Beehive - Legit / Any good?

thundyuk

Frogletina said:

thundyuk said:

Franco_OK said:

From the NS&I announcement:

"Postal applications received for a reasonable period will be honoured."

Any idea what they might mean by that? What is a reasonable period?
Postal application they received today, Friday?
Next Monday? Next week? Two weeks?

Could not find any info but probably if it was in the post already you'd be fine. Not sure you can download the form anymore.

Just as an FYI on Beehive I've been told today by them they are withdrawing the 6.10% rate on the 11/10/23

If that is the issue 8 bond then it is showing as withdrawn already on the website 

Yeah it is. I guess I beat it by one day.

Jollyroger99

I attempted to open a 1 year fixed ISA via transfer in. You don't find out until the very last moment that if you already opened a new account anywhere (ie any provider) in this tax year then you can't have the Beehive account even when it's old money. In my case perhaps a 5 year old ISA. Extremely frustrating as my log in failed and speaking to them took ages. Apparently it does warn you of this limitation on the website somewhere but not until the very last bit of the application by which time you have a useless account set up.

wmb194

Jollyroger99 said:

I attempted to open a 1 year fixed ISA via transfer in. You don't find out until the very last moment that if you already opened a new account anywhere (ie any provider) in this tax year then you can't have the Beehive account even when it's old money. In my case perhaps a 5 year old ISA. Extremely frustrating as my log in failed and speaking to them took ages. Apparently it does warn you of this limitation on the website somewhere but not until the very last bit of the application by which time you have a useless account set up.

No, ignore warnings like that. From this tax year you’re allowed to open multiple Isas of each type, you just have to make sure subscriptions across all accounts don’t exceed £20k per tax year. Some providers have been slow to update their T&Cs but HMRC won’t care.

flaneurs_lobster

Jollyroger99 said:

I attempted to open a 1 year fixed ISA via transfer in. 

At Beehive? I can only see 3 & 5 year fixed on the app/online.

Beehive will ask you to declare if you have opened/funded another cash ISA this year. It's up to you how you choose to answer this but it's unlikely that they can verify your answer (or would want to).

thundyuk

Your money is already tax wrapped if it's moving from an existing ISA anyway isn't it so it wouldn't matter what allowance you've used this year if it's old money. At least as I understand it. 

Just to clarify, when I opened the one year 6% one I did it was not an ISA, it was a fixed 12 month return at 6% but taxable.  It matures next month, I need to find another good deal now, and I've used my 24/25 ISA allowance up. 

thundyuk

flaneurs_lobster said:

Jollyroger99 said:

I attempted to open a 1 year fixed ISA via transfer in. 

At Beehive? I can only see 3 & 5 year fixed on the app/online.

Beehive will ask you to declare if you have opened/funded another cash ISA this year. It's up to you how you choose to answer this but it's unlikely that they can verify your answer (or would want to).

I think it's this one.
https://www.express.co.uk/finance/personalfinance/1939297/beehive-money-cash-isa-excellent-interest

I can't get onto Beehive Money right now though the site is down.

flaneurs_lobster

May have been available a week ago when that article was written but it ain't there now. Available from NottsBS, but that's branch-only to open.

The site&app are flaky, but can be accessed.

thundyuk

I need to review in a month when the Beehive matures. I might end up banging in back in Premium Bonds for a bit, but I feel like there's another rate drop coming to wipe out the around 5% offers out there atm.