Jam Jar budgeting just went digital and it’s a game changer for household and shared spending

3 December 2019

ADVERTISING FEATURE: HyperJar, the new money management account, helps you get ahead of your monthly spend and stay ahead

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It’s a simple, digital version of jam-jar budgeting and a smarter way to see, manage and spend your everyday money. Create Jars that reflect your life and where your money goes, then split your money across the Jars and spend from them directly with your HyperJar prepaid debit card. Whether your life is full of kids’ birthdays, supermarket shopping, club nights, or group holidays…Get a better view with HyperJar – Forward Thinking Money.

So, what can HyperJar do for you?

At its most basic level, it’s a lot like the current account you use for your monthly money, with its own smart app and prepaid HyperJar Mastercard, accepted wherever Mastercard is. It also gives you instant spending notifications, categorised spending breakdowns, card freeze, peer to peer payments and all the things you’d expect from a great digital account.

It also has 0% F/X fees when spending abroad, passing Mastercard’s direct F/X rates straight on to you, meaning you can spend without any charges no matter where you are in the world (unlike most credit and bank debit cards).

Now it starts to get interesting: you can create mini accounts within the app, visualised as Jars. That’s why it's called HyperJar. Name Jars anything you like and use them to put money aside and spend from directly. Get an easy overview of where your money is going, your priorities and your goals, and a list of transactions for every Jar. HyperJar’s smart app and card mean you can spend directly from any Jar. All you do is tap ‘Link card to Jar’ in the app.

Jars are perfect for putting money aside for things like holidays, hobbies, kids’ stuff, little luxuries. Put your money where your life is. Maybe it’s time to name a Jar ‘Barcelona Weekend’, build up some spending money and then spend from  the Jar directly while you’re away.

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So, what’s better than being able to instantly create Jars? Well, being able to invite others to join your Jar. This is a world-first. With just a few taps, you can turn any Jar into a Group Jar. You’ll now have a pop-up joint account or digital kitty for you and others to share - all with customisable access through the app. The money in and out is visible to anyone in a Group Jar, and you can message each other in the app.

Bill splitting and chasing IOUs is in the past, and so are squabbles over who paid for the last food shop. Use Group Jars for house-share costs, food shopping in couples, or for an event like a group holiday or night out. Everyone can load money into the Jar and pay from it - for taxis, rounds of drinks, evening dinner or for the fun things you’ve planned. If you can think of it, you make a Jar for it.

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HyperJar makes planning pay by partnering with big names like Lidl, Shell, Virgin Wines, Boden and many more, to give cardholders a unique 4.8% Annual Growth Rate (AGR) on their money. When you prepay to any of these partners through the HyperJar app your spending power starts to grow at a rate of 4.8% a year, calculated and applied daily. You hold money with a merchant and receive an inflation-beating growth rate on your balance, which you’re free to spend with them whenever you wish. 

They’ll also be able to send you other offers through the app. When you shop, you simply pay as normal and our smart card takes the payment from the right merchant Jar. Want to manage family food shopping and beat inflation? Try a Lidl Jar. Prepay for your petrol with Shell, or start saving up for a case of wine with Virgin Wines.

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What’s the cost to you?

It’s free, and always will be. Free to sign up, free to order your HyperJar card and free to use the app. HyperJar makes money from merchant partners who pay to be part of the HyperJar app. And through transactional fees (paid by the merchant) when you pay using our card, just like a bank.

HyperJar doesn’t do debt. It will never try to offer you an overdraft, loan, credit card, or any other product to make money out of your borrowing.  HyperJar is all about planning, not borrowing, for everyday life.

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Is money in HyperJar safe?

Your money is managed and kept according to FCA e-money regulations. It is held securely in segregated accounts with major UK high street banks until you choose to spend it. Unlike money in a typical bank account which is lent out, e-money regulations do not permit funds to be lent, invested or otherwise used in any way by us, or the holding bank. For these reasons, it is not covered by typical FSCS protection and instead is protected by e-money regulations.

However, HyperJar understands that you want to feel confident that it will be able to meet its financial commitments. In the exceptional event of any default on our part or on the part of any one of our merchants, 100% of your paid-in money would be returned to you directly from the segregated account. To be clear, your money has no exposure to either the credit risk of HyperJar or the credit risk of any HyperJar merchant.

Welcome to HyperJar. Forward Thinking Money.

This feature is a paid-for promotion of HyperJar and does not necessarily reflect the editorial views of Moneywise.

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