Your money and HyperJar
What unsettling times for our personal finances. We're all looking at our income and outgoings and wondering what both might look like in the coming weeks and months.
You don’t need another take on the impact of coronavirus, but we do want to offer some reassurance about how your money is protected in HyperJar and to give you a steer on useful sources of financial information and advice.
Your money is protected in HyperJar
We are not a bank, and don't take risks with your money by lending it out or reinvesting it. That's why your account doesn't need to be underwritten by FSCS. Instead, we keep your funds in segregated accounts governed by the e-money regulations of the Financial Conduct Authority. That's the same system used, for example, by the PayPal wallet, Transferwise, and Revolut.
What about money in Jars with HyperJar partners?
If you have money in a Jar opened with one of our partners, it is kept in a segregated account until you choose to spend it. In the exceptional event of any of our partners going out of business, 100% of any unspent money you have paid in would be returned to you directly.
Watch out for scams and fraud
There are fraudsters pretending to sell things like masks and hand sanitisers on social media platforms and asking for payment via direct bank transfer. Please don’t make direct bank transfers unless you are certain that you know and trust the recipient. Always pay with a card because, if the purchase does turn out to be a scam, you’ll be able to make a claim for a refund. If you have paid directly to a bank and the scammer takes the money and closes the account, there is nothing you can do.
Advice for those worried about debt
If you are concerned about debt you can get free expert help and advice from some excellent services.
0800 138 1111
03444 111 444
National Debt Advice Line
Where does HyperJar fit?
When we started HyperJar, the idea was to help people budget and plan ahead. To digitise one of the world’s simplest money management systems in a way that made building a financial buffer easy and engaging. Avoiding debt and unnecessary credit by creating a sustainable approach to spending.
It might feel almost impossible to plan anything at the moment, but the benefits of dividing your money according to where it’s spent, putting a little aside for the future, and getting rewarded for planning, apply today more than ever.
Can we help?
If you have any concerns about your money or account, we are here to help via Live Chat in the app, WhatsApp on +44 7869 332 624 or email firstname.lastname@example.org.
Stay well, and thanks for your time.
Founder & CEO, HyperJar