You can make multiple deposits into your Tembo Fixed Rate Cash ISA at any time, as long as you stay within your £20,000 annual ISA allowance.
However, it's important to understand how these new deposits work, as it's different from a simple easy-access account.
How new deposits work: a new Fixed Term for each deposit
Think of your Tembo Cash ISA as a "wrapper" that can hold one or more "fixed terms" inside it.
Your first deposit
When you first open and fund your account, you create your first 12-month fixed term. This starts earning interest and is locked for 12 months.
Adding more money
When you add more money later, you are not "topping up" your original fixed term. Instead, you are creating a new, separate 12-month fixed term that sits inside the same ISA wrapper.
This is by design, and there are two main reasons for it:
Each deposit has its own term: Your new deposit will be fixed for a full 12 months from the date it is added and will have its own maturity date.
The interest rate may be different: The interest rate for your new deposit will be the fixed rate we offer on that day, which could be different from the rate you received on your first deposit.
What to expect in the app
When you go to add more money, the app will guide you through a flow that looks very similar to when you first opened your account. This is because you are locking in a new fixed term.
You will be asked to:
Select a "fixed term" product (even if it's the same rate as before).
Review and agree to the legal documents (like the Key Features Document and T&Cs) for that new term.
We understand this can look like you're "opening a brand new account," but don't worry!
You are simply agreeing to the specific terms for your new deposit. This new fixed term will be opened within your existing Cash ISA wrapper, not as a second, separate ISA.
For example:
On October 1st, you deposit £5,000 at 4.27% AER. This creates 'Fixed Term 1,' which is fixed until October 1st of the next year.
On December 15th, you want to add another £3,000. The fixed rate available on this day is still 4.27% AER.
You tap "New deposit," go through the flow, and agree to the terms.
This creates 'Fixed Term 2' with £3,000, which is fixed until December 15th of the next year.
Your single Tembo Cash ISA now holds two separate fixed terms, both earning 4.27% AER but maturing on different dates.
Please note 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.