You can make as many withdrawals from your Tembo Cash ISA as you would like, as it's an easy access account. We don't set an annual limit, or penalise you for making withdrawals.
Be aware that withdrawing the money and then depositing it again at a later date may impact your ISA allowance - meaning the ‘same’ money could be counted twice towards your annual ISA limit of £20,000. This is because the Tembo Cash ISA is not a ‘flexible’ ISA.
If you’ve already met the £20,000 ISA limit for this tax year, you won’t be able to deposit any more money into the account, even if you withdraw all your funds from the account within the same tax year.
Tax treatment depends on individual circumstances and may be subject to change in the future. Withdrawals typically take up to 2 working days to be processed.
How do I withdraw from my Cash ISA?
You can withdraw money from your Cash ISA through the Tembo app:
On the app's homepage select Cash ISA in the My account section
Scroll all the way to the bottom and select Withdraw choose how much you want to withdraw from your available balance.
If you're within your 14-day cancellation period, you'll see Cancel instead of Withdraw. If you need to do a partial withdrawal, you would need to let us know and we will be able to process this for you.
After your 14-day cancellation period is over, there will be a Withdrawal button for you to initiate withdrawals yourself.
Please be aware that withdrawing all your funds from your Cash ISA will automatically close your account. To keep your account open, just keep £1 in your Cash ISA!
Note that withdrawing and redepositing will count toward your annual £20,000 ISA allowance.