Can I withdraw money from my Tembo Cash ISA?
Yes, you can withdraw money from your Tembo Cash ISA at any time. It’s an easy access account, so we don’t limit how often you can withdraw or penalise you for doing so.
Will withdrawing money affect my ISA allowance?
No, withdrawing money does not reduce your ISA allowance.
However, because the Tembo Cash ISA is not a flexible ISA, any money you withdraw and later try to redeposit will count again towards your annual ISA limit.
Example:
If you deposit £10,000 and later withdraw £2,000, your remaining ISA allowance is still £10,000.
But if you then redeposit the £2,000, it counts as a new contribution - leaving you with only £8,000 of allowance remaining for the tax year.
If you’ve already used your full £20,000 allowance, you won’t be able to redeposit any money into your ISA in the same tax year - even if you’ve withdrawn it.
Other things to know:
Withdrawals typically take up to 2 working days to process.
Tax treatment depends on your individual circumstances and may change in the future.
How do I withdraw from my Cash ISA?
You can withdraw money from your Cash ISA through the Tembo app:
On the app's homepage select Cash ISA in the My account section
Scroll all the way to the bottom and select Withdraw choose how much you want to withdraw from your available balance.
To close your account, choose 'Withdraw All'. Confirm this selection to finalize the closure process.
If you're within your 14-day cancellation period, you'll see Cancel instead of Withdraw. Use the 'Cancel' option to close your ISA during this period without affecting your annual ISA allowance.
After your 14-day cancellation period is over, there will be a Withdrawal button for you to initiate withdrawals yourself.
Please be aware that withdrawing all your funds from your Cash ISA will automatically close your account. To keep your account open, just keep £1 in your Cash ISA!Additionally, withdrawals must be at least £10 unless your remaining balance is less than this amount.
Note that withdrawing and redepositing will count toward your annual £20,000 ISA allowance.Any earned interest will be paid to your linked bank account along with your remaining balance upon closure. Once closed, the account cannot be reopened.