Yes. Your money is held in bank-level security accounts with major UK banks, and we use strict ring-fencing to ensure your funds are always separate from ours.
Where is my money actually held?
Tembo is a savings provider, not a bank. This means we don't hold your cash ourselves. Instead, we partner with major financial institutions to keep your money safe.
Currently, your funds are held with:
Barclays
Bank of Scotland
Aldermore Bank (effective from 31st March 2025)
Shawbrook Bank (effective from 31st March 2025)
"Ring-fencing" explained
We follow strict FCA rules that require us to "ring-fence" customer funds.
Your money is yours: It is kept completely separate from Tembo’s own business funds.
We can't touch it: We can never use your money to pay our own bills or debts.
If Tembo closed down: Because your money is ring-fenced, it would still be safe with the partner bank and returned to you.
How FSCS protection works for you
Because we work with partner banks, your money is protected by the Financial Services Compensation Scheme (FSCS).
Cash ISAs / LISAs: You are protected up to £120,000 per eligible person, per bank. By spreading your funds across multiple partner banks, we can often help you protect amounts larger than this single limit.
Stocks & Shares LISAs: Units are held in a fund managed by BlackRock (FCA-authorised). These are FSCS-protected up to £85,000.
Note: FSCS protects against firm failure, not investment performance. Investments can go down as well as up.
Fraud protection technology
We use state-of-the-art fraud detection systems to monitor transactions 24/7. If we spot unusual activity, we act immediately to secure your account.
We're here to help
We know that safety is the number one priority when saving for a home. If you want to know more about how we handle your data or funds, our support team is on hand to explain the finer details.
Next Steps:
Check your coverage: Read more about FSCS protection here.
Get in touch: Message us via the app or using the chat icon on the bottom-right corner if you have specific safety concerns.