Tembo completes acquisition of Lifetime ISA provider, Nude
We’ve got some exciting news to share! Today, we can officially announce that we have acquired the award-winning Lifetime ISA provider Nude. At Tembo, we are focussed on building an industry-leading homebuyer platform for buyers and remortgagers - providing our customers with the fastest and most financially efficient route to homeownership.
Nude’s mission aligns perfectly with our own - to help first-time buyers save up for a house fund sooner. This acquisition is the next step for us in helping more home buyers become homeowners. Together, we can continue to make home happen for the next generation, supporting our customers from the moment they start saving, all the way until they buy their first home.
Richard Dana (CEO of Tembo) and Crawford Taylor (Founder and CEO of Nude)
That's not all...we've also got the market-leading Lifetime ISA interest rate!
Saving for a home is one of the biggest hurdles first-time buyers face when it comes to homeownership. As part of our entry into the world of Lifetime ISAs, we wanted to introduce the rebranded Tembo Lifetime ISA with a bang. So we thought, what better way to do this than to reward our customers?
Now, savers who open a Lifetime ISA with us or transfer their funds over benefit from our 4.3% AER (variable) interest rate - and unlike other rates available on the market, there are no introduction periods. This means the rate will be the same for every year you have the LISA open, making it the best available Lifetime ISA interest rate for all the years you're saving - not just year one.
Open a Tembo Lifetime ISA today
Download the Tembo Lifetime ISA app to start saving towards your first home. We'll show you your time to buy, and handy tips to help you get there sooner.
Why have we acquired Nude?
Building up a deposit is one of the biggest hurdles first-time buyers face when it comes to getting on the ladder. Saving for your first home can take years - 10 years on average, to be exact. The average first-time buyer deposit now comes in at over £53,000 - an eye-watering sum, which is harder than ever to reach with cost of living pressures and rising rent.
Nude is making it quicker and easier for customers to put money aside for their first home. Their award-winning app enables customers to set savings goals, track spending and benefit from the government’s LISA bonuses. But that’s not all. With their proprietary, AI-driven insights, you can discover ways to cut down your time to buy, so you can be in a place of your own quicker.
We have been partners with Nude for a number of years now, and the acquisition was the natural next step. Our audiences are one and the same - we’re both trying to help first-time buyers get a place of their own, sooner. By embedding the Nude product into Tembo’s technology platform, we can support more buyers than ever into homeownership, from the first £1 saved all the way to getting their keys.
How do I open an account with Tembo?
To open a Lifetime ISA with Tembo, simply download the app for IOS from the Apple App Store or for Android from the Google Play store. Once downloaded, select ‘Sign up’ and follow through all the steps to open your Lifetime ISA account.
How do I transfer my money to Tembo?
It’s easy to transfer your savings, all you have to do is download the Tembo LISA app and sign up. Once you get to the ‘New to the Lifetime ISA game?’ section, select the ‘I already have a LISA’ option to kickstart the transfer. We’ll then send you a form via email, which you can fill in electronically (you’ll need to know your account number and current provider’s details), then we’ll take care of the rest. Please note, it can take up to 6 weeks for your savings to transfer over to us from your current provider.
