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Beehive Money savings review
Beehive Money offers a variety of savings accounts with interest rates up to 4.5%.
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Beehive Money is part of Nottingham Building Society, which was founded back in 1849. Beehive Money is a savings app and website that helps you to look after your money.
Beehive Money's top savings rate of 4.5% is available on its easy access account.
Easy access savings accounts
Table: sorted by interest rate
Beehive Money's best easy access rate of 4.5% is significantly lower than today's market-best rate of 7.29%.
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Cash ISAs
Table: sorted by interest rate
Beehive Money's best cash ISA rate of 4.21% is slightly lower than today's market-best rate of 5.17%.
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Fixed-rate bonds
Table: sorted by interest rate
Beehive Money's best fixed-rate bond rate of 4.31% is slightly lower than today's market-best rate of 4.8%.
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What is Beehive Money's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Beehive Money offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 4.5% |
| Best cash ISA rate | 4.21% |
| Best fixed-rate bond rate | 4.31% |
| Fixed bond terms | 2 years - 5 years |
| Opening options | Website, mobile app |
| FSCS protection |
How to open an account
You can open a savings account with Beehive through the app or via the website. You will need to provide a few details about yourself and details of a nominated bank account. This must be a valid UK current account.
Age restrictions vary depending on the account, but all accounts require you to be a UK resident with a UK-registered mobile number and email address.
Documents needed to open an account
To open an account with Beehive Money you will need to have your National Insurance number to hand, along with your driving licence or passport.
Is Beehive Money safe?
Yes, your money is protected up to a total of £85,000 under the Financial Services Compensation Scheme across the Nottingham Building Society group which includes Beehive Money.
Beehive Money is a trading name of Nottingham Building Society which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Pros and cons of Beehive Money
Pros
- Ethical banking. Beehive uses its money to invest in local communities and responsible causes.
- Low deposit requirement. Many savings accounts can be opened with a deposit of £10 or less.
- Flexibility. Range of different savings accounts to choose from, whether you want to lock your funds away or access them as needed.
- FSCS protection. Money in accounts will be protected up to £85,000 per person.
Cons
- No children’s savings. There are no savings accounts designed for those under the age of 18.
- Online only. You can only manage your account online or via the app.
- Better rates elsewhere? Some of the savings accounts on offer from Beehive don’t offer particularly competitive interest rates.
Customer service information for Beehive Money
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Our verdict: Is a savings account from Beehive Money worth it?
If you’re happy to manage your savings account online or via an app, a savings account from Beehive Money could be right up your street. However, bear in mind that the choice of savings accounts is not as wide ranging as some of its competitors and interest rates are also fairly low in comparison.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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