is hyperjar safe

[Awakeatnite]

I’m in the uk. I want to split my money into pots. I’ve downloaded an app called HyperJar. It wants me to actually transfer my money into it. I’m not sure if it’s safe.
there are some other apps but they’re for America

I've used it and it was fine, though that's a pretty small sample size. TBH I never put in more money then I could afford to lose, just in case.

Monzo is better for pots and it is a regulated uk bank

Hi,
I’ve used HyperJar before. I found it really helpful as I could get a card for each of the kids, and then put money in their own separate pots.
I’ve only stopped using it recently as they now charge me for transferring money in and out, which is a bit expensive when I’m only putting bits of pocket money in 🙄

Hyperjar is regulated by the FCA, but it is not a bank and it is not covered by the FSCS. Your money is therefore not protected should anything happen to the company.

Lots of banks have pots, don't have any charges and also pay interest on money saved, so are likely to be a better option.

You could also just keep all the money in one savings account and use a spreadsheet to track the amount for different things.

That’s what I wanted to know

From my own personal experience I used it for a pocket money account for my children. Both were hacked a couple of months ago. They have high street bank accounts now!

I used hyperjar and I just really didn’t like it, I couldn’t put my finger on why. I moved to Monzo and I love them, and the kids have their own cards too

I think you get a certain number of free transactions. I use it but don't put more than a couple of hundred on it. It's a prepaid debit card basically.

You get a certain number of transfers in and out of your main bank to Hyperjar for free per month (maybe 10?).

I use Hyperjar for my kids pocket money. I have my parent "wallet" account, which I transfer a hundred or so into when needed and transfer from there to the kids.

Transfers within Hyperjar don't incur fees, as far as I know and I've had no fees incurred so far.

I use it for the kids' pocket money. No problems so far, but I only keep a smallish amount in there (around £100).

It was the only option I could find to get the kids their own accounts/ cards without having to pay a monthly fee (e.g. GoHenry). Although, reading the PPs, I'm now looking at Monzo and that seems like a better option if you want to manage your own money. Plus you could get kids cards with that. So I might open one of those...

Chase let you set up lots of additional current accounts that you could use as separate pots if you wanted and they are FSCA accredited. How old are the kids? Mine got their own bank account with a debit card at 12 I think. I just had a standing order set up from my account for pocket money.