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HyperJar review – the cheapest pocket money app to help children spend and save

This HyperJar review will focus specifically on the features designed to help parents manage their child’s spending.  Because this is where it really shines and importantly, unlike its competition, it’s free.

If all you want is a money-saving app, there may be other options – check out Best Money Saving Apps).

Fundamentally, Hyperjar is a great app for parents wanting to help their children save and build positive money habits. Additionally, it’s free unlike many other pocket money apps for kids.

In this HyperJar review, we will take you on a tour through the app including the benefits for parents and children. Plus, we’ll compare HyperJar to its competition to see if it’s right for you.

Heads up – We aim to produce honest and accurate content, however, we are not financial advisors. If you need financial advice, Unbiased can connect you with a suitable professional for free. Some of our links may earn us a small commission to help us run the site.

What is HyperJar?

Think of HyperJar as a pre-paid debit card rather than a bank account. This means you transfer money into HyperJar where it can then be spent.

The Hyperjar account is managed via an app, which can be downloaded by both the parent and child. However, it is essentially linked to the parent’s account.

In addition, both parents and children can also have a physical and/ or virtual card to spend money from.

Importantly, the app and card are free. You can open and set up your account here.

HyperJar at a glance

  • No subscription fee
  • Parents and children have the same app
  • Parents share money with children in virtual ‘Jars’
  • Parents can set spending controls
  • Jars can be shared with parents, family and friends
  • Physical cards are free

How does HyperJar work?

HyperJar works by separating your money into separate, virtual ‘jars’ within the app. The idea is that each jar is used to allocate your money for a specific purpose. For example, there may be a jar to save for holiday spending money.

This is very similar to the divide-and-conquer strategy used in our How to Budget like a Pro in Seven Simple Steps article.

Parents are required to create a jar and then share that jar with their children. Children can also create their own jars which are automatically shared with parents.

Importantly, parents can set spending limits or restrictions to ensure children only use the money for agreed purposes.

What your child needs to use HyperJar

Children will need a mobile phone with a dialable number (so no tablets) as well as a unique email address accessible on their device.

Children need to be at least 6 years old.

A parent must set up their account first.

HyperJar for Children - getting started

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Is my money safe with HyperJar?

HyperJar is a pre-paid card and as such doesn’t require the usual Financial Services Compensation Scheme (FSCS) protection you’d normally see with a bank account.

In addition, HyperJar states that your funds are in a safeguarded account, governed by the e-money regulations of the Financial Conduct Authority. That’s the same system used, for example, by the PayPal wallet, Transferwise, and Revolut. In the exceptional event of any default, 100% of the money you have paid in would be returned to you directly from these accounts.

HyperJar benefits for parents

  • No monthly fees
  • Monitor your child’s spending
  • Children cannot withdraw cash with this card so can’t get around the controls
  • Great for building good money habits early

HyperJar benefits for children

  • A physical or virtual card
  • Can be used with Apple or Google Pay
  • Ability to save into jars for larger purchases
  • Learning how to save
  • Being able to see saving progress
  • An introduction to money responsibility and independence

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HyperJar reviews

HyperJar Review - Trustpilot Review 4.6 stars

HyperJar has received fantastic reviews across all platforms. Parents in particular call out the fact that HyperJar is free to use. Additionally, many users point out that they have experienced great customer service.

Some negative feedback included difficulty transferring money between jars or accounts being suspended without explanation.

Here’s how the reviews stacked up for HyperJar:

Number of Reviews Score
Trustpilot 794 4.6 or of 5
Google Play Store 2.83k 4.7 or of 5
Apple App Store 7.8k 4.7 or of 5

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HyperJar Review - what to watch out for

  • Controls can’t be shared – only one parent can set the controls for a child’s account. For those with spilt families, this might present a challenge. Parents can both have access to a child’s jar as long as they both have an individual account. While this is flawed, it works better than HyperJar‘s closest rival GoHenry.
  • No cash withdrawals – children cannot use this card to withdraw cash. This is both a benefit and a flaw. As soon as your child has cash, there’s no control over what they spend. However, some situations might require cash.
  • Retailer jarsHyperJar allows you to stash money and earn interest against certain retailers. The drawback is that once your money is in this pot, you can’t get it out. Some of the customer reviews have complained about this restriction.

HyperJar vs GoHenry

While similar, GoHenry is 100% a kid’s app and card. Like HyperJar, it’s also a prepaid card with a cool app that’s designed for children from 6 and up.

Unlike HyperJar, GoHenry charges £2.99 per child per month. Additionally, you’ll be charged 50p if you top up the card more than once per month. Ideally, parents will load up all the pocket money they need at the start of the month. On the other hand, HyperJar is free.

While some parents might find nearly £36 per child per year a little steep, GoHenry does have some added benefits.

  • Custom card – when you sign up your child can choose from a range of designs and customisations. This card costs £4.99 whereas the HyperJar plain card is free.
  • Gift links – your child can create gift links where friends and family can deposit money on their card.
  • Learning with rewards – teach your child about great money habits with the’ money missions’ in the app. If they complete the missions, you can give them a little extra pocket money.

Both HyperJarand GoHenry are limited to only one parent having control. However, HyperJar does let a second parent share a jar so they can at least see a child’s spending.

In my opinion, GoHenry offers a better pocket money app with fun features. However at £36 per year, per child, with no discount for second or third children, it does come at a price.

Here’s our full GoHenry review – GoHenry review – do you need help with pocket money?

You can sign up to GoHenry and get your first month free here.

HyperJar Review - final thoughts

HyperJar provides parents with a cheap (ie, free) way of managing their children’s spending and saving together. And while HyperJar may not be as feature-rich as GoHenry, it does have enough to satisfy most parents’ needs. Additionally, it’s free, and who doesn’t like that?

If you like the sound of HyperJar, you can open your HyperJar account for free here.

If you still have questions, please come join our supportive UK Personal Finance club on Facebook. You will find other like-minded individuals. It’s a safe, private community where you can ask questions and learn more about making the most of your money. Best of all, it’s free! I’d love to see you there.

Here’s to your Financial Fitness

EatSleepMoney.co.uk does not offer financial advice and is intended for reference/information only. Remember, you should always carry out your own research and/or take specific professional advice before choosing any financial products or services or undertaking any business or financial venture. If you need financial advice Unbiased can connect you with a suitable professional for free. Investments may go up as well as down and you may get back less than you put in.