The new bee on the block, the Beehive Money app, is ready for its close-up. We’ve been working hard here at Beehive HQ to introduce some new features, options and services. Today, let us introduce to you the Savings Goals option that’s now available for all Beehive Money savers, whichever account you choose, and that we think is perfect for saving for your first home. We know that the majority of our savers are ready to take the leap onto the property ladder, so we thought we’d make it easier for you to track how you were getting on.
What's Savings Goals?
Savings Goals is the feature you’ll use to keep an eye on your first home fund, but you could also use them for any other individual savings targets that you have, so you might want to set one up for your dream kitchen or a decorating fund at the same time. You’ll easily be able to set a Goal, track how much you’ve saved and how much more you need to save in order to get to where you want to be. Sounds handy, right?
Using your Savings Goals in the Beehive Money app can be a useful way of motivating yourself and keeping track of your first-home savings. We know how important getting into your first home is and knowing where you are is really handy so that you know you’re making progress.
Follow these five steps for the perfect first home Savings Goal...
- Set your Savings Goal to any amount (read up on the average first-time buyer deposits for your nearest city for a little help if you’re not sure how much you’ll need)
- Let us know when you’d like to save your amount by or how much you can save weekly or monthly.
Don't worry if you hit a snag, you can always amend your savings date in the future if you need a little more time.
- Rename it to remind yourself exactly what it’s for, i.e. Dream Home
- Add a picture from our selection to each Goal to help you visualise where your savings will be going
- Link your Homebuyer Lifetime ISA account to your Goal and let us know about any other savings you’ve got in other account
Think you’ll need a little encouragement with your homebuying Savings Goal? Don’t worry, we’ll be with you every step of the Savings Journey by guiding you along with Milestones. When you choose to save towards your first home with the Lifetime ISA, we’ll create a House Purchase Journey for you. Your House Purchase Journey will have seven steps to guide you all the way through buying your first home. We’ll let you know, alongside working hard to save, what else you need to do to get those keys firmly in your hand.
Through the journey you’ll be able to access Marketplace partners, tools or articles that help you with the whole process such as mortgage advice from Mortgage Advice Bureau
. There we have it, everything you need to know about Savings Goals, the newest addition to the Beehive Money app.
Goal Progress Tracker
It doesn’t stop there. To help you visualise your savings getting closer and closer towards your Goal we have a Goal Progress Tracker which is a jazzy coloured bar chart that makes its way across the screen of your app as you save more into your account. Simple!
It’ll also tell you what the ideal savings amount is per month to get you to your Homebuying Goal amount by the date that you’re hoping for. We’ll let you know how you’re getting on with a little message too, for example, it’ll say something like this:
“Great news! If you carry on saving like you are, we think you’ll achieve your Goal 30 days ahead of schedule in January 2025.”
Plus, if you have more than one Savings Goal then you’ll be able to see them all in the Goals Progress Tracker right there on your app home screen.
Just so you know, we’ve also updated some other areas of our service. You can now download statements to your device from all your Beehive accounts and we now accept transfers in for our Homebuyer Lifetime ISA. Isn’t that great news?
Keep in touch with us on social media and don’t forget to chat to BeeBot or one of our friendly Customer Advocates
via webchat if you need anything.