Hyperjar - account with multiple kitties

colsten

I won't be investigating this account further myself as things that are of interest to me are not provided by this account. I'll post the link, anyway, as it might be the answer to some people's prayers - an account that can be split into jars, from which you can spend directly (I think) with a pre-paid Mastercard.

EDIT: Health warning Hyperjar does not have FSCS protection.


https://hyperjar.com/happier-money-13033995449/

sal_III

Looks interesting, the millennials will be all over it I suppose. I wonder if the "growth" counts as interests as far as your allowance and tax is concerned.

Create a Jar with one of our partners – like Lidl, Shell, Feelunique or Virgin Wines – and pick up offers and awards personalised to you.
If you choose to lock in money and commit to spend with them, you'll get an inflation-beating Annual Growth Rate of 4.8% a year, calculated and added daily.

ThemeOne

I downloaded the app a few days ago, but found the setup a bit confusing, so it's now on my list of things to look at "later". On the face of it, the 4.8% growth sounds good, though I suppose you can do the same thing more easily with Iceland's Bonuscard, which gives you £1 for every £20 you add to the card.

The plus side of Iceland's scheme is you get the bonus in less than a minute. Minus of course is you can only spend it at Iceland.

MrLolly

Thanks for posting. Hadn’t heard of this until seeing this. I’ve set it up now- took all of 2 minutes, didn’t even need to provide ID or a selfie (unlike the B! account).

This is the perfect solution for me to track what I’m ‘actually’ spending on fuel and food shopping, before I embark on a debt management plan in a few months.

Being on a low income it’s easy for daily expenses to get swallowed up quickly. I’m hoping using this will help me to be more responsible and considerate with my money.

sal_III

ThemeOne wrote: »

I downloaded the app a few days ago, but found the setup a bit confusing, so it's now on my list of things to look at "later". On the face of it, the 4.8% growth sounds good, though I suppose you can do the same thing more easily with Iceland's Bonuscard, which gives you £1 for every £20 you add to the card.

The plus side of Iceland's scheme is you get the bonus in less than a minute. Minus of course is you can only spend it at Iceland.

If I'm reading it correctly the money are locked with this one as well. The plus side is that if they can get more vendors onboard you will only need 1 card instead of multiple.

To be honest the 4.8% bonus from specific retailers is the only real benefit that I can see. The Jars are otherwise a gimmik that can be achieved via other means.

ThemeOne

Yes indeed the jars are locked to specific retailers, and of those currently on board the only one I shop with is Lidl.

However, it does say "The Annual Growth Rate/AGR is calculated and paid daily in to all your Merchant Jars with a balance" which sounds quite good.