Transfer to the market-leading Cash Lifetime ISA

Lifetime ISAs are designed for first-time buyers who want to boost their house deposit, or people retiring over the age of 60 who want to boost their pension. To open a Lifetime ISA, you must be a UK resident, be aged between 18-39 and be a first-time buyer. The property you're buying must also be less than £450,000, and you must use a mortgage to purchase it (i.e. you can't buy it outright). You must also have your Lifetime ISA open for at least 12 months before you withdraw your money to buy your first home.

Yes, it’s super easy to transfer your savings to a Tembo Lifetime ISA, plus you’ll benefit from our market-leading interest rate! It only takes a few minutes to sign up through our app. Make sure you select the ‘I already have a LISA’ when you get to that stage. We’ll then send you a form via email that you can fill in electronically (you’ll need to know your account number and current provider’s details) then we take care of the rest. Please note that it can take up to 6 weeks for your funds to reach us from your current provider.

Yes, absolutely. If you already have a LISA, you can transfer your funds to us to take advantage of the higher interest rate. Transferring will only take a few minutes in the Tembo app, and your money will land in the account in 4-6 weeks (depending on how speedy your old provider is!). You can only pay into one Cash Lifetime ISA or one Stocks & Shares Lifetime ISA every tax year (April 6th to April 5th). So if you have paid into one Lifetime ISA already this tax year, but want to open and pay into another one, you can either transfer your funds to us, or wait until the new tax year begins on April 6th.

Yes, you can have both a Cash Lifetime ISA and a Stocks and Shares Lifetime ISA. But you can only add in money to one each tax year. Remember, each time you apply for a new Lifetime ISA you will need to meet the eligibility criteria for opening an account. At Tembo, you can only open either a Cash Lifetime ISA or a Stocks and Shares Lifetime ISA. So if you want to open both types, you can open an account with us, then open another one with a different provider in the next tax year.

No, you cannot open a LISA for your child, as LISAs are for adults aged 18-39. If your adult child or grandchild is saving up for their first home, you can give them cash to top up their Lifetime ISA, but they'll need to open an ccount. We've made it easy for you to contribute to their house fund with our Gift Link feature, allowing you to gift as little as £10. Plus your gift will also be eligible for the 25% bonus from the government!

Any savings you put into a Tembo Lifetime ISA are safe and secure, and are held in a banking-level security account. Your funds are also produced by the Financial Services Compensation Scheme (FSCS). This means your money is protected up to £85,000, in the event of a financial institution failing. Tembo is also regulated by the Financial Conduct Authority (FCA) which means we abide by strict governance and compliance rules.