Tembo HomeSaver Account 5.75% - advice/thoughts?

poolboy

Thanks yes the chase boost is just 12 months. My tembo credit was instant. I ll miss chase but I m sure there ll be others.

DIYhelp76

Hi ToastLady

Just wanted to say a quick thanks - your replies to my post are incredibly helpful and detailed. I've gone ahead and opened the Tembo account. Like you, I had Chase which was great but that rate has now dropped for me.

The Tembo set up was very fast and easy - you can't transfer money in direct via bank transfer and have to use their App to App which connects to your own bank, but that seemed to work fine.

If anyone else is interested, you can also refer friends to open the account - although the referral amount is decided randomly by them, between £10-£1,000 - they give a percentage breakdown of likelihood of getting £1K - very small, but you never know your luck!

Ssusiee

I opened a Homesaver last month with an initial £1 to see how long it took to pay in. No issues so paid in the full amount. Everything seemed good until I received my first month interest. Tried to withdraw it to my nominated bank account the payments came from but not allowing me to withdraw. Getting a ! not_available. Tembo chat are no help.

friolento

As of now, I am still waiting for my deposit from Sunday to be credited. Needless to say, I am unable to withdraw, too

friolento

https://forums.moneysavingexpert.com/discussion/comment/81987388#Comment_81987388

IIRC, the min withdrawal amount is £10. Deposit a bit more to get to £10, then it should work

That CS can’t help is rather worrying

Ssusiee

https://forums.moneysavingexpert.com/discussion/comment/81987397#Comment_81987397

Just been on the phone to them. Managed to get it sorted. 😀

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81987391#Comment_81987391

That's ridiculous, it should have been credited by now. Sorry you are having problems.
I have had no problems with deposits credited same day. I did do a test £10 withdrawal before I put in more money, and received next day to my nominated account.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81987453#Comment_81987453

Did they say what the problem was?

friolento

https://forums.moneysavingexpert.com/discussion/comment/81987391#Comment_81987391

My deposit got credited sometime this afternoon. Deposit day is today, not the day I actually deposited.

Whilst I am in there, I thought I test withdrawals. They tell me I will receive my money within 1-2 business days. I wonder when they will stop paying interest, as the withdrawal transaction is dated today. So I lost interest on the way in, and it looks I will lose interest on the way out, too. It's only pennies now as only a small amount is involved, but I immensely dislike the principle, and the larger AER % has lost a lot of its appeal.

If you aren't after true instant deposits and withdrawals, and don't mind losing interest, the account might be for you, but it really isn't for me.

ToastLady

@friolento
Sorry that you've had such a delay in having your account credited. Don't blame you with your experience to
give them a body swerve.
I don't have any screenshots, but double checked deposits from my sending bank (Halifax) and when credited to Tembo. I made 7 deposits, and all bar one, were credited on the same day. The one that wasn't credited same day was credited next day. All deposits were made on weekdays. I can't remember timings for payments made, usually, but not always, I do early morning.