What’s the Tembo cancellation period?

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.

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 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 If you close your Cash ISA after 14 days, the withdrawn funds will still count towards this year’s ISA allowance.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. In cases of incorrect personal information, funds are usually returned following the same timeline, but contacting customer support may be helpful for resolving discrepancies.

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 If you close your Fixed Rate Cash ISA after 14 days, the withdrawn funds will still count towards this year’s ISA allowance, and you will incur a withdrawal charge equivalent to 90 days’ interest.