Dear Osper mums and dads
The way you pay for the Osper service is changing. Because we are committed to openness and transparency, we wanted to let you know what is changing and why these changes are necessary.
But first, and most importantly, we want to thank you for being part of the Osper family. Every one of us sincerely appreciates that you have trusted us to help manage your child’s money and teach them how to save and spend responsibly. We know this was an important decision for you and it’s a responsibility we don’t take lightly: every decision we take is focussed on how we can best deliver our commitment to you and your child.
We started Osper back in 2014. Wow, those years have flown by! In the time since, our costs have gone up almost every year but we have fought hard to absorb these extra costs and keep the Osper price as low as possible for you.
Unfortunately we couldn’t absorb these cost rises forever, and it is unsustainable to run Osper at the level you may currently be paying. So it is necessary for us to change our prices to £2.50 per month, plus a 50p admin fee for every ‘ad-hoc’ load (a transfer to your child’s card that isn’t part of a regular allowance). Setting up a regular allowance will remain free of charge.
These necessary changes will ensure that Osper is able to continue to provide you and your children with the best possible service that allows them to spend and save in a safe, protected environment – and equip them with money management skills that will stay with them their whole life.
If you have renewed in the past 12 months, you will be paying £30 each year. For you, the price won’t change: the only difference is that you’ll be paying for Osper monthly, rather than annually. Hopefully you’ll appreciate this change as it means the cost is spread out over the year instead of coming in one big chunk!
If you joined Osper more than 12 months ago, it’s possible that you’re paying less than £30 per year. When we started Osper, we provided a number of ‘introductory’ offers for our very early users, and some users are still on these pricing levels.
If you’re one of these users, the price you pay for Osper will increase to £2.50 per month after your current annual subscription ends. We realise that this price jump may sting a little bit – especially at a time when we all have to watch our pennies carefully – but we promise it’s necessary to make Osper a sustainable business for years to come.
Whilst we don’t take the decision to increase our prices lightly, it’s important that we find a subscription plan that enables us to continue offering an amazing service.
We’ve added lots of fantastic new features to Osper since you joined us: most recently we have opened our support channels to offer email and chat support 7 days a week, and we have also added new features into the app. These include a savings account – teaching your child how important it is to put a little aside every month – and gifting, allowing friends and family to add money directly onto your child’s card. We hope that you are enjoying these new features and recognise the extra value they provide to you and your child.
We also have many new features coming up in the next few months to make the Osper experience even better for you and your children.
You’ll keep your existing annual subscription level until your most recent 12 months are up, at which point you’ll be moved onto the new monthly level. And please don’t worry – we’ll give you plenty of notice when this change is about to happen.
If you really can’t justify the new monthly Osper cost and choose to leave, we do understand. We’ll be very sad to see you go but we respect your decision.
Some banks offer ‘child’ accounts which could be an alternative for you – though, of course, they’re much less user-friendly! Here’s a quick rundown of how these compare to Osper:
|Osper||Child bank account|
|A debit card that your child can use||Yes||Yes|
|Can it be opened online, without visiting a branch?||Yes||No*|
|Do they provide apps for both parent and child?||Yes||No*|
|Can you monitor your child’s spending in real time?||Yes||No*|
|Can you set up a regular allowance for your child, and easily modify it?||Yes||You may be able to set up a standing order*|
|Are inappropriate services (e.g. gambling websites, bars) blocked?||Yes||No*|
|Can you temporarily block the card if it is lost?||Yes||Offered by some accounts*|
|Can you turn off online spending or contactless without your child being able to turn it back on?||Yes||No*|
|Can your child transfer money to their savings whenever they want?||Yes||They may be able to if your child has a separate savings account*|
* Please note: this summary table is for informational purposes only. Features vary between bank accounts and you should check with your banking provider to check if they offer a particular service.
If you would prefer not to renew your plan at the end of your subscription, then please contact us.
Finally, we’d like to thank you again for being an Osper user. We hope you understand that this price rise is absolutely necessary to allow us to continue to provide the high level of service you’ve come to expect from Osper, in the face of rising costs.
I’d love to hear from you: please do get in touch with me if you have any questions or comments. I promise I will read and respond to every email you send.
With best wishes
Giovanni Santini, Osper CEO