Your money is held with our partner banks and kept separate from Tembo's own money. Cash savings are also protected by the Financial Services Compensation Scheme (FSCS), up to set limits.
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 hold it with our partner banks. Our FSCS information document lists which banks hold the money for each product. We update it whenever this changes.
"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, we would return it to you or, for ISAs, move it to another ISA provider where possible.
How FSCS protection works for you
Because we hold your cash savings with partner banks, they're protected by the Financial Services Compensation Scheme (FSCS).
Cash savings: You are protected up to £120,000 per eligible person, per bank. This limit includes any money you hold directly with the same bank. If a bank failed, payment could take up to three months, because your money is held in accounts in Tembo's name.
Stocks & Shares LISAs: Your investments are held in a fund managed by BlackRock. If BlackRock or Tembo went out of business and you lost money as a result, the FSCS may pay compensation of up to £85,000 per person, per firm.
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.
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.