With Tembo, the easiest way to keep building your first home fund and bringing down the time til you buy your first home is by setting up a monthly direct debit.
How much do I need to pay in?
The minimum monthly payment with Tembo is just £1 (unless you've already maxed out your LISA allowance).You can change this amount easily in app - just remember that you can only contribute up to £4,000 to your LISA in any given tax year.
What dates can I choose payments to be made?
We currently have four dates you can select in app for payments to be taken from your connected account:
If your chosen payment date falls on a weekend or public holiday, your payment will be collected on the next available working day.
How long will my deposit take to clear?
It takes two working days for your funds to clear into your Tembo account once they've been collected from your bank account. You can track this progress in app, and if you've enabled push notifications, we'll drop you a message once your funds have landed in your Tembo account!
How do I make changes?
Making changes in app is easy! Head to the Account tab in the app, and under ‘Your Monthly Contribution’ you’ll see the date and amount for your upcoming payment. Tap ‘Manage my contribution’ - You can then change the date the direct debit is taken from your account, the amount that's due to be taken, or both! Because we know not every month is the same when it comes to money, you can skip a month, too.
Please keep in mind that changes taken 5 working days to take effect (or 6 working days if this is your first direct debit payment to Tembo) - if your next payment is due within 5 working days of the changes you're making, they won't apply to that payment - only future payments.
Can I pay in a lump sum?
You sure can! Head to the Account tab and click ‘One-off contributions’ – this is where you can top-up your Lifetime ISA anytime with a one-off sum. We’ll stop you going over your Lifetime ISA’s £4,000 allowance, so don’t worry about accidentally topping it up too much! Once you have paid via this method, the money will show as pending in your account, and when it has reached us from your bank, you’ll see it added to your balance (and your Time to Buy will go down, too).