HyperJar Review (November 2023): Is It Really Free?

hyperjar review

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.

After a successful soft launch in 2019, the app was launched publicly in October 2020.

The version for kids was made available in July of 2021 and is the only free specialist kid’s app and card in the market today.

But just how well does it fare against its paid counterparts, let’s dig a little deeper into this HyperJar review to find out.

Hyperjar card example

How Does HyperJar Work?

HyperJar works primarily through the app which can be downloaded on both IOS and Andriod devices for free.

Just follow the simple instructions required to get you set up and your card ordered.

Once you’ve done that, you’ll be able to access your account from which you can do things like:

  • Create/share/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 kid’s version of the app.

hyperjar app graphic


  • Instant Transfers- Send money from your bank account to your HyperJar account instantly.
  • Spending Notification- Get real 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 Apply 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.


Hyperjar is absolutely free with no monthly subscription fees- a rare feat indeed!

This even applies when using the card abroad, making it one of the 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 Day3
Maximum Daily Spend£5000
Maximum Fund Transfer To Another User£5000
Maximum number of Transfers a Day3
Maximum Account Balance£10,000

How Does HyperJar Make Money?

If HyperJar is free to download, use and spend with, many people quite rightly ask how do they make money?

Aside from the small list of fees for fairly infrequent acts (losing your card etc), 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 the loss of a job.

So partners are willing to pay knowing they have an extremely high likelihood of receiving the funds through these merchant jars.

Is It Safe?

First things first, Hyperjar is not a bank and therefore does not qualify for FSCS protection.

So instead, Hyperjar partnered with Modular to hold all customer funds in a segregated account at the Bank of England.

That means if Hyperjar were to ever go bust, your funds will be protected and returned to you.

Modular is also regulated by the FCA whose job it is to:

  • Safeguard customers
  • Protect the integrity of the Uk’s financial system
  • Promote 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, made up of over 850+ reviews.

83% of the 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
  • 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 via ATMs


Is The HyperJar Card A Credit Card?

No, the HyperJar card is a prepaid Mastercard.

So 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 can not use your HyperJar card to withdraw money from an ATM.

Is HyperJar A Bank Account?

No, HyperJar is not a bank account despite the fact 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 satisfy the criteria for FSCS protection.


Now that this HyperJar review is drawing to a close, I hope you have a better idea about whether or not it’s a better fit for you and/or your child.

Hyperjar is undoubtedly a competitive product in the money management app world for both adults and kids.

Its main attraction of course is that it’s free, yet includes many of the features provided by counterparts that you would have to pay for.

I can also appreciate how they have set up ‘Hmoney’ pots to create revenue for themselves from merchants to keep the service free whilst further benefiting the user with 4.8% AGR.

The company does of course have some downfalls, including:

  • No ATM withdrawals
  • Lack of training material for kids

But it’s hard to be overly critical with 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!

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