Air carrier Captain reported a flap overspeed occurred during arrival. The flight crew was focused on avoiding deteriorating weather conditions and did not notice the speed bug was not properly set. Captain stated that both pilots were new to position and this was a contributing factor.

Narrative

Initial situation: I am recently off Captain (CA) OE and my First Officer (FO) is also just off OE and less than 75 hours since OE. This was a contributing factor.Due to convective activity N and NW of ZZZ; we were filed from ZZZ1 to ZZZZZ then onto the ZZZZZ1 arrival; which I have never flown before; even as an FO in my X.X years as a pilot at Company X. ZZZZZ1 [arrival] lowest speed restriction is 230kts at ZZZZZ2. There was significant virga observed N of ZZZ while descending on STAR; and I was concerned about possible wind shear/microburst event and discussed threat with FO. After joining ILS XXR course; virga was observed just E of LOC course and more virga somewhat distant to W of course (about 2 miles W of LOC). Weather was moving from W to E across LOC course to XXR. Approach/Tower reported neg wind shear from last aircraft approx 5min ago. While still watching virga for signs of increasing down drafts (rain suddenly reaching all the way to the ground and outflowing); I realized we were getting quite close and still fast (15nm) and asked for 'flaps 1;' after briefly checking we were in magenta/FMS speed bug; forgetting that bug was set for 230kts from ZZZZZ1 last speed restriction. FO verbalized 'speed checked' and moved flap handle into position 1. 'High speed' warning occurred; and I immediately realized what had happened. Disconnected auto pilot; reduced power; put out speed brakes; started shallow climb; and asked FO for 'flaps zero.' Exceedance was approx 233 kts for 3-4 seconds before flaps returned to 0.Once out of exceedance; told FO 'that was obviously not good; but that overspeed was on me and I will deal with it on the ground. I'm going to slow down and continue the landing. Are you ok continuing?' or something to that effect. He agreed and we got aircraft configured and in time to make safe; normal landing. After landing and clearing all runways; asked FO to relay to ZZZ ops to have Maintenance meet us at aircraft.After parking; we did a quick debrief. FO articulated that he had also missed actually checking the speed for the bug; rather than just 'in the bug' and didn't advise me when I asked for flaps 1 that I was still too fast. I told him I agreed; but I also should not have asked for flaps 1 at that speed either; and I had over focused on outside threats and not kept good SA on aircraft config. Ended debrief with 'while this an embarrassing mistake; it is also ultimately a learning event.' Asked FO to do post flight walk around while I contacted Maintenance; entered exceedance in logbook; and then contacted Chief Pilot and advised of event. Verified with Chief Pilot on required steps beyond Maintenance logbook entry/return A/C to service (several reports).While waiting for Maintenance to arrive; I then did my own walk around (just to make sure that there was nothing obviously aircraft grounding) and then did longer debrief with FO. Reiterated that this exceedance was primarily on me; and that he should not worry about any negative repercussions towards him; and that the company has a healthy SMS culture and is not punitive for normal human mistakes. Advised him I would share this report when filed.As CA; exercise more balanced SA load and not over focus on any one threat. Watch out for STARs that end in speeds above 210kts. Don't ask for flaps until I have verified the speed and not just the bug.