In this review, we take a look at HyperJar, a prepaid debit card and money app that allows both children and adults to budget, save and spend. We look at how HyperJar compares to some of its competitors for managing your money as well as provide a comparison to some other children's pocket money apps such as GoHenry* and NatWest Rooster Money*. We recommend that you read the review in full, however, you can jump to specific parts using the following links:
- What is HyperJar?
- HyperJar key features
- How does HyperJar work?
- How to set up a HyperJar account
- How much does HyperJar cost?
- HyperJar account limits
- Is HyperJar a bank?
- Is HyperJar safe?
- Can HyperJar be used abroad?
- HyperJar customer reviews
- HyperJar pros and cons
- HyperJar alternatives
- Summary
What is HyperJar?
HyperJar is a prepaid debit card and money app that can be downloaded and used by both adults and children. The adult account allows you to create jars for specific spending such as food, holidays or days out while the children's account allows younger users to manage their own money by learning to budget, save and spend responsibly. HyperJar was founded in 2016 and launched its digital wallet in 2020. Since then it has amassed over half a million customers.
HyperJar Limited is a registered Electronic Money Distributor (EMD) of Modulr FS Limited which is regulated by the Financial Conduct Authority (FCA) as an e-money institution. As a registered e-money institution, money held in HyperJar is not protected by the Financial Services Compensation Scheme, however, Modulr says it ensures that "100% of the funds we receive in exchange for e-money are safeguarded on receipt, meaning that these are segregated from all other funds that we hold and they cannot be used for any other purposes".
HyperJar key features
- No monthly subscription fees - HyperJar is completely free to download via the Apple App Store and Google Play. It is completely free to use, meaning you don't have to sign up for a monthly subscription. More information on the HyperJar fees can be found further down in this article.
- Inactivity fee - A monthly charge of £3 per month if the account has seen no activity for 12 months.
- Fee-free spending abroad - If you wish to take HyperJar on holiday you can benefit from no additional overseas fees while abroad.
- Jars for spending and saving - Money stored in 'digital jam jars' with HyperJar can be used to help you budget by saving parts of your money in each jar. You can then use your HyperJar prepaid debit card to spend directly from the jar.
- Rewards - Get tailored rewards and discounts with certain brands. Some brands even offer an Annual Growth Rate (AGR) percentage meaning if your money is left in the Jar for 12 months you get a guaranteed return on your money.
- Split the bill - You can share a Jar with other users to top up the Jar or split bills. All users must have the HyperJar app.
- Freeze/Unfreeze your card - It's possible to freeze/unfreeze your card in-app if it is lost or stolen.
- Control your spending - Block spending at specific merchants with HyperJar's Only or Never list which means you can restrict spending from your Jars to only specific merchants or stop spending altogether.
- Separate child's card - An unlimited number of children can be paired to the adult account and each child will receive a separate card which they can use to spend. Children can also view their account via the HyperJar app.
- Cashback gift cards - Get up to 20% instant cashback with HyperJar cashback gift cards on a number of well-known brands.
How does HyperJar work?
HyperJar is a prepaid debit Mastercard that can be used to budget, spend or save money. HyperJar is for both adults and children but there is only one app controlled by a parent account. The parents can link an unlimited number of children's cards to their HyperJar account and can then track their child's spending within the app. HyperJar is free to download and use both in the UK and abroad and the Jars allow you to budget effectively by separating your income into pots, known by HyperJar as 'Jars'. Users can also benefit from exclusive rewards with set retailers but some of the benefits can only be claimed if you spend exclusively at that retailer. You can see all of the rewards on offer within your HyperJar app.
How to set up a HyperJar account
HyperJar is easy to set up and you can do so by downloading the HyperJar app via the Apple App Store or Google Play. You need to be a UK resident in order to open an account and must be at least 16 years of age. A child's HyperJar account can be used by children as young as 6, but it is linked to a parent's HyperJar account.
How much does HyperJar cost?
HyperJar is free to download and adults can opt for a free virtual card. There is a one-off charge of £4.99 to order a physical adult or kids' card. Additionally, if you need to recall a bank transfer you will be charged £25.
HyperJar account limits
The following table shows the limits on a HyperJar account. Note that there is a monthly inactivity fee if an account has seen no activity for 12 months or more. See the HyperJar website for more information.
| Transaction Type | Limits |
| Number of free loads per month | 10 |
| Minimum top-up | £10^ |
| Number of free transfers out of HyperJar account to a bank per month | 4 (a £1 fee applies for each transfer thereafter) |
| Maximum daily spend | £5,000 |
| Maximum value per transaction | £5,000 |
| Maximum number of daily purchases | 20 |
| Inactivity fee | £3 per month |
^ You get a maximum of 10 free loads per month, of which only one can be under £10. A £1 fee applies to any load that exceeds these limits.
Is HyperJar a bank?
HyperJar is a prepaid card which means that it is not a UK bank account and money held with HyperJar is held as e-money. This means that your money is not FSCS protected should it go bust, however, HyperJar assures customers their funds are protected on its website, stating "We keep your funds in a safeguarded account that is governed by the e-money regulations of the Financial Conduct Authority."
Is HyperJar safe?
HyperJar uses bank-grade technology to protect your personal details with 256-bit encryption. If your phone becomes lost you can quickly contact HyperJar customer services who will lock the app for you. Additionally, if you lose your HyperJar card you can freeze the card in-app until you find it again or while you wait for your replacement card to arrive.
Can HyperJar be used abroad?
It is free to use your card to spend abroad at any location that accepts a Mastercard. This means that you won't be charged any additional fees for currency conversion and transactions using the Mastercard exchange rate. You will need to transfer all of the money you need for your trip before you travel and turn on the 'Spend Abroad' toggle within the app.
It is worth noting, however, that you are unable to withdraw cash at ATMs either abroad or in the UK and so HyperJar may therefore not be the best option if this is something you are hoping to do.
HyperJar customer reviews
HyperJar has 4.6 out of 5 stars on independent consumer review website Trustpilot from over 3,800 reviews. 85% of reviewers have rated it as 5 stars with only 6% of reviewers rating it as 1 star. Those who rated it as 5 stars commented on how easy the app was to use and how the children enjoyed using the card and app. Others have also commented on great customer service when contacting HyperJar with queries or problems with the app. However, there are some negative reviews with some reviewers commenting on problems with registering an account and missing transactions.
HyperJar pros and cons
HyperJar pros
- Free to download with no monthly subscription fees
- Free to spend abroad
- Control spending and block certain payments
- Spend directly from budget Jars
HyperJar cons
- No FSCS protection
- Unable to earn interest on savings
- Unable to withdraw cash
- Have to turn on the ‘Spend abroad’ setting within your app before you travel
Alternatives to HyperJar
In the following table, we compare HyperJar to alternative children's pocket money accounts. For more information on the accounts read our article, 'Best pocket money apps in the UK'.
| HyperJar | GoHenry* | NatWest Rooster Money* | Starling Under 16s (formerly Starling Kite) | Revolut Kids & Teens (formerly Revolut <18) | Nimbl | Osper | |
| Cost | Free^ | £3.99/month for Everyday, £5.99/month for Plus or £9.99/month for Max (30-day free trial) | £19.99 a year or £1.99 a month (1 month free) | Free | Free^^ | £32 a year (Additional family members £27/year) | £2.50 per month (30 days free) |
| Prepaid debit card | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Free loads | 10 free loads a month, one of which can be under £10 (£1 charge thereafter) | 1 free load a month (50p thereafter) with Everyday, Unlimited free top ups with Plus and Max memberships | 10 free loads a month | Yes | Yes | Yes |
50p for instant loads
|
| Savings goals | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Fee-free spending in the UK | Yes | Yes | Yes | Yes | ATM withdrawals free up to £100 per month if parent on standard plan (2% thereafter) | Yes | Yes |
| Fee-free spending abroad | Yes | Yes | Yes | Yes | Spending abroad free up to £500 per month if parent on standard plan | £1.50 per ATM withdrawal 2.95% of spending transaction value |
£2 per ATM withdrawal
3% of spending transaction value |
| Set tasks/chores | No | Yes | Yes | No | Yes | Yes | No |
^There is a £4.99 one-off charge to order a physical card, and an inactivity fee of £3 per month for accounts that have seen no activity for 12 months. ^^You get 1 free Revolut Kids & Teens account with a standard Revolut account, but there is a £4.99 delivery fee for the physical card.
Summary
Overall, HyperJar is a great option if you would like to give your children the chance to manage their own money as the card is easily linked to the parent account and you are able to keep an eye on your child's spending. Additionally, HyperJar cards can be used on holiday, with fee-free spending abroad, although you do need to ensure you top up the account before travelling and turn on 'Spend Abroad' within the app.
One of the main drawbacks of the HyperJar account, however, is that you are unable to withdraw cash both in the UK and abroad, however, HyperJar does say this is one of the features that keeps it free to use. If you're thinking of using HyperJar as a pocket money app for your children you can see how it compares to other accounts in our article, 'Best pocket money apps in the UK'. If you are intrigued by how HyperJar can be used as a budgeting tool, you can see how it compares to other apps and banks in our articles, 'Best budgeting apps in the UK' and 'Best app-only banks in the UK'.
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