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Both HyperJar and GoHenry are great prepaid cards and pocket money apps to have if you’re looking at ways to teach your children about money, but which one is best will depend on what you’re looking for.
If you’re looking for a cost-free way for your child to manage their money then you probably want to go with HyperJar, but if you want something a little more with some customisation and features such as the ability to draw money from an ATM then you’ll probably want to go with GoHenry.
What is HyperJar?
HyperJar is a free money management app and not specifically designed for children, but you are able to sign up for a free pre-paid debit card and download an app for your child if they have their own phone if they are 6 and over.
How does HyperJar work?
Like my favourite automatic savings app, Plum, HyperJar gives your child the opportunity to set up jars for anything that they might want to spend any money that you or other relatives might send to the hyperJar account.
If your child has a HyperJar prepaid card you control how much is on the card and where the money on that card can be spent, this is a clear advantage over them having a debit card where they control where they spend their money, due to it being connected to a bank account that they have a level of control over.
What is GoHenry?
GoHenry was developed by teaching your child about the value of money and would consider itself to be a pocket money app, unlike HyperJar you get a debit card, but it also comes with an app.
How does GoHenry Work?
GoHenry is feature rich and as it aims to teach your children about money, is designed with money management in mind.
If you give your child pocket money, this can be sent to them through the app or you can choose to have this linked to them doing different jobs.
To transfer money to your child’s account you have to top up your parent account and move this money via transfer.
How much do HyperJar and GoHenry cost?
As HyperJar isn’t specifically designed for children and is an add-on to the adult account and is, therefore, free to use, whilst GoHenryis a full-blown money management app designed for children and as such comes with a fee.
Gohentry will give you one month free, which gives you access to the debit card, the app and money missions and after the free trial period, you will be charged £2.99 a month.
Before you go away and sign up for HyperJar it is worth mentioning that £2.99 gives you the following features:
- A free debit card
- Free transfers, meaning that your children will receive money sent to them instantly
- Transaction free spending
- No ATM fees, unlike the HyperJar card, your child can withdraw money from ATMs
- A free replacement card if it is lost
- No foreign transaction fees
- Cancel anytime
- One free load per month^
^ If you load the account more than once a month you will be charged an extra 50p per transaction.
GoHenry understands that this might be frustrating and offer some tips on how to avoid these, which include 1) planning ahead and 2) automating pocket money transfers.
How do you get started with HyperJar and GoHenry?
HyperJar is an app-only service so you will need a phone to get set up with an account whereas you don’t need a phone to set up a GoHenry account and it can be managed on your computer.
HyperJar
To set up a HyperJar kids account you will first need to set up your own account, then you can set up your kid’s account within the app, providing some details to order their own card.
Once this is done you can set up their jars for you to pay money into, when their card arrives you need to go into your account to activate it.
If they have their own phone, they can go through a process to link their account with yours.
GoHenry
Once you’ve downloaded the GoHenry app, you complete some personal details, your child’s card will usually be received between 5-7 wording days.
When the card has been received, you’ll need to activate the parent account and deposit a minimum of £5 to activate the card, it is only when you’ve done this that will you be able to set your children’s spending limits, weekly allowance and tasks.
Does this affect your credit score?
There is little point in signing up for these services if they impact your credit score.
Signing up for either of these services will not affect your credit score as they only conduct a soft search, this will leave a footprint on your credit report though.
Is your money safe with HyperJar and GoHenry?
The last thing that you want when using these services is for your money to be inaccessible should anything happen to these services
GoHenry
You are not protected by the Financial Services Compensation Scheme (FSCS) as money is held as e-money, though they are audited by Visa to ensure that they are satisfied that they comply with their regulations on how your money is held.
Your funds are held by NatWest and cannot be touched by GoHenry,
HyperJar
Like GoHenry your money is not protected by the FSCS.
Your money is held in segregated accounts and as your money is held as e-money they are governed by the regulations of the financial conduct authority.
What do others think of HyperJar?
There are over 1000 reviews on Trustpilot and has an average of 4.7 stars.
HyperJar has 13k reviews and averages 4.8 stars.
What do others think of GoHenry?
There are over 8000 reviews on Trustpilot and has an average of 4.2 stars.
As an iPhone user, the app has over 28k ratings and gets 4.6 stars.
Is there anything else you should know?
The GoHenry Card is issued by IDT Financial Services Ltd, a bank based in Gibraltar and licenced by the Gibraltar Financial Services Commission, this might not mean much but something to consider as they will have different bank holidays to us which could restrict the access that you have to your money at particular times.
Conclusion: HyperJar vs GoHenry
Depending on whether you want a budgeting and savings app or just a financial management app, I don’t believe you can go wrong with either choice, which one you choose will depend on.
Whether you’re prepared to pay for the service
Whether you just want a prepaid card or a prepaid debit card
Whether you want to share the jars with friends and family
The level of oversight you want over your child’s spending
How much control you want over your child’s spending
My personal preference would be GoHenry as this is a full financial management app that has been specifically designed to teach kids and teens about money, it is also a full-featured service that would give me the insights I would need to help my child get the most from the money that they have.
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