The parent sets up an account and can add their children, who are then sent their cards (there is no charge for the cards, no matter how many kids you have). Parents can set up unlimited savings “jars” for their children. There are also no foreign exchange fees when paying in other currencies. What’s on offer? “The UK’s first 100%-free money app with prepaid card for kids aged six to 17,” with zero monthly subscription costs, zero fees for transferring money, and a free prepaid, glow-in-the-dark debit Mastercard. What is it? HyperJar is a money management app that launched last October with savings accounts and payment cards. Here we look at how the apps stack up (although bear in mind that each boasts its own bells and whistles). Meanwhile, money can usually be split into various pots or goals for saving or budgeting purposes. They are also notified when the card is used. The adults can set spending rules so they stay in control, such as deciding where the card can and can’t be used. Money is loaded on to the card, and the parents and the child can monitor spending via an app. Most work in a broadly similar way: kids get a contactless prepaid card that they can use in shops and online, and (usually) at ATMs.

The quartet is now being challenged by HyperJar, which unveiled its service on Tuesday. The four big players are gohenry, Osper, nimbl and RoosterMoney.

The adults can set spending rules so they stay in control

While cash is still king for most, there are a number of apps to help children navigate the digital world, although the downside is that they tend to involve charges or paying a membership fee.

Pocket of money