A MAJOR prepaid card provider used by thousands of families is set to introduce a £3 monthly fee.
HyperJar is a free management app and prepaid debit designed for both adults and children aged six and above.
However, 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.
This fee will be automatically deducted from your if your account remains inactive for 12 months or longer.
Thankfully, you can take to prevent this fee entirely and keep your account free of charges.
To avoid the charge, simply use your account.
You can send or receive money from another bank or HyperJar account.
Transferring money between your HyperJar “jars” will also prevent the fee.
Making a purchase with your HyperJar card or buying a voucher through the app are other ways to avoid the charge.
Remember, you need to use your account at least once every 12 months to avoid fees.
If you no longer need your HyperJar account, ensure you have a zero balance and use any remaining vouchers before closing it.
You can close your account via the app (‘Profile', ‘Profile & Security', ‘Close Account') or through HyperJar's online chat.
What does HyperJar offer?
HyperJar is a free money management app and prepaid debit Mastercard designed for both adults and children aged six and over.
It functions as a digital , allowing users to divide their money into separate “jars” for specific spending categories like groceries, , or .
Users can pay directly from these jars using the linked HyperJar card. The app also offers 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.
What are the alternatives?
If you’re searching for alternative prepaid card and budgeting apps for yourself or your children, MoneySavingExpert.com has at handy guide.
For example, Kite (ages 6-15) is a free option with spending and withdrawal limits, requiring a parent's Starling account.
Rooster Money (ages 6-17) offers similar features, costing £19.99 annually, but free for NatWest, RBS, or account holders.
For adults, Clubcard Pay+ is a fee-free option earning Clubcard points.
Ode offers cashback at various retailers for those in , education, or healthcare, with a £2.99 annual fee after the first year.
