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Comments
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Not unless they offer you another boosted rate, which is pretty unlikely, but not impossible.
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I have no knowledge of LemFi which is top of the chart, but bonus rate only lasts 6 months. Tembo isn't instant, withdrawals can take 2 days.
If you want instant access, Spring at 4.3% is probably your best bet, but as I said, no idea about Lemfi, it may well be instant.2 -
Cahoot 4.17% AER are brilliant, instant access and very long notice of rate change
Spring 4.30% AER limits deposits to a maximum of £20,000
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Max 20k per transfer or in total in the account?
I have a cahoot account, I was tempted to Tembo given the rates, but if not highly recommended, I might transfer everything on cahoot for the time being!
Thank you for your replies!
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Not sure if you meant Spring or Cahoot. I have a note that for Cahoot you can make single payments from Cahoot of up to £24,999.99 (but not 25K) through Online Banking. You can only make £100,000 worth of payments in the same 24-hour period. Spring is 20K max for their Special Edition Easy Saver.
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Nothing wrong with Tembo, was just pointing out that it's not instant and can take 2 days. Just made the point in case you were looking for an instant account like Chase. I've got both Tembo and Spring accounts and have had no problem with either. There's a separate thread about Tembo.
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thank you
looking at tembo, it seems the max allowed is 20k?
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Yes £20K max. Read the T's & C's re interest payments.
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Yes this is correct, excluding any paid interest which can happily sit in the account in addition to the £20k deposits.
Unclear if/how Tembo enforce the limit but in practise any deposits above £20k won't earn interest so aren't worth trying to pay into the account in the first place!
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Hi. Were you eventually able to open a Lemfi savings account? I have the same problem, having deposited £10 in the main account over a week ago. Many thanks.
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I have the max £20K in (plus 1 month interest). Deposit Limit within the app, clearly shows that I can't put any more in. As deposits are app to your banks app, would suspect it just wouldn't allow any further payment. I haven't tried though and not going to.
Regarding interest payments, it's worth noting that you only get paid the base rate of interest (paid on the 8th working day of the month, check the separate Tembo thread for payment dates for this year). Introductory rate is paid on the next payment date after 365 days. HomeSaver Bonus Rate only if you apply for mortgage through Tembo. There is a handy daily payment bit where it shows what interest is due, and what has been paid.0
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