Bees

Savings FAQ

30.07.2021

By Beehive Money

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Savings FAQ

Questions about saving? Don’t worry, we’ve got plenty of help and ideas to cover your common questions. Take a look below and if there’s something we’ve missed off the list, chat to our Customer Advocates or stop by the Help Centre

What accounts are available in Beehive Money?

You can currently open a tax-free Easy Access ISA and a Lifetime ISA and you can also open an Easy Access Savings account through the Beehive Money app, which isn’t tax-free. You’ll find details about each of them on the product pages. We’re working to add more accounts soon, so watch this space. Keep in mind that all of our accounts are just for UK residents; we pay interest annually; and how often (and how much) you can withdraw depends on the account. Although we try hard to sound like humans, not banking robots, sometimes we’ll have to use terms and words for things because that’s just what they are. Head to our savings terms glossary for more information on AERs, terms and other jargon that you might come across and need a refresher on. 

What’s a Personal Savings Allowance?

Often shortened to a PSA, your Personal Savings Allowance is the amount of interest you can earn before you have to start paying tax. It’s based on your income tax band. Basically, if you’re a basic rate taxpayer, you can earn between £0 and £1,000 tax-free interest and if you’re a higher rate tax payer, it’s up to £500. There’s lots of great information here on the GOV.uk website.

What’s the ISA allowance?

ISA allowances really aren’t that complicated. But to understand how they work, you need to know a few key details.

The UK tax year runs from 6th April to the following 5th April. Over that year, there’s a limit to how much money you can put into an ISA – that’s called your ISA limit, or ISA allowance. For the current tax year 2021-2022, for example, your ISA allowance is £20,000.

There’s also a Junior ISA ISA allowance which is currently £9,000 per tax year. 
Some ISAs, like the Lifetime ISA, also have their own limits — you can only put away £4,000 per tax year in this type of account. But, you can spread your total £20,000 allowance over multiple ISAs, if you like. So, you could deposit the maximum £4,000 a year into your Lifetime ISA, then put up to £16,000 that same tax year into a Cash ISA to use up the total.

What types of ISAs do Beehive Money have? 

You could open a Cash ISA or if you’re 18-39 and a first time buyer or looking to save for retirement, Lifetime ISA with us to start growing your savings.

Can I transfer my ISA to Beehive Money?

Not yet, but we’re looking to offer this soon.

Can I open a joint account with Beehive Money?

We don't yet offer joint accounts with Beehive Money. Sorry about that.

Can I transfer an ISA to Beehive Money?

We're working on it. If you've got a Lifetime ISA or a Cash ISA with another provider and want to switch to Beehive Money, check back soon!

What’s a Nominated Bank Account (NBA)? 

A 'Nominated Bank Account' is a type of UK Current Account that accepts, and sends, Faster Payments. Check with your provider if you’re unsure about what type of account you have. 

What’s my account number?

Your account number can be easily found on your Account Overview page or by choosing an account on this screen. 

What’s my sort code? 

The sort code for all Beehive Money savings accounts is 60-95-93.

Where can I find a factsheet?

A factsheet is where you’ll find all of the technical information and some of the account specific Ts and Cs. You can find them by checking out our website. 

What’s my interest rate? 

Your account interest rate can be easily found on your Account Overview page. Just click on the account that you want to know the interest rate for. 

How is my interest calculated? 

Your interest is calculated daily as a percentage of the savings that you have in the account. It’s paid on a yearly basis. The payment date can be found on your product factsheet. Bear in mind that on some accounts if your balance drops below a minimum level you might not earn any interest. Make sure to check out the factsheet and general terms and conditions for your chosen savings account to find out more.

When and where will my interest be paid?

Your interest for the Lifetime ISA and our Cash ISA is paid automatically every year on the 5th April, which is the last day of the tax year. Interest for non-ISA accounts will be paid annually according to the annual interest payment and/or maturity date on the account so be sure to check your accounts factsheet around this. 

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