Review of HyperJar by Someone Who Actually Uses it

Welcome!  If you’re here, you must be considering HyperJar for yourself or your family.  Let me help with your decision and give my honest review.  I have been using HyperJar for a couple of years now and I really like it.   It really helps me to budget effectively.  I first opened my account for the free children’s cards and didn’t think I would use it myself.  I was so wrong!

What is HyperJar?

So what actually is HyperJar?  Simply put, it is a financial management app that allows users to allocate their money into different “jars” or categories.  This helps to budget and manage spending more effectively. It offers real-time transaction tracking, goal setting, and collaborative spending for shared expenses. Users can also earn rewards and cashback through partnerships with various retailers.  It works like a cash stuffing/envelope system, but in an easy to use app.  No cash required!

How to use it?

1. Download and Install: Start by downloading the Hyperjar app from the App Store or Google Play Store, depending on your device.  You can also click this link to download
2. Sign Up: Next you will need to create an account by providing your email address, setting up a password, and verifying your identity.
3. Set Up Jars: Once you are logged in, you’ll be prompted to create “jars” or categories for your money. These could include groceries, bills, savings goals, entertainment, etc.
4. Link Accounts: Connect your bank accounts or add funds to your HyperJar account to allocate into your jars.
5. Allocate Funds: Decide how much money you want to assign to each jar. You can manually allocate funds or set up automatic transfers based on your budget.  I personally do a manual transfer on payday so I can take into accont any necessary changes to my budget.
6. Track Spending: Monitor your transactions in real-time and see how your spending aligns with your allocated budgets.
7. Set Goals: If you have specific financial goals, like saving for a vacation or paying off debt, you can use Hyperjar’s goal-setting feature to track your progress.
8. Earn Rewards: Take advantage of any rewards or cashback offers available through Hyperjar’s partnerships with retailers.

What are the benefits of HyperJar?

1. Budgeting Made Easy: Hyperjar helps you allocate your money into different categories or “jars,” making it easier to stick to your budget and track your spending.
2. Real-Time Transaction Tracking: You can see your transactions in real-time, giving you a clear picture of where your money is going and helping you make more informed financial decisions.
3. Goal Setting: Set savings goals within the app and track your progress over time. Whether you’re saving for a vacation, a new car, or an emergency fund, Hyperjar can help you stay focused and motivated.
4. Cashback and Rewards: You can advantage of Hyperjar’s partnerships with retailers to earn cashback or rewards on your purchases, helping you get more value out of your spending.  
5. Collaborative Spending: If you have shared expenses with family or roommates, Hyperjar offers joint accounts and collaborative spending features to make managing shared finances easier.  This can be useful for friend groups, families, grandparents caring for grandchildren etc
6. Insights and Analytics: Gain insights into your spending patterns and habits, helping you identify areas where you can save money or cut back on unnecessary expenses.  Really useful for budgeting.
7. Security: HyperJar employs robust security measures to protect your financial information, giving you peace of mind knowing that your money is safe, but is not a bank, so doesn’t take risks with your money.
8. Convenience: With the Hyperjar app, you can manage your finances anytime, right from your smartphone, making it convenient to stay on top of your money management tasks.
9. Pay direct from your budget jar:  This is a feature I really like as I can pay directly from the jar of money I have earmarked instead of making manual transfers.
10. Customer service:  I have always been able to easily contact customer service when needed.  The chat feature is great and you are speaking to a real person.
11. Travel:  There are no fees for using your card abroad or making transactions in other currencies.  You will get Mastercard’s best exchange rate, making it a cost effective way of spending abroad.  Just load up a jar with your holiday spending money and link it to your card to easily budget.

How does the cash back work?

This is a feature that I have not yet take advantage of, but having looked further into the benefits, is something I definitely will use in future.  In the app, you can purchase cash back vouchers from a huge variety of businesses.  For example, if you know you spend £300 per month at Morrisons, you can buy a voucher to spend and get 4% cash back to spend at Morrisons, or 2.5% to spend at another retailer.  This can be a great way to get money back on spending you know is coming up or you regularly spend.  There are shops, restaurants, holiday and travel companies.  Something for everyone!

Kids HyperJar card

One of the greatest draws for HyperJar is the free kids cards with no monthly fees.  Your child will feel grown up having a card they can use themselves and alleviate the potential issues of carrying cash. The card can easily be blocked and replaced in the app in the case of loss, making it very safe.  It is also possible to prevent your child from using their card with any UK retailer for added peace of mind.  Your child can never go into debt or overspend as they can only spend what is available on their card.  You can track your child’s spending through your app and can also get notifications when and where your child spends, which is a great feature.  There is an app that your child can download onto their phone which means they can easily see how much they have to spend and also create their own spending and saving jars.

Are there any fees?

The app and card are totally free.  While there are now fees associated with some transactions, it is really easy to avoid these.  I have never personally paid any fees.  I always add my payments in a large chunk for my children’s pocket money and my spending.  If you deposit £10 or more, you won’t pay to transfer in and if you keep transfers out to 4 or less, you can avoid that charge too.  If I need to put money into my bank, I ensure I make it in as few transactions as possible and always remain within the 4 free transfers. It just takes a little extra planning.

Deposits/loads into your HyperJar account from a bank

£10 or more: Free and unlimited.

Under £10: 1 x free per month, after which we will charge 50p per deposit/load of under £10.

Transfers out of your HyperJar account to a bank

4 x free per month, after which we will charge 50p per transfer out.

HyperJar.com

Are there any drawbacks?

There are very few drawbacks that I have found to HyperJar.  It can be a bit fiddly to start off with when you need to change jars before making a purchase, but the process is quick when there is sufficient data or Wi-Fi.  In those cases, a transaction may be declined if the linked jar doesn’t have sufficient funds and it has not been possible to switch jars.   There is no interest paid on money saved in jars, unlike some bank and savings accounts.  If you have a larger amount of money that you want to save and earn interest, an easy access savings account may be a better choice.  There is the potential for fees if transactions are made outside of the free allowances, but these are very easily avoided.  I have come across a few places where I have not been able to use my card, such as ParentPay and the National Lottery.   I can only assume this is because it is a prepaid Mastercard and not a traditional debit card.

Summary

In review, Hyperjar is a brilliant tool for budgeting and perfect for kids.  It is free (if you are careful) and makes budgeting and spending from specific jars a breeze.  I definitely couldn’t be without it now and I can’t wait to explore the cashback vouchers to earn more as I spend.  If you want to give HyperJar a try, Click here to download the app.

Have you tried HyperJar? Has it made your life easier? Let me know in the comments.