New Tembo Cash ISA?

Blackbriar_040

Anyone else receive a email from Tembo, inviting them to join a waiting list for the lauch of a new Cash ISA?

No mention of interest rate, but, email states,

Want faster access to your cash, or to save more than £4,000 tax-free each year? Maybe you need to save towards a holiday rather than your home or retirement. We've got you covered. ✨

This summer, we're launching our new Cash ISA to enable you to save more, earn tax-free interest and enjoy ultimateflexibility. Join the waitlist today to follow the launch and get access to exclusive cash back deals.

Will be interesting to see if they match the current Trading212 rate or could they go one better?

WillPS

Their LISA interest rate is market leading, so maybe. We will see!

Blackbriar_040

Not anymore, The recent Moneybox LISA increase (5.00%) beats the Tembo rate (4:30%)

WillPS

Blackbriar_040 said:

Not anymore, The recent Moneybox LISA increase (5.00%) beats the Tembo rate (4:30%)

Only for the 1st year. And (I think) they'll only let you transfer an existing LISA in once ever, so if like me you've already used up your Moneybox bonus year then Tembo's market leading underlying rate is the best option.

WillPS

[apologies, posted in the wrong thread!]

WillPS

Received a preview invitation for this today. 4.75% easy access. Transfers not supported yet.

Seems to be aimed mostly as a convenient way for LISA savers to save more than £4k

Terms are here for anyone interested:
https://tembo.cdn.prismic.io/tembo/Z1l0g5bqstJ98UBt_%5BCOMPLETE%5DCashISAKeyFeaturesDocumentv1.0-September2024--1-.pdf

I don't think I'll be jumping on just yet though.

friolento

Rate now 4.8% (var). Transfers-in now supported.

dcs34

From next Tuesday 18th February 2025, the rate on our Cash Lifetime ISA is changing to 4.55% AER (variable). This is in response to the Bank of England's decision last week to cut the base rate by 25bps to 4.5%.

And, as always at Tembo, this isn't an introductory rate - so there's no drop-off after 12-months. That means after 5-years of saving, you will still be hundreds better off with us than with the closest competitor

Babycakes

How do I find my Tembo Cash ISA account number if I want to transfer out?

smpNWI

Babycakes said:

How do I find my Tembo Cash ISA account number if I want to transfer out?

I tried to find mine and even asked the AI chatbot for it. It made up some information and when I challenged it because it made no sense, it took ti back.

Between ChatGPT customer service (obviously full of errors) and apps that don't tell you your account number (unheard of if you ask me), I am having second thoughts about continuing to use Tembo and I'm glad I haven't transferred anything in yet.