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Tembo HomeSaver Account 5.75% - advice/thoughts?
Comments
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Yes I agree, the wording is a bit strange. What I don't know is if you have £20K + interest, say total £20100 and withdraw £1000, whether they limit the amount you can replace as £1000 or £900. Am not quite willing to test this out at the moment and leave things as is.
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Given the interest earns interest I would say this is a moot point as (for most people) keeping money in there is a worthwhile thing. But presuming it's coded similarly to flexible ISAs/more favourably to Tembo, you'll probably be withdrawing the interest first (and therefore not affecting the £20k deposit limit, so not able to replace it).
Just to further reassure the previous poster, since I've opened my HomeSaver I have deposited £100, withdrawn £10 (which arrived in ~ 3 hours on a weekday afternoon), and deposited £4910. The "deposit limit" section (which also says this is "the maximum you can deposit net of withdrawals") very clearly states I have used £5k with £15k remaining (i.e. the £10 withdrawn and then re-deposited has been tracked correctly).
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You are probably right as to how it may work making withdrawals when fully subscribed with interest. Hoping that I don't have to test it out and get full interest with bonus for the year.
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Withdrawals are certainly not instant and I am into my second day of waiting for mine.. Their publicity states "Access your money whenever - Withdraw anytime - no limits, no penalties" but they do not use the phrase instant access, so my mistake in making that assumption :-(
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They do say 2 days. I checked my withdrawal made on 8th April, in my linked account at 6 pm 9th April, so hopefully yours will be by this evening. I've only done the one withdrawal to test the system.
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Update - mine came in this afternoon, so 2 days it is…
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Glad you are sorted within the time frame they state, and at least now you can be prepared for future withdrawals. I think many of us expect instant access these days, and surprised when it's not. Reading all the t's and c's (although Tembo's are lengthy, confusing and wrong in some instances) is necessary so that you totally understand the product.
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Here's my experience of how the Tembo account works.
I put in the max amount £20k.
Waited until I had more than £10 of monthly interest credited to the account after several weeks.
Withdrew all the interest that had been credited £50.17. This does not include any part of the bonus or home saver interest.
Noted the time it took to arrive - days, not instant.
Read on this forum that you could get interest on the interest on sums greater than the £20k max deposit amount, so decided to leave all future interest untouched, unless I needed the dosh.
Then got confused over the next few weeks about the chat on here about how Tembo treated withdrawals.
Logged into my account and noted it said I could still deposit £50.17....i had withdrawn an amount equal to my interest received, but they had taken it from my capital. Overall amount of cash in my account was still the same.
Tried to deposit £50.17 but the app would only allow me to add wole amounts, so £50 was put back.
Hope this step by step helps explain what is going on.
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3 x w/d so far.
1. requested 1200 day 1, received 1530 day 2
2. requested 0800 day 1, received 1500 day 1
3. requested 0845 day 1, received 1600 day 1
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Thank you so much for that info, very good to know.
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