriate, K-12 educational content, it may feel a bit immature for older kids. The chores feature also works better to incentivize younger kids to earn their allowance.

Acorns Early still offers a lot of useful information for older kids. However, financial education is most effective starting at a young age. It's never too early to start teaching your child about money management.

Free Acorns Early Alternatives

Don't want to pay for a debit card for kids? You don't have to with these free alternatives to Acorns Early:

Chase First Banking
Chase First Banking is one of the best free debit cards for kids. But you can only open an account if you're a current Chase checking customer. Like Acorns Early, Chase First Banking is available for kids age 6 and older.

Chase offers chores and allowances, savings goals, and robust parental controls. You have a lot more control over where and how much money your kid spends. Unfortunately, the app doesn't offer educational content. But it's a solid choice for a free debit card^[2] and checking account for kids.

Axos First Checking
Axos First Checking offers a free checking account for kids age 13 and up. The account feels a lot like an adult checking account, meaning you won't find features like chores or in-app money lessons.

Unlike the other accounts, Axos First Checking earns interest. The interest rate is pretty low, but it's a nice feature to introduce your child to compound interest. Axos also reimburses up to $12 in ATM fees per month, so you have better access to your funds.^[3]

Member FDIC

First Checking - 0.10% APY

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• Joint checking account for 13-17 year olds
• No fees
• Up to $12 domestic ATM fee reimbursements per month

Bottom Line

Acorns Early has a monthly fee of $5 for the individual child and $10 for the family plan. The family pricing covers up to 4 kids, so if you have many children, you'll enjoy a better price point as you will only pay one low rate for everyone.

Additionally, the platform also offers a couple of interesting features that could be worth the price.

If you're simply looking for a good checking account for your kid, a free account like Chase First Banking will do the trick. On the other hand, Acorns Early is great if you want to teach your kid money fundamentals from the ground up.

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