The HomeSaver™ isn’t an ISA, so the interest may be taxable depending on your circumstances and Personal Savings Allowance.
Do I need to pay tax on the interest earned from my Tembo HomeSaver™?
The HomeSaver™ is a general savings account, so it’s not held within an ISA wrapper. This means the interest you earn may be taxable depending on your overall savings income and personal tax situation.
Tembo will report your interest payments to HMRC each year, as we’re required to do so. HMRC will then decide whether any tax is due based on your Personal Savings Allowance.
If you’re employed or receive a pension, HMRC may adjust your tax code to collect any tax automatically through your income.
If you earn more interest than your allowance and don’t receive a tax letter from HMRC by 31 March of the following tax year, you should contact HMRC directly.
For more details on how savings interest is taxed, visit the official HMRC guidance:
👉 gov.uk/apply-tax-free-interest-on-savings
Disclaimer: Tembo cannot provide tax advice. Your individual tax treatment will depend on your personal circumstances. If you’re unsure about your tax position, please contact HMRC or seek independent financial advice.