As a Fixed Rate ISA, the Tembo Fixed Rate Cash ISA is not designed to be an account where you can make as many withdrawals as you like. By depositing your money into this account, you’re agreeing to lock away your money for 12 months to benefit from a fixed rate of interest for that period. If you need access to your money, consider using an easy access Cash ISA instead. That way, you can make as many withdrawals as you like without incurring a charge.
You can withdraw money from a Tembo Fixed Rate Cash ISA, but doing so will incur a charge equivalent to 90 days’ interest on the amount withdrawn. Each lump sum of money paid into the account is classed as a separate ‘deposit’, and will be withdrawn separately and subject to a separate withdrawal charge on the amount withdrawn.
When you make a withdrawal, you select which deposit(s) you want to withdraw. This is the full amount of the deposit(s) you select - partial withdrawals are not permitted. For example, if you opened the account with £500, then put in £1000 later on, this is classed as two ‘deposits’ which you would withdraw separately. If you choose to withdraw the first £500 deposit, you will have to withdraw the full £500 amount, not £250.
To withdraw money from your Fixed Rate Cash ISA, you can initiate this via the Tembo app. Once withdrawn, the funds from your Tembo Fixed Rate Cash ISA will be paid to the UK current account linked to your Tembo account. Please be aware, withdrawals may take up to 5 working days to be processed.