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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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.
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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.
What are the most popular budgeting apps?
THERE are plenty of other money management apps available to help you budget and save effectively.
While most apps are free to use, some may offer optional subscription upgrades for additional features.
Here, we have outlined several money-saving apps on offer:
Emma
The Emma app is a free financial management tool available on iOS and Android.
It allows you to view all your accounts, including current accounts, savings, credit cards, loans, investments, and even pensions, in one place.
Emma automatically categorises your spending, and you can also set your own budgets to track progress and identify potential savings.
The app provides regular updates on your bills and spending, giving you a comprehensive overview of your finances.
Alternatively, the app's Plus plan, priced at £4.99 per month or £41.99 annually, provides customers with greater flexibility.
This includes the ability to link more than two bank or credit card accounts, alongside the option to set regular bill reminders.
Monzo
Monzo's app provides real-time spending updates, automatically categorises transactions, and allows custom categories.
The 'Trends' feature helps visualise spending habits and track progress against monthly targets.
'Pots' are sub-accounts for specific savings goals, with options for scheduled transfers and interest.
Monzo Plus and Premium accounts also offer personalised spending targets and additional features
The app also allows for transaction round-ups to boost savings.
Snoop
Snoop allows you to link your bank accounts and credit cards, providing you with a personalised digital assistant to help you manage your budget more effectively.
The app highlights potential savings opportunities, such as switching to a cheaper utility provider, and offers tailored insights to optimise your spending.
You can also set up alerts to help you stay on track and avoid overspending.
Snoop is free to download on smartphones via the Apple App Store or Google Play Store.
For those seeking enhanced functionality, Snoop Plus offers additional features through a subscription priced at £4.99 per month or £39.99 a year.
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