If you have a Tembo Lifetime ISA, then yes you can withdraw all your funds and keep your account open. To do this, you need to contact us at [email protected] after you’ve requested the withdrawal in-app and we'll arrange to reactivate the account for you.

If you have a Tembo Cash ISA, your account must have a minimum of £1 to stay open. So if you withdraw all your funds, your account will automatically close. But if you withdraw all funds except £1, your account will stay open.

🚨 If you withdraw funds from your Lifetime ISA or Tembo Cash ISA, and deposit those funds into a different ISA account, this could mean your money is counted twice towards your £20,000 ISA allowance for the tax year. This is because these accounts are not “flexible” ISAs, meaning you can’t withdraw and deposit the same funds within the same tax year without impacting your ISA allowance.

Please remember, if you withdraw your savings from your LISA to use for something other than an eligible home purchase or retirement, you’ll incur the 25% withdrawal penalty, which could mean you’ll get back less than you put in. In order to use your LISA for a house purchase, your conveyancer or solicitor must withdraw the funds on your behalf in order to avoid accidentally incurring the 25% withdrawal penalty.