Cash ISAs: The Best Currently Available List

dcs34

I've just initiated a transfer from my Trading 212 ISA to Tembo.

So anyone thinking of opening one, hold off for a week or so as I'm sure they'll hike the rates just as soon as mine is open (again - had it with T212, Moneybox amongst others).

Stompa

Yellowman said:

I have opened a Tembo Cash ISA account but have not yet made a deposit.

Could this 'infinite loop' be caused by an overload of applicants?

I have no idea, but it looks more like a failure of open banking to me. Either way I've messaged them and am awaiting a response.

Angelica123

Stompa said:

Well I just opened a Tembo Cash ISA, but attempting a deposit into it seems to just get you into an infinite loop, so I'm distinctly unimpressed so far.

I own both Tembo LISA and cash ISA and have bad no issues paying in. 

Hal17

Does anyone know if the Tembo Cash ISA is a Flexible Cash ISA? I read that you can withdraw funds but not if you can replace those withdrawn funds. Thanks.

flaneurs_lobster

Hal17 said:

Does anyone know if the Tembo Cash ISA is a Flexible Cash ISA? I read that you can withdraw funds but not if you can replace those withdrawn funds. Thanks.

No, from their FAQ

Is the Tembo Cash ISA flexible?

Written by Polly

Updated over 2 months ago

No, the Tembo Cash ISA is not a flexible ISA.
This means that while you can make unlimited withdrawals from your account, if you withdraw funds and deposit them into an ISA again (with us or another provider) at a later date, the ‘same’ money could be counted twice towards your annual £20,000 ISA limit.

https://help.tembomoney.com/en/articles/10393318-is-the-tembo-cash-isa-flexible

Stompa

Angelica123 said:

Stompa said:

Well I just opened a Tembo Cash ISA, but attempting a deposit into it seems to just get you into an infinite loop, so I'm distinctly unimpressed so far.

I own both Tembo LISA and cash ISA and have bad no issues paying in. 

I've not got as far as even attempting to pay in, as I seem unable to connect my bank account to Tembo.

flobbalobbalob

I've just been looking for info on the Tembo website for terms and conditions for it's cash ISA. I couldn't find any T&C's but Its a very confusing site with contradictions on where your money is actually held. I stumbled across this info which I have not seen mentioned before - is this something to be worried about? 

What happens when my money is in transit? | Tembo Money Limited Help Center

jwelly

Trading 212 and Chip are really fighting it out.

Trading 212 - 5.25% for 3 months, then 4.5%
Chip - 5.03% for 3 months, then 4.32%

https://www.trading212.com/isa?cash-isa=&promo-code=TI
https://www.getchip.uk/savings-accounts/cash-isa

winkowinko

Moneybox too

5.25% for 3 months then 4.2%

Open a Cash ISA | 5.25%* AER (variable) | Moneybox | Save and Invest

pecunianonolet

They are all large honeypot offers. They lure you in with a high rate and once you are in the trap you realise very quickly that they have no harm pushing you over the cliff edge when the honeymoon phase is over with lower rates and only very small in the T&C's they tell you about all the further restrictions. 

E.g.

- Not be able to open a Chip ISA "ever" again
- Moneybox can't welcome you back, apparently for technical reasons once transferred out
- Trading only gives you a slightly higher rate in exchange for some risk by having to move from Cash ISA into S&S ISA 4.5% vs 4.6% but you have to accept QMMF's
- Tembo doesn't have proper and clear T&C's, only by contacting them via chat I found out that their notice period is 1 day and some other questions weren't answered at all
- CMC invest offers 4.85% and you do have to accept QMMF's
- Plum has so many watch outs that there isn't enough time to list them all, just stay away from them for ISA's (their customer service is terrible too)

Transferring larger sums can be risky and you may even have to accept losses, e.g. Moneybox only deposits funds the next working day after they received them so for sure one day lost, Tembo seems to be the same. Sometimes it is better to accept a slightly lower rate instead of chasing some short lived rate unicorns

Westbrom to Virgin took 2 days recently.

Monday afternoon instructions provided online to Virgin. Immediate acknowledgment of receipt of instructions. Tuesday morning, Westbrom sent me a text that they have received transfer instructions. Wednesday morning Virgin confirmed transfer complete and deposit made. Nothing lost of my £1.05 transfer away from Westbrom, which I opened last year speculatively but in the end never used.