Faster Payments are here
Faster Payments are now live, adding souped-up transfers and that extra bit of polish to the app before our full public launch in the Autumn.
Time flies when you’re building an app and a Happy Money Movement
We’ve been in soft-launch mode for just over a year now, and it’s whizzed by (give or take the last few months).
Talking of speed, the feature most requested by our early users is, and always has been, Faster Payments. That’s the ability to see and use the money transferred from your bank into your HyperJar account straightaway.
We heard you, people. And Faster Payments arrive today.
Will you see a change?
If you signed up and ordered your card before 12th August 2020 then yes. You will get a new sort code and account number.
If you signed up on 12th August 2020 or after, then no. You already have Faster Payments and your sort code and account number will not change.
What will change?
To bring you Faster Payments we have changed the company that manages money paid in to HyperJar. Our new partner, the FinTech Modulr, is authorised and regulated by the Financial Conduct Authority and manages your money in the Bank of England.
If you signed up and ordered your card before 12th August 2020 this move to a new partner means that your HyperJar sort code and account number will change.
Where to find your new details
There are two ways to see your sort code and account number in the app. Either swipe left at the top of the Home screen, or tap your Account tab.
What we need you to do and when
Between 18th August 2020 and 31st August 2020, you need to update your payment details if:
- You make payments from your bank into your HyperJar account
- Action: Open your banking app or website and find HyperJar in the list of your regular payees. Delete the old sort code and account number and replace with the new ones listed on your HyperJar Account screen. You’ll sometimes get a warning message asking whether you trust the account you’re paying into. If you want reassurance, send yourself £1 as a test – it should arrive straightaway (and you can always return the £1 to your bank).
- You get regular payments from the Department of Work and Pensions (DWP)
- Action: Sign into your Universal Credit account and report a change of circumstances. Then update the payment details using your new HyperJar sort card and account number.
- You make payments into your HyperJar account from companies like eBay, PayPal
- Action: Log-in to eBay or PayPal and change the bank details associated with your account to the new HyperJar sort code and account number .
- Friends or family regularly pay money into your HyperJar account
- Action: give them your new HyperJar sort code and account number.
- Your salary is paid into your HyperJar account
- Action: Contact your employer’s payroll department (or whoever pays your salary) and give them your new HyperJar sort code and account number.
What happens if you don’t update your details
Your old HyperJar sort code and account number will keep working until the end of August. Until then, any payments using these details will still arrive in your account, they’ll just take longer than if you were using your new numbers.
After then, whoever sends you money must use your new HyperJar payment details. If they don’t, the money will bounce back to the sender and you won’t receive it.
What stays the same
Everything else. Your HyperJar card works just as it always has, as do all the ways you open the app, like your passcode, Face ID and Touch ID. If you use Google Pay or Apple Pay, they'll still work too, with no updating needed. Any regular subscriptions connected to your HyperJar account, like Netflix, use your card details, so don't need to change either.
Get in touch
Got feedback or questions about Faster Payments? Please get in touch via Live Chat in the app or email email@example.com.