For the past couple of months the boys and I have been using HyperJar. HyperJar is a free prepayment card with an online banking app for adults and children. It’s super easy to set up, completely free and you recieve contactless bank cards for use in shops.
Introducing HyperJar to the boys
The boys have been asking for pocket money for a while now and up to recently it isn’t something that I have wanted to do. Jack however will be turning 13 this year and I want him to have a postive relationship with money. I want him to learn to save and be confident in using a bank card, a banking app and learn to be a little more savvy.
I have looked into various cards for Jack and the boys, however most of the popular ones I have seen have a monthly fee. When trying to save money this isn’t something that I feel I can commit too, so this is where HyperJar comes in. It’s completley free to use and offers app banking to easily navigate between accounts. Perfect when you have multiple children and multiple cards.
Setting up our HyperJar cards
In order to set up accounts (as known as Jars) for the boys I needed to create an adult Jar and recieve my own HyperJar card. This was really quick and easy to do and within about 4 days my card arrived. As soon as it arrived I was able to validate my account and create 3 seperate Jars for the boys. They too were able to get a prepayment card and they can also download the HyperJar app on their tablets to access their balance. This has been particulary useful for Jack.
Within the app you can access your transactions, messages (yes the children can send messages to you!) as well as analytics so you can see your spending habits. As the adult account holder you can also have an overview of all the children’s accounts, clearly displaying their current balance. You can also delve deeper into their Jars to send/add money.
Using the HyperJar prepayment cards
The Hyperjar cards are contactless, which means the boys are able to use the cards just like I would use my normal day to day banking card. It gives them the confidence to use it in shops if they wanted too. When it comes to loading the cards, I simply transfer money from my main account to my Hyperjar account. The transfer is seamless and instant making it quick to then transfer to the boys.
The boys all recieve £5 a week. This is to be used on whatever they want it for. Their birthdays and christmas money is all in a seperate account for them to spend on larger purchases or to save. As I mentioned I wanted Jack to learn about money and to have a postitive attitude towards it. However he much prefers to spend it all as soon as he gets it. He is learning how to do online transactions as the HyperJar cards can be used whenever you see the Visa logo, so pretty much everywhere!
Oliver has suprised me the most as he is more a saver than a spender. I took all 3 of them to town one weekend to give them the opportunity to spend their money in a toy shop, or somewhere else. Despite having over £30 in his account, he chose to spend £10 on a ball he wanted and then some Krispy Kreme donuts. Which he loved because it meant he didn’t have to share if he wanted too.
Where can the cards be used?
The cards can be used in a number places, however there are places where they can not be used. HyperJars are for individuals only and not available for businesses. They currently do not support transactions that involve;
- Betting/Gambling
- Currency conversion
- Travellers cheques
- Adult Content
- Toll and Bridge Fees
- Rental Car Companies
- Pay at Pump Terminals (but you can pay at kiosk)
- Or Purchase of cryptocurrencies
Overview
The HyperJar has been a great way to introduce online banking to children. The app is easy to navigate and use making it easy to understand and a great introduction. The prepayment cards can be used online and in stores and with the contactless it also introduces this to children. It helps them to prepare to stay safe with their banking for when they are older, such as ensuring to keep their pin numbers secret and careful where they leave their cards. It really has been a game changer for us, the boys love the freedom of being able to spend their money.
Leave a Reply