What is the Annual Growth Rate (AGR)?
The Annual Growth Rate is a stand-out feature of the HyperJar account. The AGR is why it pays to plan with HyperJar. When you allocate future spend to one of our partner brands, your money grows by a whopping 4.8% annually.
Think of AGR as the "interest" you get (or don't get!) at your bank. Because we're not a bank we can't call it interest. But we are just as serious about your money, so we call it the Annual Growth Rate.
The 4.8% AGR is a reward given by our brand partners for making advance payments to spend with them in the future.
It's not new news that ordinary bank accounts don't pay much interest, and often no interest at all. Which is why the AGR is such a unique feature in the HyperJar app. Think of it as supercharging your money - straight away.
The best part? The money you allocate to a partner brand is called HMoney and in the app you can watch your HMoney grow instantly, every day.
How an AGR Works
The HyperJar AGR is a bit like the interest rate paid by banks, but we call it a growth rate because the money can’t be turned into cash.
Each time you allocate HMoney to a brand your spending power with that partner increases by a rate of 4.8% per annum, calculated and applied on a daily basis (you'll see it added each time the growth reaches 10p).
You can transfer or gift this HMoney to other HyperJar members if you wish.
HMoney must be spent with the brand but there's no time limit. That's it.
It's a pleasingly old-fashioned concept, wrapped up in an app: you lock-in your loyalty to a business and they reward you with a 4.8% AGR.
AGR in Action
If you buy £300 of HMoney with an AGR of 4.8%, at the end of that day your Jar will have grown by 4p to £300.04: £300 x 4.8% = 4p/365 (days). Let's say you put another £150 in to the same Jar the next day, your balance is now £450 and you'll receive 6p for every day it stays at that level (up to 12 months), worked out in the same way: £450 x 4.8%/365 days. You get paid the 4.8% on the balance of what you have paid in, but not on the growth.
Your reward, paid daily, on money you know you want to spend
Another advantage of buying HMoney is that it's a great way to plan your budget. If you own a car, you'll always need fuel. When you plan ahead with a Shell Jar you're just making the money you'd already be spending work harder for you. This captures one of our ambitions for the HyperJar community: to wake up the thousands of pounds sleepwalking through our lives, often going to the same places, and put it to work.