Money Jar review
This online current account comes with an Irish IBAN and the monthly maintenance fee is waived for up to the first 4 months after signing up.
The Money Jar online current account comes with an Irish IBAN and a free virtual prepaid Mastercard to make everyday banking simpler. But is it right for you? We deep dive into the Money Jar account and highlight the features, fees, pros and cons.
How does Money Jar work?
Money Jar offers a “pay-as-you-go” current account and prepaid Mastercard. You pay a monthly fee in exchange for an online account that lets you receive your salary, make bank transfers, contactless payments and online payments in addition to setting up direct debits and standing orders – many of which will have their own fees attached to them. The prepaid Mastercard allows you to spend only what you load onto the card, so you won’t be able to pay for goods or services that exceed your balance.
Key features of Money Jar
Here are the main features:
- Free virtual prepaid Mastercard with contactless payments
- Irish IBAN account
- Access to a physical prepaid Mastercard for a €5 fee
- Link your Money Jar card to Apple Pay or Google Pay for spending on the go with a smartphone
- ATM withdrawals
- Set up direct debits and standing orders
- Set up unlimited money jars with friends and family members to make splitting bills or saving simpler
- Free and instant payments to fellow Money Jar customers
Money Jar fees and limits
Here are some of the fees and limits associated with the Money Jar account:
- Monthly maintenance fee of €2.99. At the time of writing (12 September 2022), the first 4 months of monthly maintenance fees are waived after signing up
- €5 fee for the physical prepaid Mastercard
- ATM withdrawal in Ireland is €0.99 per withdrawal
- ATM withdrawal limit in Ireland is €200 per day
- ATM balance check, PIN change or declined transaction fee is €0.50 per transaction
- Outgoing SEPA payment fee is €0.20 per transaction
- Online purchase is €0.15 per purchase
- Transfers to other Money Jar users is €0.00
- International ATM withdrawal is 1.50% of Withdrawal + €1.10 per withdrawal
- Card replacement fee is €5
- Direct debit set-up fee is €0.35
- Direct debit fee is €0.50
- Card top-up fee is 1.25% of top-up amount
- Card top-up fee through Payzone is €5
- Payzone top-ups must be between €100 and €300
Pros and cons
- Irish IBAN. Make and receive payments such as your salary
- Virtual Mastercard. Get a free virtual Mastercard to spend online.
- Physical prepaid Mastercard. Pay €5 to get your hands on the physical Money Jar prepaid Mastercard.
- Money Jar app.
- Monthly fees offer. Pay no monthly maintenance fees for up to the first 4 months after signing up. It’s €2.99 per month thereafter.
- Mobile payments. Pay on the go through Apple Pay and Google Pay.
- ATM withdrawal fees. You’ll pay €0.99 every time you withdraw cash from an ATM in Ireland
- No joint accounts. It’s not possible to open a joint account with Money Jar
- No branches. If you need to contact Money Jar, you can’t do this in person as Money Jar has no physical locations. However, you can use the in-app chat function, request a callback or send an email.
Money Jar is an Irish-owned technology business that offers an online current account and prepaid Mastercard with the mission of helping its customers be “better with money and reduce financial stress.”
Along with the account, app, and virtual Mastercard (you need to pay €5 to get hold of a physical one), you’ll get an Irish IBAN, which helps if you want your salary paid into the account. You can then arrange to have your bills and other regular payments set up.
There’s a monthly maintenance fee of €2.99 to think about but this is waived for up to the first four months after you sign up so you can effectively use this time to see if it works for you.
But the “pay-as-you-go” Money Jar account comes with lots of fees that you’ll need to consider first as these could eat into your balance. Take a look at our guide to learn more about online banks.
Experiences from other Money Jar users
Money Jar scores 3.7 out of 5 on Trustpilot and is rated Average. However, as of 12 September 2022, this is based on 1 review only.
How to sign up to Money Jar
You can open a Money Jar account by simply downloading the Money Jar app, registering your details and then verifying your identity.
It’s that straight forward and your account should be open within minutes.