Tembo: HomeSaver account only available to Lifetime ISA holders who've opted out of bonus

epm-84

MSE currently have the Tembo HomeSaver listed as one of the top easy access accounts. I tried to open one earlier and was given a warning message saying to open it I must first opt out of the Lifetime ISA bonus, as you can't be opted into for two bonuses at once.

There isn't the option of opening a HomeSaver and opting out of the bonus. So if you've got more than £20,000 in a Lifetime ISA (the maximum you can put in a HomeSaver) it might not be the right account to open.

While I hadn't seen anything in the T&Cs about not being eligible for two bonuses, I wasn't surprised that came up. But I was surprised they actually block you from opening the account if you've opted into the Lifetime ISA bonus.

dcs34

I think you can open it without the bonus? You might need to message them. From memory they're happy to swap which account has the bonus if you message them.

(Tho they might have been being nice to me!)

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82022144#Comment_82022144

No the app says you've opted into the Lifetime ISA bonus, and you can only proceed with the HomeSaver account if you first opt out of the Lifetime ISA bonus.

If you can't choose to have it on the Lifetime ISA opposed to the HomeSaver then my point was you need to question if the HomeSaver is the right account, given the maximum balance on that account is £20,000, while you might have more than that in a Lifetime ISA.