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HyperJar takes on pocket money apps with free kids card

Source: HyperJar

From today, smart spending app HyperJar is offering free Kids Cards for 6-15-year olds.

Children get their own prepaid Mastercard, paired to an adult HyperJar account, while parents get instant payment notifications and can set individual spending limits for each child via the app.

HyperJar Kids Cards features:

Free for parents and kids to use - zero monthly subscription charges
Kids aged 6-15 manage their money in virtual ‘Jars’ in the adult app
The Kids Card can be linked to any of these Jars to spend from directly
Multiple free Kids Cards per adult account1
The cards - which have glow-in-the-dark features on the front - can be used with chip and PIN or contactless, anywhere that accepts Mastercard2
No fees for transferring pocket money for kids to spend

On average, parents give their kids £2,6703 pocket money between the ages of six and 17, but very little guidance on how to save and spend it. Using HyperJar is a simple, intuitive way to teach kids how to budget and give them some spending independence.

Zero fees to add money to a HyperJar account

Parents can transfer money from a bank into the app using their HyperJar sort code and account number, and then move money into virtual Jars for each child with a Kids Card. The parent controls how much and how often money is added to a child’s Jar. Unlike some pocket money apps which, on top of monthly subscription fees also charge 50p each time money is added to the account, there are no fees for transferring money into HyperJar.

Creating Jars in the app

Jars function like mini-accounts in the app. Parents can create any number of Jars for their kids, encouraging the child to divide money between the Jars depending on how it’s going to be spent. For example, a Jar called Games to pay for V-Bucks or Robux, or for longer term plans a Bike Jar, or even a Uni Jar.

Indespendence: using the Kids Card

HyperJar is on a mission to help kids learn the value of planning and smart spending from a young age. And to make it fun for everyone.

The Kids Card can be linked instantly to any Jar in the app so that, when the card is used to pay, the money comes from the right place. The parent manages this process and sets spending limits where appropriate.

A Kids Card can be linked to one Jar as a default - for example, for spending on games such as Fortnite or Roblox - so that subscriptions and in-game purchases can be managed and monitored. As the card is prepaid, it’s impossible to spend more than is in the linked Jar.

The parent gets an instant spend notification each time the Kids Card is used and the transaction is logged in the Jar the payment came from.

If a Kids Card is lost, the parent can freeze it in the app and unfreeze it if it’s found. There are zero fees on spending abroad, or shopping in a foreign currency.

As well as glow in the dark highlights on the front of the card, the parent and child can also customise their Kids Card when ordering it, choosing from a menu of messages, including Being kind is never wasted and Save a bit, spend a bit.

WhatsApp for money: sharing Jars

All Jars created for children are automatically shared with the adult account holder. Friends and family also on HyperJar can be invited to share any Jar with the child and can pay in money for birthdays and other special occasions. Sharers can leave notes for each other inside the Jar - not-so-subtle hints for presents from kids, or exam encouragement from grown-ups - like a WhatsApp group for money.

Mat Megens, CEO and founder of HyperJar, says: “Jam-jar budgeting may be the world’s simplest money management system, but it’s still a brilliant way to teach valuable personal finance lessons to our kids. Visualising our money clearly gives us a better idea of how much we have; dividing it according to what we want helps us decide where it’s going to go; and setting goals for the future teaches the importance of planning ahead. Getting kids used to spending with their own prepaid card is so important - they’ll make some mistakes, but they’ll learn in a safe environment.”

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