Yes, your money with Tembo is FSCS-protected - a.k.a the Financial Services Compensation Scheme - through our partner banks. Tembo is also authorised and regulated by the Financial Conduct Authority (FCA) and as such abides by strict governance and compliance rules.

How does this work?

The money in your Tembo Cash ISA or Tembo Cash Lifetime ISA is held with our partner banks - Barclays and the Bank of Scotland. This means if Tembo were to fail, your money would still be securely held with them. If one of these banks we partner with were to go into default, your money would be protected through the FSCS scheme - up to £85,000 per eligible person, per bank. Please note that any interest which is due but not paid is not protected by the FSCS.

This £85,000 limit applies to the total amount of money you hold at any one bank, whether it is deposited by Tembo, by other providers, or by you directly with the bank. So for example, if you have a Barclays current account, the funds held in this account will take up part of your £85,000 claim limit for Barclays.

The proportion of your Tembo savings held with each of our partner banks can vary over time. We frequently move funds between our partner banks, and the banks we use may change over time too. We do this to ensure we can always access the best savings rates, which we can pass on to our customers. Because of this, we’re unable to disclose exactly how much of your money is held in any given bank.

Similarly, if you have a Stocks & Shares Lifetime ISA, the units held are in a fund managed by BlackRock Fund Managers Limited. This is an FCA-authorised fund and the units held are FSCS-protected, up to a value of £85,000. Please note that the FSCS protection applies per individual - you cannot claim if the shortfall or loss was a result of an investing risk. The FSCS will not accept any claims for investment underperformance or losses.