Yes, you can also have a Fixed Rate Cash ISA and a Cash ISA at the same time. An easy access Cash ISA like the Tembo Cash ISA can be a great way to save up an emergency fund or save for short-term goals, while still having easy access to your money.
While you can also use a Fixed Rate Cash ISA to save up for anything, you have to be happy to lock away your money for 12 months. This makes Fixed Rate ISAs best suited for money you know you won’t need access to for the full term, or for long-term goals. 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you withdraw your funds before the 12-month term has ended, this will result in a 90-day interest penalty on the amount withdrawn.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.
With the Tembo Fixed Rate Cash ISA you can lock in a 4.27% AER (fixed) rate for 12 months. You can also add more money later on! New funds will instantly lock in for 12 months from the date they're added, at the rate available at the time.
Just remember that across all your ISA accounts, you can only save up to £20,000 each tax year, which includes all the accounts you have with different providers.
Tax treatment depends on individual circumstances and may be subject to change in the future. Must be 18-39 to open a LISA. Ineligible withdrawals may return less than paid in.