HyperJar Review (2024 update): Is It Really Free?
What Is HyperJar?
HyperJar is a UK-based fintech company that helps adults and kids manage their money better. Think of HyperJar as the digital equivalent of jam jar budgeting, just with a few added features such as savings goals, visualised spending, and rewards.
After a successful soft launch in 2019, the app was publicly launched in October 2020. The version for kids was made available in July 2021 and is the only free specialist kids’ app and card on the market today.
But how well does it fare against its paid counterparts? Let’s find out below.
How does HyperJar work?
HyperJar works primarily through the app, which can be downloaded for free on both iOS and Android devices.
Just follow the simple instructions required to get yourself set up and order your card. Once you’ve done that, you’ll be able to access your account, from which you can do things like:
- Create, share, and spend jars
- Connect with HyperJar’s merchant partners
- Spend abroad.
When your card arrives, all you need to do is activate it on the app by entering the last 4 digits of the long number on the back of your card.
It’s also worth noting that after your account is created, parents can use their details to create an account for their child on the kids’ version of the app.
Features
- Instant Transfers – Instantly send money from your bank account to your HyperJar account.
- Spending Notifications – Get real-time notifications of spending from connected accounts
- Parental Controls – Set spending limits for your little ones.
- Freeze/Unfreeze – Easily freeze/unfreeze your or your child’s card via the app.
- Create Unlimited Jars – Create unlimited jars that you can personalise with names, colours, and targets.
- Share Jars – Send or receive invites to contribute to jars for events (Holidays, shopping, etc).
- Apple Pay/Google Pay – Add your HyperJar card to Apple or Google Pay to enable contactless functionality.
- Merchant Partnerships – Create a jar that agrees to spend money with a partner of HyperJar in exchange for a 4.8% ‘annual growth rate’.
- Digital Gift Cards – Send merchant partnership jars or ‘Hmoney’ jars to friends/family as virtual gift cards.
- Schedule Payments – Set up regular weekly or monthly pocket money payments to jars in the app.
Costs
HyperJar is free with no monthly subscription fees – a rare feat indeed!
This even applies to using the card abroad, making it one of its main attractions.
However, there are, of course, some fees and limitations you should be aware of. You’ll find them noted below:
| Lost Card Replacement | £5 |
|---|---|
| Recall A Bank Transfer | £25 |
| Minimum Top Up | £10 |
| Maximum Top Up | £5000 |
| Maximum 3rd party Top Up | £2500 |
| Maximum Loads a Day | 3 |
| Maximum Daily Spend | £5000 |
| Maximum Fund Transfer To Another User | £5000 |
| Maximum number of Transfers a Day | 3 |
| Maximum Account Balance | £10,000 |
How Does HyperJar Make Money?
If HyperJar is free to download, use, and spend with, many people rightfully ask how they make money.
Aside from the small list of fees for infrequent events (such as losing your card), HyperJar does not publicise how they make money on their site.
However, guaranteeing partnered brand customers is likely where the majority of their cash flow comes from, in the form of a monthly subscription fee.
After all, you are essentially locking in your money to be spent with a specific brand/retailer—something businesses value significantly.
And only in rare situations will HyperJar allow its users to remove money from ‘Hmoney’ pots, such as in the event of job loss.
So, partners are willing to pay, knowing they are extremely likely to receive the funds through these merchant jars.
Is HyperJar safe?
First things first, HyperJar is not a bank and does not qualify for FSCS protection or pay interest on savings jars.
So, instead, HyperJar partnered with Modulr FS to hold all customer funds in a segregated account at the Bank of England.
That means if HyperJar ever went bust, your funds would be protected and returned to you.
Modulr is also regulated by the FCA, which is responsible for:
- Safeguarding customers
- Protecting the integrity of the UK’s financial system
- Promoting healthy competition for the benefit of consumers.
Lastly, HyperJar also proudly advertises that it uses bank-grade technology to protect data with 256-bit encryption.
HyperJar reviews
According to Trustpilot, HyperJar has an overall rating of 4.6 out of 5, based on over 850+ reviews.
83% of users rated the company as excellent, while 8% rated them as bad.
Positive HyperJar reviews include things like:
- Great app for both adults and kids
- Discounts with 30 brand partners
- A good way to save for anything
- Super easy to set up
- Intuitive design.
Negative HyperJar reviews mention aspects like:
- Slow customer service
- Annoying verification process
- Can’t be used at ATMs.
FAQS
Is the HyperJar card A credit card?
No, the HyperJar card is a prepaid Mastercard. And unlike a credit card, you can only spend what is in your account.
Do you have to pay for HyperJar?
No, HyperJar is free to download and use.
Can you use a HyperJar card at an ATM?
No, you cannot use your HyperJar card to withdraw money from an ATM.
Is HyperJar a bank account?
No, HyperJar is not a bank account, even though you get a sort code, account number, and card.
Can you use a HyperJar card anywhere?
Yes, you can use a HyperJar card wherever Mastercard is accepted.
Is HyperJar covered by FSCS?
No, HyperJar is not a bank and, therefore, does not qualify for FSCS protection.
Can you transfer money from HyperJar to a bank account?
Yes, just note that withdrawals can only be made to your Linked Bank Account. Simply navigate to the specific Jar from which you want to withdraw funds. Select the ‘Send’ option, where you will find a list of transfer options. Choose your linked bank account as the destination and enter the desired withdrawal amount. Confirm the payment details by clicking ‘Next’ and then proceed to complete the transfer.
Where can you use HyperJar cards?
You can use your HyperJar card online and in-store wherever Mastercard is accepted. However, please note that it cannot be used for ATM withdrawals, gambling, adult websites, or vehicle rentals.
Our verdict
Now that this HyperJar review is coming to a close, I hope you have a better idea of whether or not it’s a better fit for you or your child. HyperJar is undoubtedly a competitive product in the world of money management apps for both adults and kids.
Its main attraction, of course, is that it’s free, yet it includes many of the features provided by counterparts that you would have to pay for.
We also appreciate how they have set up ‘Hmoney’ pots to create revenue for themselves from merchants to keep the service free while further benefiting the user with a 4.8% AGR.
The company does have some downsides, including:
- No ATM withdrawals
- Lack of training material for kids.
But it’s hard to be overly critical of a service that’s free.
If you are considering a money management app for yourself or your child, HyperJar should, at the very least, be considered.
If you enjoyed this HyperJar review, be sure to leave a comment!