Tembo HomeSaver Account 5.75% - advice/thoughts?

dcs34

Now even more unequivocal from "R":

Yes, I can confirm that making any withdrawals from the account does not have an impact or any implications on the interest rate that you receive.

I'll feedback the information you picked up from our Terms & Conditions as this was an old condition of the account and should have been removed.

Apologies for the confusion.

ToastLady

@dcs34
Thank you so much for that information. That is a welcome bit of news for those who do want the extra 1%.
When I get time, I'll go back through my posts where the forfeit was mentioned and amend.
Absolutely ridiculous that they had not removed old conditions from their T's & C's and they very possibly have lost business due to this.
I've edited a couple of my posts. If I've missed any let me know please?

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82011946#Comment_82011946

Well thank you for your help and advice in the first place (and to others!) - I wouldn't have opened it otherwise so glad that has worked out for everyone.

I think they could do with a full review/update to the T&Cs document where it mentions the HomeSaver as there is a lot in there which is completely absent from the main account summary and product information…I think it's just been left either out of date when they (re)launched it with the 1% Mortgage Bonus or it's based on an older 'draft' version of the account!

PandaInLondonZoo

Late to the party, but just sharing my 2 pence.

If anybody would like to read some of the 1 star reviews of Tembo money (from say a year ago), you might see people complaining about Tembo dropping their high interest rate quicker than BoE's base rate.

(Raise hand to symbolise I was one of those grumpy people.)

So, interpret that however you like. I'm just weary that they'll do that again.

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82013842#Comment_82013842

Oh for sure. Worth noting as well that some people may have (or could have) slightly different interest arrangements for their HomeSaver account, depending if their base rate is a tracker or not per 60.1 a) of the T&Cs:

I don't know which version(s) Tembo have offered at different points - the one I opened a few days ago is the 'Base Rate (Variable) type.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82013883#Comment_82013883

They absolutely may drop the their base rate, as many institutions do. Just have to keep an eye on things. Worst comes to worst, if they do, and there are better rates around, take out your money, but leave at least £10 to get the introductory bonus rate as per their T's & C's. Speaking of which, wonder how long it will take them to amend them.

epm-84

https://forums.moneysavingexpert.com/discussion/6666500/tembo-homesaver-account-5-75-advice-thoughts

Be aware the 1% bonus if you take out a mortgage is the same offer as they provide for the Lifetime ISA. If you have a Lifetime ISA and have opted into the bonus, the app tells you that you must opt out of that to be able to open the Home Saver Account. If you have more than £20k in your Lifetime ISA that may not be a sensible move if there's a chance you'll take out a mortgage via Tembo.

DeepSporran

I may not be understanding this properly, but for anyone hoping to plonk £20000 in this account and just use it as a normal easy access account, please note the following:

The £20000 limit appears to be a limit not just on the max balance (with interest allowed on top). It is also a limit on the total value of deposits you have made in 12 months.

if you make any withdrawal and then later want to re-deposit some funds, you might not be able to if you’ve already made a total of £20000 in deposits, even if your current balance is lower than £20000

See the message I got when I tried out the withdrawal process:

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82024132#Comment_82024132

You can redeposit funds up to the max £20000. Am sure that message came up when I did a £10 test withdrawal shortly after opening account, and then later funded in full.

Check out https://www.datocms-assets.com/15134/1779875297-tembo-homesaver-summary-box-1-2d.pdf

You can withdraw money from your HomeSaver account by initiating the
withdrawal through the Tembo app. There is no limit to the amount you
may withdraw. Funds withdrawn can later be redeposited, up to the
maximum balance of £20,000.

DeepSporran

https://forums.moneysavingexpert.com/discussion/comment/82024159#Comment_82024159

Ah well, your experience proves me wrong. I think the message I saw is a bit misleading and I was surprised to see it. It seemed a strange rule !