Tembo homesaver account

daz9643

MSE states you must keep the account open for one year to get the bonus, what it doesn’t say is that you must also apply for a mortgage within that year to get the bonus.

eskbanker

https://forums.moneysavingexpert.com/discussion/6683756/tembo-homesaver-account

There are two different bonuses, only one of which is conditional on taking out a mortgage, as clearly explained by MSE:

The Tembo Homesaver* account pays 4.55% on up to £20,000, including 3% variable + a 1.55% 12mth fixed bonus, which you only get if you keep the account open for at least 12mths. The underlying interest rate is paid each month, while the fixed bonus is paid after the 12mths are up.

Extra bonus for mortgage customers: This account also pays an additional 1% 12-month fixed bonus, but only to account holders who complete a mortgage or remortgage through Tembo's mortgage advice service in their first three years. The bonus is paid after 12mths if you complete a mortgage during this time, or straight after completion any time after 12-36 months from account opening. You don't get this bonus if you withdraw more than three times/yr OR if your deposit drops below £1,000 after the first year.

Money_Stitch

Tembo Home Saver

Perhaps there's confusion over which 'bonus' you're looking at. There are three parts to the potential interest earned:

The base interest (var) is paid monthly

The introductory saver bonus (fixed) accrues for 365 days and is paid out on the 8th working day of the next month cycle. To get the bonus paid out, the account must meet the minimum balance to remain open

The third element, the mortgage bonus (fixed), accrues for 365 days and is paid out on successful completion of a mortgage via Tembo within 3 years.

Various issues have been released, but the breakdown is something like 3% | 1.75% |1%. I think the current issue has the intro bonus as 1.55%.

Unlimited withdrawals, provided account minimum balance is met (£10, IIRC). Max deposit in is now 20K.