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Advice and answers from the Tembo Team

Search results for:homesaver

What is the HomeSaver™?
HomeSaver™ is a high-yield savings account designed specifically to help you build your house deposit faster. By combining a competitive interest rate with exclusive bonuses, we help you bridge the gap to homeownership sooner… How HomeSaver™ helps you… Unlike a standard savings account, HomeSaver™ is built with one goal: making home happen
Can I close my HomeSaver™?
Yes - to close your HomeSaver™ initiate a full withdrawal via the app
Who can open a HomeSaver™?
To open a Tembo HomeSaver™, you must be aged 18 or older and either: A resident of the UK; or
How does the HomeSaver™ interest work?
The HomeSaver account offers a market-leading 5.75% AER (Variable) to help you build your house deposit faster. This rate is specially designed to reward you for consistent saving and for choosing Tembo to help you buy your home… out in a lump sum as long as you keep your account open for the full 12 months. 1.20% AER HomeSaver… its 365-day anniversary (and, for the HomeSaver Bonus, once your mortgage has completed)
How does the HomeSaver™ bonus work?
Your HomeSaver bonus period lasts for 12 months from the day you open your account… To unlock your HomeSaver bonus, you’ll need to complete a mortgage (or remortgage) with Tembo… Please note, the HomeSaver bonus is different from the fixed introductory bonus earned for the first
Examples of using a HomeSaver™
How they use the HomeSaver™ Month 1: Ella opens a Tembo HomeSaver™ and starts saving £300 per… 🗓️Month 12: The HomeSaver bonus unlocks and is paid directly into the HomeSaver™ account… How they use the HomeSaver™ Month 1: Adam opens a HomeSaver™ and saves £400 a month
How do I fund my HomeSaver™?
Is the interest tax-free?
The HomeSaver™ isn’t an ISA, so the interest may be taxable depending on your circumstances and Personal… Do I need to pay tax on the interest earned from my Tembo HomeSaver™?… The HomeSaver™ is a general savings account, so it’s not held within an ISA wrapper
Where is my money kept?
Your HomeSaver™ funds are held on trust with one or more UK banks… Right now, HomeSaver™ money is deposited with Lloyds Bank Plc
What if I’m buying with someone else?
Only one HomeSaver™ bonus is available per mortgage application