Withdrawing from a Tembo Lifetime ISA:
The time it’ll take to withdraw your Lifetime ISA savings can vary depending on your provider, but the sooner you let them know you’re ready to buy, the better. At Tembo, we recommend giving 20 days' notice to ensure your funds are released in time. Please note that for ineligible withdrawals for a Lifetime ISA, it'll take 30 days for the withdrawal to land with you.
You can tell us you'd like to withdraw your money in the Tembo app. We recommend you do this as close to 20 days ahead of completion as possible to allow us enough time to process the request.
Withdrawing from a Tembo Cash ISA:
With the Tembo Cash ISA, once you’ve requested your money to be withdrawn from the account. You can withdraw some or all of the balance held in your Cash ISA. The minimum amount you can withdraw is £10 (or the remainder of your balance if less than £10). The withdrawn money will land in your linked UK current account. Please be aware, withdrawals can take up to 2 business days to be processed.
Please note, the Tembo Cash ISA is not a flexible ISA, so if you do make a withdrawal, the amount taken out cannot be replaced and will still count towards your annual ISA allowance. If you take money out of your Tembo Cash ISA, you will lose the ISA tax-free status on any money withdrawn or transferred to an account that is not an ISA, which means you might need to pay tax on any future interest you earn on that amount.
Withdrawing from a Tembo Fixed Rate Cash ISA
With a Tembo Fixed Rate Cash ISA, once you’ve requested your money to be withdrawn from the account, this can take up to 5 working days to be processed. Please note, if you withdraw your funds before the 12-month term has ended, this will result in a 90-day interest penalty on the amount withdrawn. This may mean you get back less than you originally deposited.