Open banking is a UK government initiative and was created to provide a secure, quick and convenient way to manage your money. Companies that use open banking have to be regulated by the Financial Conduct Authority (FCA) and have to follow strict rules and stringent standards to keep your data secure. Over 10 million businesses and consumers are already using open banking in the UK. In fact, you may already be using it to pay your utility bills or use financial services from familiar high-street banks or providers like us.

At Tembo, open banking allows us to connect to your bank account, so in the event of you requesting a withdrawal from your Lifetime ISA, the withdrawn funds will be sent to the connected account by default. This is a mandatory part of creating a Tembo account and is used widely by other financial institutions.