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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
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Specialist mortgages
Featured - Debt and your credit score
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In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
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Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
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This Black Friday, Tembo is offering a £100 cash bonus to anyone transferring their Lifetime ISA.
Lifetime ISA (LISA) customers could receive a £100 cash bonus thanks to a limited-time Black Friday offer from Tembo, a mortgages and savings platform.
Starting today (Friday 29 November 2024), this offer will run across the Black Friday weekend and end at 23:59 on Cyber Monday (2 December).
To claim the £100, customers simply need to request to transfer their existing Lifetime ISA (with a minimum balance of £5,000) to Tembo within this period. Tembo will then pay the £100 into the customer’s nominated bank account by the end of January 2025.
Customers need to keep their Tembo Lifetime ISA open for at least 12 months after transferring to keep this cash bonus.
Tembo’s Lifetime ISA also pays a competitive 4.75% AER, so any customers transferring their LISA to Tembo will receive an attractive interest rate in addition to the £100 bonus.
“Following a rocky couple of months since the Autumn Budget, the swap market remains volatile which has meant many lenders have been moving to increase the rates on their fixed rate mortgages. This news may be especially disheartening for first-time buyers with a limited deposit,” commented Caitlyn Eastell, spokesperson for Moneyfactscompare.co.uk.
“Tembo’s new £100 Black Friday offer will be a welcome boost for many prospective buyers looking to transfer an existing Lifetime ISA to a Tembo LISA,” she continued.
If you want to transfer your LISA to Tembo to benefit from the £100 cash bonus, it’s important to follow the correct ISA transfer process.
Don’t withdraw your funds from your existing LISA as this will incur a penalty charge and will affect your annual ISA allowance.
To transfer to Tembo, you need to say that you already have a LISA when you sign up. The provider will ask questions about your existing LISA and start the transfer process.
Bear in mind it could take up to six weeks for your LISA funds to be transferred to Tembo.
Last updated: 29/11/2024
Account Name: Tembo Cash Lifetime ISA
Interest rate: 4.75% AER
Transfers in: Lifetime ISAs, Stocks and Shares LISAs
Lifetime ISAs have come under scrutiny in recent years, which may lead some first-time buyers to question whether they’re the right option for them.
First-time buyers can only withdraw from their LISA to buy a property worth up to £450,000 without facing any penalty charges.
While this won’t be a problem for many first-time buyers, because house prices have increased but the cap hasn’t changed since the LISA was introduced in 2017, some borrowers have had to pay a 25% charge to use their LISA to get on the property ladder.
This is likely to particularly affect those wanting to buy in London, as the average first-time buyer home in London cost £456,000 in September 2024, according to the latest UK House Price Index . By contrast, this figure was £422,380 in September 2017 , which was below the Lifetime ISA cap.
There were hopes that the Government would address this issue in the Autumn Budget, but, as this didn’t materialise, the £450,000 cap remains in place.
Nevertheless, the perk of the 25% Government bonus means that Lifetime ISAs are still worth considering for many first-time buyers. Thanks to this bonus, you can get an extra £1,000, in addition to the interest paid on the account, on every £4,000 you deposit in a LISA each tax-year.
See our charts to compare Lifetime ISAs.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
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Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
With savers depositing £3.1 billion in ISAs in October, make sure your hard-earned cash is receiving competitive returns.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
The top rate for a two-year bond edges higher as leading notice returns dip below 5%.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year bond from new savings provider Vida Savings, and a 85% LTV two-year fixed mortgage from HSBC.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
With savers depositing £3.1 billion in ISAs in October, make sure your hard-earned cash is receiving competitive returns.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.