Bees

What's new with Beehive?

23.08.2021

By Allie

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We’ve been hard at work again creating some brand new products for our members. Two new savings accounts have hit the Beehive site in the past month and we're here to let you know all about them. So, what's new? Well, we've introduced two new savings accounts with fixed terms. 

Future Goal Bond

The all-new Future Goal Bond is a fixed rate savings account which means that we'll pay you a fixed rate of interest if you can put your money away for a set period of time. The amount of interest won't change during the term of the account. 
  • Open online with £500 
  • Maximum savings of £250,000
  • Over 18s only 
  • No access to your savings until the term ends on 31/07/2023
  • 1.00% AER/Gross p.a fixed until maturity*
This account's fixed until 31st July 2023 so could be a savings account for you if you're looking to put money away for something in just over a year and not touch it. Just so you know - this is a limited issue account which could be withdrawn at any time. 

What's the gross rate? 

The gross rate is the interest rate without tax taken off. This is how we'll pay you your interest, but you'll have the responsibility to pay any tax once you've hit the personal savings allowance (PSA) threshold. Read more about your personal savings allowance in our guide.

What's AER?

AER, or Annual Equivalent Rate, is designed to make savings accounts easier to compare. The AER will show you what your interest rate would be if interest was paid back into your account. For accounts that pay interest annually, the gross rate and the AER should be the same. For accounts that pay interest monthly the AER will be slightly higher than the gross rate. This is because if you leave your monthly interest in the account you’d start to earn interest on the interest.

Money Pot Regular Saver

Our second new account is the Money Pot regular saver which is, you guessed it, an account where you can save regularly. This means that if you're wanting to save monthly for something in the future this type of account could work for you. You can save up to £500 each month (either in one go in or with smaller deposits over the month) with this account and it also has a fixed term which ends on 05/04/2023 - so a little under a year from when we're publishing this article. 
  • Over 18s only
  • Open online with £1 
  • Build up your savings steadily
  • No withdrawals, funds will be available from 06/04/2023
  • 1.20% AER/Gross p.a fixed until maturity*

Savings Goals

You can still use the Savings Goals option that’s available for all Beehive Money savers as it works on whichever account you choose. Savings Goals is the feature you can use to keep an eye on your individual savings targets. 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? And, we'll regularly remind you how you're getting on against your Goal with our Progress Tracker.

It’ll also tell you what the ideal savings amount is per month to get you to your Goal amount by the date that you’re hoping for. We’ll let you know how you’re getting on with a message, 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.”

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.

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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.

*We will pay your interest without tax taken off. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. Your tax treatment will depend on your individual circumstances and may be subject to change in the future, for further information please contact HMRC. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was re-invested in the account each year. Interest rates are variable unless otherwise stated.