Already have a Lifetime ISA that you'd like to move across to Tembo? We'd love to have you join us, so we want it to be as easy as possible.
All you need to do is start the sign up process in the Tembo app and where prompted, let us know that you already have a Lifetime ISA you'd like to transfer.
We'll ping you an email with the transfer form to complete—it's a two minute digital form that you can fill out on your phone or computer. We'll then take care of the rest and keep you updated!
- The UK government has a rule that you can’t pay into more than one Lifetime ISA each tax year (which runs from April 6th to April 5th).
- When you transfer to a Tembo Lifetime ISA, you’ll be able to access all the features in the full version of the app.
- You can contribute up to £4,000 to a Lifetime ISA every tax year, but there’s no limit on how much you can transfer. E.g. If you have £10,000 in your current LISA, you can transfer it all to a Tembo LISA straight away. If you’ve contributed to your current LISA since April 6th 2022, those contributions will be a part of this year’s £4,000 limit when you open your Nude Lifetime ISA.
- It could take two to six weeks to transfer, and will depend on how quickly your current LISA provider can do this. While you wait, you can still edit your home goal in the app.
- As soon as it’s ready, you’ll see your LISA in the app and we’ll send you an email.
- Then, connect your bank and set up your first Direct Debit to unlock the full Tembo app.
Tax years and annual allowances are confusing, right? We've put together these examples to help explain how these work with transfers a bit more clearly:
You had £10,000 in your LISA before April 6th 2022 and haven’t paid anything in since. You can transfer the full £10,000 with no 25% government withdrawal charge. You can also save or invest up to £4,000 into your Tembo Lifetime ISA this tax year.
You had £8,500 in your LISA before April 6th 2022. You paid £1,500 into your Lifetime ISA since the beginning of this tax year (April 6th). You can transfer the full £10,000 with no 25% government withdrawal charge. You can also save or invest up to £2,500 into your Tembo Lifetime ISA this tax year. That’s £4,000 – £1,500 = £2,500.