Tembo HomeSaver Account 5.75% - advice/thoughts?

pfpf

deposits show on the day but are not cleared till "by the end of the next working day".

friolento

https://forums.moneysavingexpert.com/discussion/comment/81988341#Comment_81988341

the deposit date is lost once the transaction comes out of pending

DIYhelp76

Hi, sorry for the experiences others have had. I've made two deposits so far - one went in the same day. The other went in next day, but that's because it was submitted on a weekend. I think weekday/normal working day deposits (and presumably also withdrawal requests) might be best to aim for to avoid delays.

Also to confirm that the refer a friend system worked well and was "acknowledged" in the app quickly, though it hasn't actually been paid yet as they say it is still being processed. Just £10 for each of us, but pays for coffee treats!

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81993587#Comment_81993587

Glad that you've been happy with your Tembo experience, as I have. It's not good when people have problems, and must admit I felt a bit of guilt after stating my true life experience of dealing with them. Not tried the referral part so far.
It's certainly not a suitable account for instant withdrawals as in the likes of Chase, Zopa and numerous others. Am certainly hoping for another good offer in the coming months for an instant easy access account.
Tembo Homesaver is suiting me at the moment, as I may need money this coming year/next year, so am treating it as a sort of fixed account not to be touched until needed for a specific purpose. A 2 day withdrawal, or even several withdrawals over a period won't be a problem, just didn't want the money in a fixed or notice account. If I need the money before the Tembo year is up, I can always leave some in to get the bonus after 365 days, or raid other accounts. Pointing out that I am not in this for the mortgage bonus, and you need to check all the T's and C's to get that.

CeliaSeas

I opened the Tembo yesterday evening. I did not like the app! Was not expecting this 'no account numbers and grab money straight from your bank account on your phone' arrangement😮 Furthermore it seemed to be trying to make me set up a direct debit. I managed to suppress the urge to delete it there & then.

I logged in again today and felt a bit warmer about it, but I think I'll need to wait a few more days before I send my 20k there.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81996294#Comment_81996294

if you don't want instant crediting and instant withdrawlas, this account is fine.

The deposit by Open Banking is way safer than a Faster Payment as you don't have to worry about a sort code and account number. The DD is simply an administrative permit, they won't wake any money from you unless you authorise a specific amount.

CeliaSeas

https://forums.moneysavingexpert.com/discussion/comment/81996327#Comment_81996327

Thank you for the reassurance 😊 I've got the Chase 4.5% so can use that for monies that need to be instant.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81996341#Comment_81996341

I'm always a bit wary with new accounts with not so well known institutions and new apps. I started off with £10, realised I'd have to put in another £10 to withdraw, or account would be closed, so did that. Following day I withdrew £10, and when that appeared in my linked account, I felt more secure, and added more money in larger amounts over about a week or so. I should hopefully get my first interest payment today. Personally, I found the app very easy to use, and I am of an age where I am more a laptop and web browser user.
As discussed earlier, it's certainly not for anyone who needs instant withdrawals, but it's rate is beating notice accounts and just beating top 1yr fixed at the moment, and you can still access your money bearing in mind the 2 day withdrawal period.

CeliaSeas

Thank you @ToastLady, 😊 🙏🏼

I'm going to follow your strategy with the £10 to give me confidence and get me used to using the app.