Have you heard of HyperJar? This UK-based fintech company is changing the way adults and kids manage their money for the better. Let’s explore how HyperJar can help you take control of your finances in a fun and user-friendly way.
What is HyperJar?
HyperJar is a financial technology company based in the UK that offers a digital platform to help users manage their money more effectively. Whether you’re an adult looking to budget more efficiently or a parent wanting to teach your kids about financial responsibility, HyperJar has tools and features to meet your needs.
How does HyperJar work?
HyperJar operates through a mobile app that you can download on your smartphone. You can set up an account for yourself as an adult user or for your children with the kids’ version of the app. Once you have your account set up, you can start using the various features that HyperJar offers to track your spending, set savings goals, and make payments.
Key Features of HyperJar
HyperJar offers a range of features designed to make managing your money easier and more convenient. Let’s take a closer look at some of the key features of the app.
Instant transfers
With HyperJar, you can make instant transfers from your account to another user’s account. This feature is particularly useful for parents who want to send money to their kids quickly and easily.
Spending notifications
HyperJar sends you real-time notifications whenever you make a purchase with your HyperJar card. This feature can help you stay on top of your spending and track your expenses more effectively.
Parental controls
Parents can use HyperJar to set spending limits and restrictions for their children’s accounts. This feature is a great way to teach kids about budgeting and financial responsibility in a controlled environment.
Budgeting tools
HyperJar offers budgeting tools that allow you to set spending targets for different categories, such as groceries, entertainment, and transportation. You can track your spending against these targets to see where your money is going each month.
Pricing and Fees
HyperJar is free to use, with no monthly subscription fees. However, there are some fees associated with certain events, such as foreign transactions or card replacement. It’s important to be aware of these fees before using the app to avoid any unexpected costs.
Fees for infrequent events
While HyperJar does not charge monthly fees, there are fees for infrequent events such as foreign transactions, cash withdrawals, and card replacements. Make sure to check the fee schedule on the HyperJar website to understand what charges may apply to you.
No FSCS protection
It’s important to note that HyperJar is not a bank and therefore does not qualify for protection under the Financial Services Compensation Scheme (FSCS). However, customer funds are held in a segregated account to ensure that they are kept separate from HyperJar’s own funds.
Customer Reviews
HyperJar has received positive and negative reviews from customers on Trustpilot, a popular review platform. The app has an overall rating of 4.6 out of 5, indicating that the majority of users are satisfied with their experience using HyperJar.
Positive reviews
Many users praise HyperJar for its user-friendly interface, budgeting tools, and instant transfer features. Customers appreciate the convenience of being able to manage their money on the go and track their spending in real-time.
Negative reviews
Some customers have raised concerns about the fees associated with certain events, such as foreign transactions and card replacements. Others have noted that they would like to see additional features added to the app to further enhance the user experience.
HyperJar Card
The HyperJar card is a prepaid Mastercard that you can use to make purchases wherever Mastercard is accepted. However, it cannot be used for ATM withdrawals, so you’ll need to have an alternative payment method for accessing cash.
Prepaid Mastercard
The HyperJar card functions as a prepaid Mastercard, meaning that you can only spend the amount of money that you have loaded onto the card. This can help you avoid overspending and stay within your budget.
Acceptance
You can use the HyperJar card at any retailers or online merchants that accept Mastercard payments. It’s a convenient way to make purchases without carrying cash or relying on your bank account for every transaction.
ATM withdrawals
While you can use the HyperJar card for purchases, it is not designed for ATM withdrawals. If you need cash, you will need to use an alternative method, such as a traditional bank card or a cash withdrawal service.
In conclusion, HyperJar is a valuable tool for both adults and kids looking to manage their money more effectively. With its user-friendly interface, budgeting tools, and instant transfer features, HyperJar can help you take control of your finances and make smart spending decisions. Whether you’re a parent teaching your kids about financial responsibility or an individual looking to improve your budgeting skills, HyperJar has something to offer for everyone. Give it a try and see how HyperJar can help you reach your financial goals!