🏡 Example 1: Buying early but still earning the full bonus
Ella’s goal: Buy their first home as soon as possible, but still make the most of the HomeSaver bonus.
How they use the HomeSaver™
🗓️ Month 1: Ella opens a Tembo HomeSaver™ and starts saving £300 per month.
Her savings earn 4.55% interest, made up of 3.00% AER (variable) paid monthly, and 1.55% AER (fixed) introductory bonus, which is earned daily and paid when their account has been open for 12 months.
🗓️ Month 3: Ella completes their mortgage through Tembo and moves into her new home. Even though Ella has already bought a home, she keeps her HomeSaver™ open until the account has been open for 12 months.
The 1.55% AER (fixed) introductory bonus rate and 1.2% AER (fixed) HomeSaver bonus continue to accrue up until month 12, then stop accruing after that point.
🗓️Month 12: The HomeSaver bonus unlocks and is paid directly into the HomeSaver™ account.
✅ Result: Ella benefits from daily interest, monthly growth, and the full HomeSaver bonus after it unlocks - even after they've already moved into their new home.
🏠 Example 2: Saving steadily before buying at month 16
Adam's goal: Build their deposit and buy a home in around 16 months.
How they use the HomeSaver™
🗓️ Month 1: Adam opens a HomeSaver™ and saves £400 a month.
Their savings earn 4.55% interest, made up of 3.00% AER (variable) paid monthly, and 1.55% AER (fixed) introductory bonus, which is earned daily and paid when their account has been open for 12 months.
🗓️ Month 12: For the first 12 months, Adam's balance earns the 1.55% AER (fixed) introductory bonus rate and the 1.2% AER (fixed) HomeSaver bonus, which stops accruing after month 12. However, they will continue earning the underlying interest rate on their balance.
🗓️Month 16: Adam continues saving until Month 16, when they complete a mortgage through Tembo.
Because Adam's mortgage completes within 3 years of opening a HomeSaver™, their accrued 1.2% Homesaver bonus is paid to their HomeSaver account upon completion.
✅ Result: Adam grows their deposit with steady savings, earns interest monthly, and receives their HomeSaver bonus when they complete their home purchase.