Lifetime ISAs
If you have a Tembo Lifetime ISA, if you decide that you no longer want your account, you can cancel within 30 days of opening the account without incurring the 25% government penalty charge. Doing so means your account will be closed and any funds you withdraw won’t count towards your current year’s ISA allowance. Keep in mind that if you open a Stocks and Shares Lifetime ISA, you may get back less than you put in depending on how your investments have performed since you opened the account. The refund process for a Tembo Lifetime ISA begins once you request a cancellation. Funds must first clear before the cancellation can be fully processed. Refunds are typically processed and sent to your bank account within 1-5 working days, and the entire process can take up to 10 days in some cases.
Tembo ISA cancellations involve specific fund-handling processes, including refund timings, allowance implications, and steps for ensuring a smooth refund process.
If you close your Lifetime ISA after 30 days, the 25% government penalty charge will be deducted from the funds you withdraw, meaning you may get back less than you paid in. You also won’t be able to pay into another Lifetime ISA in the same tax year. If funds are scheduled for contribution but fall within the 3-working-day window, Tembo can stop the allocation and issue a refund back to your bank account. This refund typically takes a few working days to process after initiation.
Cash ISAs
If you have a Tembo Cash ISA, you can cancel within 14 days of opening the account. Doing so means your account will be closed and any funds you withdraw won’t count towards your current year’s ISA allowance. If you close your Cash ISA after 14 days, the withdrawn funds will still count towards this year’s ISA allowance. Once you've closed your Tembo Cash ISA, you may not be able to open another Cash ISA with Tembo. Refunds typically take 1-5 working days to process and any interest earned during the initial 14-day window will not be included in the refunded amount. The refund process begins once you request cancellation, and funds must clear before the refund is initiated. Updates on the progress of your refund will be provided throughout the process. In cases of incorrect personal information, funds are usually returned following the same timeline, but contacting customer support may be helpful for resolving discrepancies.
Fixed Rate ISAs
If you have a Tembo Fixed Rate Cash ISA, you can cancel within 14 days of opening the account. Doing so means your account will be closed and any funds you withdraw won’t count towards your current year’s ISA allowance. If you close your Fixed Rate Cash ISA after 14 days, the withdrawn funds will still count towards this year’s ISA allowance, and you will incur a withdrawal charge equivalent to 90 days’ interest.
HomeSaver™
You can cancel this account within 14 calendar days of opening it by initiating a cancellation in the app. If you cancel within 14 days, your account will be closed, and any money you’ve paid in will be returned. No interest will be paid for this period. You'll need to get in touch with us via the app to initiate this.