Big money app with 600,000 customers issues warning ahead of introducing new fee in DAYS
We explain how you can avoid the fee
TAKE A HIKE Big money app with 600,000 customers issues warning ahead of introducing new fee in DAYS
A BIG money app with 600,000 customers has issued a warning ahead of introducing a new fee in days.
Hyperjar is a free money management app and prepaid debit Mastercard designed for both adults and children aged six and above.
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The app will begin charging customers a fee
Credit: HYPERJAR
But the firm will soon begin charging a £3 monthly fee to customers who have not used their account for more than 12 months.
Customers were informed in an email which read: "It costs money to maintain a HyperJar account and so it doesn't make sense for either us or our customers if it's not being used and enjoyed.
"We want to encourage everyone to use HyperJar regularly for budgeting, reaching their financial goals, and making their money go further."
This fee will be automatically deducted from your HyperJar balance if your account remains inactive for 12 months or longer.
It added that it would begin charging inactive customers from June 3.
For example, if there has been no activity since June 2 2024, Hyperjar will take a £3 fee from the account balance on June 3 2025.
Customers have just under two weeks to prevent being charged, and there are steps to avoid being caught out.
Just using your account will prevent you from being charged.
You can send or receive money from another bank or HyperJar account.
Transferring money between your HyperJar "jars" will also prevent the fee.
Scottish firm goes bust after plunging into administration
Making a purchase with your HyperJar card or buying a voucher through the app are other ways to avoid the charge.
Remember, to avoid being charged, you need to use your HyperJar account at least once every 12 months.
However, if customers prefer to close their account rather than keep it, this can be done by tapping the Profile tab and then heading to profile security to close the account.
What does HyperJar offer?
HyperJar is a free money management app and prepaid debit Mastercard designed for both adults and children aged six and above.
It functions as a digital "jam jar" budgeting system, allowing users to divide their money into separate "jars" for specific spending categories like groceries, holidays, or bills.
Users can pay directly from these jars using the linked HyperJar card. The app also offers features such as shared expenses, bill splitting with other HyperJar users, and cashback rewards of up to 20% with selected retailers through "Cashback Vouchers".
Kids' Cards are available, offering parents control over children's spending with features like spending limits and instant notifications.
HyperJar boasts no fees for overseas spending, using Mastercard's exchange rate.
The app also provides budgeting tools, spending controls, and bank-grade security.
If you are on the hunt for alternatives, Tesco Clubcard Pay+ is a fee-free option earning Clubcard points.
Ode offers cashback at various retailers for those in charity, education, or healthcare, with a £2.99 annual fee after the first year.
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