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HyperJar launches with digital jam-jar budgeting in the UK

By Megha Bhattacharya

October 20, 2020

  • Hyperjar
  • UK
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Money management app HyperJar today announced its launch in the UK with a digital version of jam-jar budgeting for offering UK customers a better way to manage their money. The app’s account holders can divide their money into virtual jars depending on their spendings. App customers can share jars with up to 100 other people, as well as lock-in future spending with HyperJar retail partners for a 4.8 % Annual Growth Rate. The app, which is intended to complement someone’s main bank account, comes with a prepaid debit card which can be added to Google Pay and Apple Pay.

“There’s been a hostile environment for saving and planning for years, and the gravitational pull of easy credit has never been stronger. A new way for people to budget and spend well is overdue”, said HyperJar’s founder and CEO, Mat Megens.

HyperJar stated that its users also benefit from faster payments, real-time spend notifications, card freezing and unfreezing in the app, as well as zero fees on spending abroad or shopping in a foreign currency.

“The effectiveness of splitting out budgets and naming savings goals is well known, and our early customers tell us that adding a fraction more friction to their spending – taking a bit of time to think about what they want to spend in future – works. Visualising and allocating their money like this gives them clarity, control and confidence.”

The app is expected to expand its partner base by including charities, utilities and SMEs, with local pubs, cafes, kids’ centres, speciality food shops and restaurants starting to join the app over the next few months.

HyperJar also stated that it will be introducing a new pocket money Kids Cards for 6-17-year olds, managed in the adult account. The cards will be free to order for the first 10,000 adult account holders, with zero monthly subscription fees for everyone.

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