What is HyperJar?
HyperJar is a budgeting app that aims to make money management easier. The app is based around the “jam-jar budgeting” concept. This means money is put to one side to cover a wide range of costs, which can include bills, holidays, clothes and other purchases. The app comes complete with several interesting features. You can share virtual jars with your friends and family members and can even lock money away so it can be used at specific retailers in the future. HyperJar accounts come with MasterCards, and a special child-friendly card is also planned.
How does HyperJar work?
HyperJar works rather like a current account. When you sign up for HyperJar, you’ll gain access to an app as well as a MasterCard. You can use this card anywhere MasterCard is accepted. You can also freeze your card if you lose it, get notifications about your spending, see breakdowns of your spending and make peer-to-peer payments. Another key benefit of HyperJar is that you don’t have to pay foreign exchange fees when you spend money overseas.
Key features of HyperJar
The app lets you create mini accounts that resemble jars. You can call these jars anything that you like, though many people name them after the things the money will be spent on. Linking your card to a jar is a simple process. Jars are often set up to put cash aside for luxuries, bills, clothes, holidays and more. Any jar can be turned into a group jar if you want to save with family or friends.
The group jar is also ideal for house shares. It can make splitting household bills a breeze but is also ideal for fun things like nights out, meals and more. You can create a jar for pretty much anything. Another exciting benefit of HyperJar is that the company have partnered with several big-name retailers. Whenever you make a prepay to any of these partners, you can get up to 4.8% a year in interest. Your interest is applied daily. Retailers can also send offers to you via the app. When you do shop with one of these retailers, you can simply pay as you normally would. The payment will be taken from the relevant merchant jar. These retailers include supermarkets, petrol stations and drinks brands to name but a few.
How much does HyperJar cost?
You don’t need to pay anything to use HyperJar. It won’t even cost you to download the app or order your card. The company makes its money via its partnerships with various merchants as well as transactional fees generated when cards are used. HyperJar doesn’t offer any kind of credit. The brand is centred upon making your money go further via planning rather than borrowing.
The HyperJar app
The HyperJar app can be downloaded from Apple’s App Store and the Google Play Store. You don’t need to pass a credit check to start using the app, but you will need to go through a quick ID check to prove who you are. It will take around a week for your card to reach your address. To start using HyperJar and creating jars, you will need to transfer money from your main bank account.
Is HyperJar safe and secure?
Your money is held securely with major high street banks until you spend it. Money is kept in compliance with Financial Conduct Authority e-money regulations. These regulations do not permit the lending or investment of this money. Should Moneyjar or one of their merchants default, all the money that you have paid in will be returned to you. To open a MoneyJar account you need to be a UK resident and at least 18 years of age.
Advantages of HyperJar
One of the key benefits of HyperJar is that it is totally free to use and download, with the company making money from its partners rather than its customers. Many users love the way they can create jars with their friends and family members. The ability to split bills is also very convenient for people living in shared houses or dining in groups. When you lock cash in to spend at specific retailers, you can benefit from the Annual Growth Rate. Another big advantage is that you can spend money abroad without being charged fees when you use the HyperJar MasterCard.
Disadvantages of HyperJar
It’s important not to confuse HyperJar with a bank account. If you are expecting it to replace your bank account, you will be disappointed. You need a bank account so you can send funds to HyperJar and allocate them to your savings jars. Before you make a payment with your Mastercard, you need to decide which jar you are paying from. If there is not enough money in the jar or in the main HyperJar account, the payment will not go through. The more jars you have, the more arduous management can become. If you have a large number of active jars, you could become very confused. One problem you might face is encouraging friends and family members to use the shared jars.
More and more budgeting apps are appearing in download stores all the time. Not all of these are created equally. However, there are many good reasons for trying HyperJar if you are looking for a new way to save for bills and treats. Being able to allocate funds for various things can make it much easier to save and cut down on waste. Many HyperJar users also love the way they can earn Annual Growth Rates before they spend money with certain retailers. Shared Jars are ideal for group purchases like holidays, bills and meals, though you may struggle to get others to use the facility. Managing several jars may become rather complicated, but you may become more adept at this over time. It’s also important to ensure that the Jar you are purchasing with has enough money in it. All in all, HyperJar has plenty to offer for those who want to make their cash go further and make saving more fun.