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HyperJar Vs GoHenry

Educating kids about money, its mechanisms, and how to handle it is an integral aspect of modern education. Several apps have simplified the process of equipping children with the skills to manage their finances. Gohenry focuses solely on children, while Hyperjar, although primarily for adults, offers family-oriented features, often utilized for its child-friendly functions.

At TelemediaOnline, we are fervent advocates of financial education. Many in our circle still grapple with various financial concepts. Having navigated personal finances ourselves, often through trial and error in our younger years, we wholeheartedly support initiatives promoting financial literacy from an early age.

What is HyperJar?

Introduced in 2020, Hyperjar currently boasts a user base exceeding 450,000 on its app. Its primary aim is to present an alternative to payment methods often associated with debt, such as Buy Now Pay Later services like Klarna or credit cards. Hyperjar distinguishes its offering as “pay now, buy later,” encouraging users to save funds beforehand for specific retailers rather than relying on debt for purchases—a commendable approach to spending.

Once registered, users can seamlessly transfer funds from their bank and utilize the app to categorize their finances into distinct “jars” within their account. These jars serve various purposes, ranging from saving to grocery shopping and beyond.

In addition to its adult version, Hyperjar also provides a children’s edition of the app, which can be set up by adults. This feature allows children to have their own card and make purchases under adult supervision—an excellent tool for teaching responsible spending habits from a young age.

What is GoHenry?

GoHenry provides both a debit card and a pocket money app with two distinct versions. The first is tailored for children, empowering them to track their expenses and card usage independently. Meanwhile, the second version caters to parents or guardians, offering them comprehensive insight into the card and account activity.

This platform offers an alternative to traditional pocket money methods involving physical currency. It enables parents to effortlessly monitor their children’s spending habits. Additionally, by encouraging children to handle their own expenditures and manage a budget, GoHenry serves as a valuable educational tool, imparting essential money management skills through its app.

At what age should I give my child a cash card?

The decision of when a child is ready to have their own debit card ultimately lies with the parent or guardian. Typically, most mainstream banks require a child to reach the age of 11 before opening a current account and obtaining a debit card.

However, services such as Hyperjar and Gohenry offer prepaid debit cards designed for children aged six and above. These cards function similarly to regular debit cards, allowing cash withdrawals, in-store purchases, and online transactions. However, they provide enhanced parental controls, allowing the parent to determine the available balance, set spending limits, and restrict the types of purchases permitted. Additionally, the parent account offers complete visibility of all transactions on the child’s account.

These guided debit cards can serve as an excellent preparatory step for younger children, helping them gain essential financial skills and prepare for eventually having a full bank account.

Hyperjar Vs Gohenry – Features

Gohenry

  • 30-day trial period available for testing the app at no cost
  • Exclusive app for parents – complete visibility of the child’s app
  • Dedicated app for kids – enjoyable and user-friendly design
  • Prepaid Visa debit card – featuring touchless capabilities
  • Instant spending alerts – accessible on both applications
  • GoHenry Junior ISA – save for their later years
  • Utilize Apple Pay once the child turns 13 years old

Sign up with GoHenry

Hyperjar

HyperJar Jars

The core of the HyperJar app is the jars. You have the freedom to create jars for various purposes, whether it’s saving, groceries, or anything else and transfer money between jars. Each jar can have specific rules and restrictions. When using the card for purchases, you can easily switch the jar from which the money is deducted with just a few taps on the app.

Hyperjar Annual Growth Rate

HyperJar doesn’t offer traditional interest payments. Instead, they provide an Annual Growth Rate (AGR). Users can allocate funds to a jar dedicated to spending with a specific retail partner of HyperJar. The money in this jar will earn interest in the form of the Annual Growth Rate, which currently averages at 4.8%.

HyperJar Vouchers

HyperJar vouchers are a great way to send retailer-specific gifts to other HyperJar users. Thanks to the HyperJar Annual Growth Rate, these vouchers can increase in value over time.

HyperJar Travel

The HyperJar Mastercard debit card can be incredibly useful when traveling abroad. There are no currency exchange fees for card payments in foreign currencies. The card utilizes the current Mastercard exchange rate and charges the exact amount in pounds.

HyperJar Kids App

The HyperJar kids app allows adults to link a child account to their own HyperJar account. Specific jars within the account can be linked for the child to spend from. The child receives their own Mastercard debit card, and the adult can monitor its usage. Unlike other child accounts, such as Starling Kite and GoHenry, the HyperJar kids account has no fees or monthly costs. Children must be over 6 years old and have their own phone to use the app.

ATM Withdrawals

Cash withdrawals from ATMs are not supported with the HyperJar card, both within the UK and abroad. In the UK, this is generally not an issue as card payments are widely accepted. However, it is recommended to have an alternative source of cash when traveling to countries where cash is more commonly used, even in Europe.

Sign up with HyperJar

Costs and Fees

GoHenry presents two account options: Everyday, priced at £3.99 per month, and Plus, priced at £4.99 per month. Both include a debit card for the child, a dedicated child app, and a parent app.

The Plus tier offers additional benefits such as earning interest on savings (at a 4.5% interest rate as of November 2023) and receiving 1% cashback on spending. It also provides access to a wider array of educational tools within the app.

When loading funds onto the card, the first monthly load is free, with subsequent transactions costing £0.50 each. Other features include:

No fees for ATM or card payments in the UK or abroad

Free outbound transfers

Free replacement card

Personalized card available for £4.99

In contrast, HyperJar does not impose any monthly charges or transaction fees. All features on the card and app are entirely free. The only potential expense is for a replacement card, which incurs a cost of £5.

Safety

GoHenry, headquartered in the UK, operates under the regulation of the Financial Conduct Authority (FCA). However, it is not a licensed UK bank; rather, it operates as an e-money provider. Consequently, deposits made with GoHenry are not protected under the Financial Services Compensation Scheme (FSCS) in case of the company’s insolvency. GoHenry states that all customer funds are held in a separate NatWest account inaccessible to the company.

Similarly, while HyperJar is not a licensed bank in the UK, it collaborates with an e-money institution called Modulr FS Ltd to hold customer funds. Consequently, in the event of company failure, customers will not be covered by the Financial Services Compensation Scheme (FSCS) as they would be if their money was held by a licensed bank.

Nevertheless, HyperJar is regulated by the Financial Conduct Authority (FCA), which mandates adherence to specific rules for customer protection. One such rule is the complete separation of customer funds from company funds, ensuring that customers will be reimbursed if HyperJar becomes insolvent.

Regarding data security, HyperJar assures users that they employ advanced 256-bit encryption to protect personal information.

Hyperjar vs Gohenry – Which is best for you?

Both Hyperjar and Gohenry have amassed a considerable number of customers since their inception, and for good reason. They both offer valuable solutions to help parents introduce their children to the world of finance.

Gohenry is specifically tailored for children, providing a comprehensive range of features that cater to their needs. In comparison, Hyperjar, while also beneficial for adults, may not offer as extensive a set of features.

However, these differences come with a price tag. Hyperjar is free to use, whereas Gohenry charges either £3.99 or £4.99 per month per child’s account, depending on the selected plan.

For younger children, particularly those below the age of around 6, the simplicity of the Hyperjar app may suffice, making it a preferable option. Younger children may not utilize the additional features offered by Gohenry, making the monthly fee less worthwhile.

On the other hand, for older children, the added features and resemblance to a full-fledged bank account provided by Gohenry could prove highly beneficial and justify the monthly fee.

Hyperjar vs Gohenry – Alternatives

Natwest Rooster Money

Rooster Money is a child focused app, which features a host of educational features and tools on their app, and offer a prepaid debit card to children aged 6 years and over. Read our Rooster Money review here.

Starling Kite

Starling Bank have their own child focused product – Starling Kite – which can be used by children aged 6 to 16. The account can be set up by an adult from a full Starling Bank account, so they need to be an existing Starling customer to use the app. Read our Starling Kite review.

Hyperjar vs Gohenry – Conclusions

Both Hyperjar and Gohenry provide excellent features for kids, aiding in financial education and fostering independence in money management. While both options are beneficial, Hyperjar may be more suitable for younger children due to its simplicity and cost-effectiveness.

Gohenry offers a comprehensive range of features, almost akin to a traditional bank account. However, its extensive functionalities come at a higher cost, making it a more suitable choice for older children who can fully utilize its advanced features.

Hyperjar vs Gohenry – FAQ

Which company is behind Hyperjar?

Hyperjar work with an e-money institution called Modulr FS Ltd, where the customer funds are held.

Does Hyperjar charge fees for kids?

Hyperjar has no fees and is free to use for both adults and children.

Can I use my Hyperjar card at an ATM?

No, Hyperjar cards cannot be used to withdraw money at ATMs. If you want a prepaid card for your child where they can withdraw cash, then you can look at Gohenry or Starling Kite.

Where can you not use a Gohenry card?

As Gohenry is a child’s card i.e. made for kids, they have blocked certain types of purchases, such as gambling, pornography, alcohol, tobacco and various other things. You can see the full list of blocked merchants here.

*Please note: This article may include affiliate links. If you purchase through these links, we may earn a commission at no extra cost to you. This helps support our work and allows us to continue providing content like this.

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