How direct debits work
Direct Debit is available in our Lifetime ISA, Cash ISA and HomeSaver accounts.
Many of our customers choose to set up recurring monthly contributions to build their house deposit faster. You will be invited to set up a direct debit when you first sign up to Tembo, but you can also manage this later in your account settings.
When setting up your payment, you can select the specific date and the amount you want to be transferred into your account automatically each month.
Minimum contribution: The minimum monthly direct debit is £25.
Maximum contribution: You can choose to transfer as much as you like, provided it stays within your annual ISA limits or HomeSaver limits.
Processing time: It usually takes one working day after your direct debit is collected for the funds to land in your account.
Changing your payment details
We know that life can change, so we have made it easy to adjust your savings to suit your current budget. Through your account, you can:
Amend the date: Change which day of the month the money leaves your bank.
Change the amount: Increase or decrease your monthly contribution.
Skip a payment: You can skip your direct debit for up to three months at a time if you need a break.
Cancel: You can cancel your direct debit at any time.
Important: To make sure your changes take effect, please update your settings at least three working days before your next scheduled payment date.
Competitive returns on your savings
While you are busy saving, we make sure your money is working hard for you. We offer competitive rates across our range of savings products to help you reach your home-buying goals sooner.
You can view our current interest rates here.
Next steps
If you would like to set up or change a payment, simply log in to the Tembo app and head to your account settings.