We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Tembo - are they any good

Scruffy_Meee · 2025-03-20 12:00:22

I have never used just an online only account before and am looking at setting up a Tembo ISA to transfer my ISA across to, I am slightly nervous about an online only account and was wondering how people get on with the Tembo one? TIA

Comments

nottsphil Posts: 815 Forumite

Today at 2:01AM edited Today at 2:02AM

https://forums.moneysavingexpert.com/discussion/comment/81912989#Comment_81912989

But the account holder at these banks is Tembo, not us. Tembo would get £120,000 if one of those banks went bust surely, because that's the maximum the FSCS is liable for per company with an account there. And if Tembo itself went bust, as Chimerauk points out, they're not covered at all!

0