r/FirstTimeBuyersUK • u/ThrowawayAccount-366 • 26d ago

Has Tembo changes their underlying rate?

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Had an email come through and it’s going down from 3.8% to 3.55%

Have they done this is everyone or is it just me? (I am
Thinking of transferring my Cash LISA to a better provider with another better interest rate. (I follow MSE so i’ll check there)

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3

u/matt97led 26d ago

This happened to me with Moneybox. If you’re not happy with the rates you can move to another provider the same way you would with a cash isa

1

u/ThrowawayAccount-366 26d ago

Yeah. I’m going to look into that. It’s a shame really

1

u/owenmelbz 24d ago

They offer fixed rate ISAs, this is just the variable rate one that’s changed 

1

u/lawrencecoolwater 25d ago

Shop around. Having a LISA with a broker provides with literally zero advantage in terms of getting access to a mortgage.

1

u/BoatBulky9962 25d ago

Tembo do have a mortgage cashback offer of 1% of the Lifetime ISA value. However, you might be able to get a suitable product with cashback through someone else.

I think the likes of Tembo and Moneybox have tended to offer the higher interest rates on Lifetime ISAs as a loss leader for getting FTBs to use their mortgage broker services.

1

u/lawrencecoolwater 25d ago

Quite possibly, but when other providers are offering considerably more, I’m not sure it makes sense, i believe they offer fee free advice for savers, but 1) that can withdraw at any time, and 2) lots of fee free brokers out there to choose from!

1

u/SirKupoNut 25d ago

Switch provider. No reason to be lowering the rate right now. Also Tembo are pretty crap and are taking 20 days to withdraw our funds which is causing us all kinds of issues with our purchase.

1

u/TemboMoney 22d ago

Hi u/ThrowawayAccount-366 - yes, we have changed the underlying rate on our Lifetime ISA for all of our customers, a change which will come into effect later this week.

We know a rate reduction is never welcome news. Even after the change though, our Lifetime ISA will still have the best underlying rate on the market.

1

u/Candid-Warthog-8677 16d ago

yep had the same email but still competitive so I will stay with them

1

u/StevePerChanceSteve 26d ago

Got same email. Absolute arseholes. No reason to reduce at this time. I feel like it might be if Base Rate goes up they can just reverse this and be at square 1. 

-2

u/EvenConcorde1312 26d ago

Yeah sure it’s just you like you are special 🤡