🏡 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 Tembo’s bonus.
How they use the HomeSaver™
🗓️ Month 1: Ella opens a Tembo HomeSaver™ and starts saving £300 per month. Their savings earn 3% variable interest, which accrues daily and is paid monthly into her account.
🗓️ Month 3: Ella completes their mortgage through Tembo and moves into their new home.
Even though Ella has already bought a home, they keep their HomeSaver™ open until month the account has been open for 12 months.
The 2.5% Tembo bonus continues to accrue up until month 12, then stops accruing after that point.
🗓️Month 12: The bonus unlocks and is paid directly into the HomeSaver™ account.
✅ Result: Ella benefits from daily interest, monthly growth, and the full Tembo 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 balance earns 3% variable interest, accruing daily and paid monthly - they see their progress every month.
🗓️ Month 12: For the first 12 months, Adam's balance also earns a 2.5% Tembo 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 2.5% bonus is paid to the HomeSaver™ upon completion.
✅ Result: Adam grows their deposit with steady savings, earns interest monthly, and receives her Tembo bonus when they completes their home purchase.