Latest news with #HyperVoucher
Daily Mirror
4 days ago
- Business
- Daily Mirror
Martin Lewis' MSE issues warning to parents over new monthly fee
HyperJar is listed as a top-pick prepaid card for under-18s by MSE, meaning it is popular with parents - but the consumer rights website has explained a new fee is kicking in from today Martin Lewis' team has issued a warning over a new fee associated with a popular prepaid debit card. Hyperjar is introducing a new £3 a month inactivity fee. The fee kicks in if you don't use your account within a 12-month period. HyperJar is listed as a top-pick prepaid card for under-18s by MSE - meaning it is popular with parents. MSE said: 'HyperJar is our top-pick prepaid card for under-18s as it doesn't have a monthly account fee and offers a good combination of features to help manage children's spending. 'If you haven't used your HyperJar account in a while, but want to keep it, you can avoid the fee by doing any of the following.' MSE says you can avoid the fee by sending money to, or receiving money from, another bank or HyperJar account, or moving money within your HyperJar account from one 'jar' to another. You can also buy something using your HyperJar card, or buy a "Cashback Voucher" or "HyperVoucher" through the HyperJar app. Finally, if you don't use your HyperJar account, you may want to close it instead. It comes after MSE issued a separate alert for tens of thousands of households who could be due up to £1,000 compensation after they were forced onto an energy prepayment meter. The energy regulator Ofgem has announced that £5.6million will be paid out by eight energy companies to 40,000 customers in total, following a review. The suppliers will also write off a further £13million of energy debt. The payments start at £40 or £60, rising to £250, £500 and £1,000. The eight energy firms that are issuing the payments are: Scottish Power, EDF, Octopus, Utility Warehouse, Good Energy, Tru Energy and Ecotricity. It comes after Ofgem launched an investigation into often vulnerable customers being switched to prepayment meters after they fell behind on bills between January 1, 2022 to January 31, 2023. Ofgem has said the compensation will be paid automatically into energy accounts and added that some customers will have already been contacted by their supplier. The energy firms at the centre of the investigation have already paid out £55million in financial support. It comes after new stricter rules on forced prepayment meter installations were introduced by Ofgem in 2023, following an investigation by The Times which revealed how debt collectors had forced their way into homes to install prepayment meters.
Yahoo
14-04-2025
- Business
- Yahoo
Major card provider set to introduce £3 monthly fee within weeks
A major prepaid card provider is set to introduce a £3 monthly fee in weeks. 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. But customers face a new inactivity charge, which is set to be introduced within weeks. From June 3, a £3 monthly inactivity fee will come into effect and be automatically deducted from your HyperJar balance if your account remains inactive for 12 months or longer. READ MORE: DWP to ask PIP claimants how they spend their benefit payments in new study READ MORE: DWP told to 'halt' PIP and Universal Credit cuts for disabled people READ MORE UK faces first snow of April with flurries and -7C 'lasting three days' Money Saving Expert explained: "If you haven't used your HyperJar account in a while, but want to keep it, you can avoid the fee." Ways to do this include send money to, or receive money from, another bank or HyperJar account. You can also move money within your HyperJar account from one 'jar' to another; buy something using your HyperJar card,. Or you can buy a 'Cashback Voucher' or 'HyperVoucher' (these are gift cards for various retailers available through the HyperJar app). "However, you'll need to keep using your account to avoid being charged going forward, as the inactivity fee will kick in if you don't do any of the above within a 12-month period," MSE said. "If you don't think you'll use the account often enough in the future, then it's safest to ditch or switch." In its current terms and conditions, HyperJar says: "If you or your Sub-account User do not receive a replacement card and want to continue using the HyperJar account or Sub-account, you or your Sub-account User can contact Customer Support using the chat feature in the App and request a new HyperJar card at any time within the 6-year period from your last activity in the HyperJar account or Sub-account. "A fee may apply for replacing the HyperJar card – see here. After 6 years of inactivity your HyperJar account and any Sub-accounts will be deleted, and you will need to apply again if you want to use the Services."
