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.
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. For example, if you deposit £10,000, withdraw £2,000, and later redeposit £2,000, you would have utilized £12,000 of your £20,000 annual allowance.
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.
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.