Tembo Money savings
5 savings accounts.
Easy access
- Tembo HomeSaver4.55% AERMost it holds £20,000.
Cash ISA
- Tembo Cash ISA - Fixed Rate4.55% AER12 months.
5 savings accounts.
Opening an account is your decision.
From Tembo Money’s page
Plus, a conditional 1.0% AER (fixed) 1-year HomeSaver bonus rate payable if you complete a mortgage through Tembo Money Limited within 3 years.
HomeSaver Bonus rate (conditional): 1.0% gross (fixed), earned daily from the date of your first deposit and paid once after 365 days, payable only if you complete a mortgage through Tembo Money Limited.
Keep in mind that if you withdraw all the money from your account, or have a balance of less than £1, the account will be closed.
Opening an account is your decision.
From Tembo Money’s page
You can withdraw money from a Tembo Fixed Rate Cash ISA, but doing so will incur a charge equivalent to 90 days' interest on the amount withdrawn.
New funds added to your Fixed Rate Cash ISA will instantly lock in for 12 months from the date they're added, at the rate available at the time.
If you've made further contributions to your Tembo Fixed Rate Cash ISA after the initial deposit, these deposits will have their own start date, interest rate and maturity date.
Opening an account is your decision.
From Tembo Money’s page
The Tembo Cash ISA is not a flexible ISA.
Your allowance applies to all your ISA accounts, so be sure not to go over the £20,000 if you're saving and investing with multiple providers.
Opening an account is your decision.
From Tembo Money’s page
If you withdraw money for any reason other than buying your first home (up to £450,000, anywhere in the UK) or for retirement, a 25% government penalty applies, meaning you may get back less than you paid in.
That's an underlying 3.55% AER (variable) + 0.45% AER (fixed) for the first 12 months.
You can only pay into one Cash Lifetime ISA or one Stocks & Shares Lifetime ISA every tax year (April 6th to April 5th).
You can save up to £4,000 per tax year, and the government gives you a free 25% bonus (up to £1,000) on top of what you save.
Opening an account is your decision.
From Tembo Money’s page
Complete your mortgage within 3 years to unlock and receive the bonus you earned during the 12 month period.
Worth knowing: If you close your account before the 12 month bonus period ends, or before your mortgage bonus is paid into your account, you'll forfeit the bonus.
Anything paid in after your 12 months are up won't earn a bonus.
Opening an account is your decision.