HyperJar launches up to 1.5% cashback on spending

Money app HyperJar has joined the likes of Chase and American Express in offering cashback on everyday spending. Users who sign up for a full account between 30th January and 28th February can earn up to 1% on monthly spending up to £500, increasing to 1.5% on all monthly spending over £500. In this article we explain how the cashback offer works as well as how it compares to the likes of Chase.

How does the HyperJar cashback offer work?

The HyperJar cashback on spending offer is open to new customers who download the app and set up a full account between 30th January and 28th February 2024. This means existing customers (those who opened an account before 30th January 2024) do not qualify for the offer.

Cashback rates

• Earn 1% cashback - Spend up to £500 per calendar month to earn 1% cashback
• Earn 1.5% cashback - Any spend above £500 per calendar month earns 1.5% cashback

How long does the cashback offer last?

The HyperJar cashback on spending offer runs from 30th January 2024 until 28th August 2024.

HyperJar cashback monthly limits

Users can earn a maximum of £200 cashback per month.

When is the cashback paid?

Cashback is calculated on a 'per calendar month' basis and is paid into the HyperJar account as a lump sum 30 days after the end of each calendar month. The first day of qualifying cashback spend is 30th January 2024 with the last day being 28th August 2024.

HyperJar cashback exclusions

There are a number of exclusions that apply and we list some examples below:

• Money transfers
• Council tax and Utility bills
• Credit card payments
• Gift card purchases
• Cryptocurrency transactions
• Gambling

HyperJar vs Chase - How does the cashback compare?

Below, we compare the cashback offered by both HyperJar and Chase Bank

	HyperJar cashback	Chase Bank cashback
Account fee	£0.00	£0.00
Cashback rate	1% up to £500 1.5% on £500+	1%
Cashback period	Ends 28th August 2024	1 Year Guaranteed (Cashback offer may be extended beyond the first year. Terms apply)
Monthly cashback limit	£200	£15
FSCS protection
Product review	HyperJar review	Chase Bank review

Is your money safe with HyperJar?

Unlike Chase, HyperJar is not a UK bank. This means that the money it holds is not FSCS protected should it go bust. Money is held as 'e-money' in a safeguarded account, governed by the e-money regulations of the Financial Conduct Authority (FCA).

It uses bank-grade technology with 256-bit encryption. If a user loses their phone phone then HyperJar customer services can lock the app remotely. Additionally, if the debit card is lost or stolen, users can freeze their card within the app.

Summary

HyperJar's cashback offer is one of the most generous on the market and provides another way for its users to boost cashback returns, following the launch of its instant cashback gift cards. The £200 monthly limit is far higher than the £15 monthly cashback limit applied by Chase, however, users should be mindful that money held in a HyperJar account is not FSCS protected. Those looking to make a big purchase in the coming months may want to consider opening a HyperJar account to take advantage of the cashback on offer. Be mindful that the offer is only available to those who open an account before 28th February 2024 and the cashback offer only applies up until 28th August 2024. Those looking for ongoing cashback rewards may want to look at Chase Bank or alternatively, check out our 'Best cashback credit cards' article.

Further reading

• 5 of the best cashback apps to download on your smartphone
• Bank account switching offers and cashback incentives
• Best ISA cashback offers
• Best Pension cashback offers
• Compare the best cashback and rewards credit cards