HyperJar is a new budgeting app designed to make it easier to plan, share and spend your money.
It offers what it calls “jam-jar budgeting” where you have lots of little money pots on the go, some assigned to pay regular bills like your food shop or petrol and others ear-marked for saving towards a specific goal like a holiday.
HyperJar has quite a few features going on, which includes the ability to create Shared Jars with your family and friends and “lock in” money to spend at certain retailers ahead of doing your shop with them.
The account also comes with an accompanying Mastercard, plus there will eventually be a linked payment card available for children.
HyperJar is free to download and use, with no monthly or annual fees. Here are its main features:
You’ll need to be aged 18 or over and a UK resident in order to open a HyperJar account.
HyperJar only entered the market in 2019 and hasn’t actually fully launched, but you can still sign up to open and use a HyperJar account, in what the provider is calling its “private launch”.
You need to start by downloading the mobile app from the App Store or Google Play Store.
HyperJar doesn’t carry out any credit checks, but you will have to go through a sign-up process involving a basic ID check on you and your address. HyperJar will then open your account and issue your Mastercard, which normally takes about a week to arrive through the post.
You’ll need to transfer money from your main bank account into your HyperJar account in order to start creating Jars and depositing money into them.
There’s quite a few budgeting apps out there now, but HyperJar is bringing something new to the table with its ability to “lock in” money to spend at certain retailers and earn an Annual Growth Rate on it before you do. The Shared Jars is also a nice touch – if you can get all your friends onboard with it.
The fact the app is free to use is also a bonus, but it might take users a while to get used to managing all the different Jars, as well making sure they have enough to spend in whichever Jar they choose to make a purchase from with their payment card.
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