Startup of the Week - HyperJar
by Startacus Admin
The lowdown on HyperJar, the FinTech startup that has created the digital version of jam-jar budgeting...
Whilst we all know how important it is to manage our personal finances effectively, for many of us it can still be a real challenge. Therefore anything which can help us improve our relationship with money and get on to a better financial footing ought to be welcomed with open arms. So, arms outstretched, we hereby present our latest startup of the week. HyperJar is “the world’s smartest payments and planning account”.
The concept is very simple - the Hyperjar folk have taken the old-school method of saving money in a jam jar and made it digital, in turn making it easier for people to plan, share and spend their money.
With HyperJar, users can create two types of jars - Personal Jars and Merchant Jars.
Personal Jars can be created and each one used as a mini account, so for example you can have a jar for groceries, a jar for Christmas, for nights out, a jar whatever you want.
The Merchant Jar is created with one of the HyperJar partners - for example Lidl, Shell, Dyson. You can in essence lock money in with them, avail of offers and awards but most importantly receive a 4.8% Annual Growth Rate on money that you pay in. If these are companies you generally buy from anyway, why wouldn’t you do this and earn a bit of interest!
Every HyperJar account is really a network of mini-accounts which are all connected to the same smart payment card.
Both Personal Jars and Merchant Jars can be shared with up to 30 people and there is currently no minimum amount that you need to pay in to your jars.
HyperJar is free to use and only merchants are charged a monthly fee for being on the app.
We love the fact that the HyperJar folk have combined the traditional with the digital - old jam jar meets smart technology. What’s not to love about that!
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Published on: 4th December 2019
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