Tembo - are they any good

wmb194

gardigest said:

If they are saying somewhere else that the rate does not drop after 12 months then that could come back and bite them, but it does not mean it will not drop during the 12 months.

Can you post a screeshot of the offending infoball?

Even if the infoball doesn't say explicitly "our rate doesn't drop after 12 months" it's trying to give that impression.

No, it's saying that it offers the same variable rate to everyone and doesn't offer temporary bonuses or have withdrawal or balance restrictions e.g., on some accounts the interest rate will drop if you make more than three withdrawals in a year or falls below a certain balance.

masonic

I do think they are on slightly shaky ground when they phrase it as "your interest rate won't drop after 12 months...", when what they mean is "we won't drop the rate on your 12 month anniversary", but as discussed, it would not be difficult to keep the promise as stated if they intend to drop the rate within those first 12 months.

Yellowman

Tembo is currently taking a long time to answer telephone enquiries. I have phoned a few times with waits of 10 minutes+.

VNX

gardigest said:

Baldeagle095 said:

Surely 4.80% in Tembo for 12 months is better than these promoted accounts of 5.25% for 3 months followed by 4.5% for 9 months?

I feel that Tembo's promise of a 4.8% rate for 12 months is a little misleading. They clearly state that it's not a fixed rate ISA. It's an easy access Cash ISA and therefore the 4.8% is variable (stated on their site). However, at the same time they say: "Rate doesn't drop after 12 months". This is the misleading part. I reckon this is referring to what generally happens with other ISAs whose rates drop drastically at maturity after one year (or more). Also, most banks have a FAQ section where it's clearly stated that the rate cannot change during the life of the product. Tembo do not have this FAQ. However, they do have another which confirms that the ISA rate HAS shifted over the last couple of months:
FAQ/Savings/ then about 25th question down: "What's the interest rate on Tembo's savings products?" You'll see the info in the paragraph "When did the rate last change?" Admittedly, though, they are doing well in keeping the rate relatively high - but it doesn't seem fixed to me. Please correct me if I'm wrong in my analysis because I, too, find their 4.8% promise very appealing. 

Do tembo promise 4.8% for 12 months? I’ve not seen this 

BreakingGlass

Just for reference: I opened the Tembo Cash ISA (4.8%) last Wednesday and requested a partial transfer from my Coventry ISA (4.3%).  Tembo came back to me within a couple of hours to say that Coventry required a signed/scanned/emailed transfer declaration, which I completed and sent back straight away.  The funds are today showing in my Tembo account as 'funds received', with a note to say that interest will be added to my account when the transfer is complete.  No problems so far; I will provide further update here once it's all sorted.

PlatinumChaos

Sorry if I've missed this somewhere in the thread, but what's the timescale within which you have to make your initial payment into a cash ISA with Tembo? Thing is, I've maxed out my 24/25 ISA allowance, but I'm wondering if I could take advantage of the 4.8% offer by opening an account now and make an initial deposit into it on 6 April. Or is that too long/not possible?

masonic

PlatinumChaos said:

Sorry if I've missed this somewhere in the thread, but what's the timescale within which you have to make your initial payment into a cash ISA with Tembo? Thing is, I've maxed out my 24/25 ISA allowance, but I'm wondering if I could take advantage of the 4.8% offer by opening an account now and make an initial deposit into it on 6 April. Or is that too long/not possible?

There is no advantage to opening now, since Tembo offer the same rate to all customers. If they reduce it, they will do so for all, and are very unlikely to turn away new business.

13paul13

I’m considering transferring my existing LISA to Tembo. I understand how it works in how they deposit your money with one or more different banking institutions. What I’ve seen mentioned on the internet is that, because of this, you don’t get an account number. When I’ve transferred ISAs in the past, I’ve always needed to give sort code, account numbers, etc.

One day, I suspect that I’ll want to transfer out of Tembo to another LISA as it’s likely at some point in the future there’ll be another provider with better rates. My query is, has anyone ever transferred out of a Tembo ISA and how easy was it? What information did you need for the transfer out if you don’t get a sort code / account number?

masonic

13paul13 said:

I’m considering transferring my existing LISA to Tembo. I understand how it works in how they deposit your money with one or more different banking institutions. What I’ve seen mentioned on the internet is that, because of this, you don’t get an account number. When I’ve transferred ISAs in the past, I’ve always needed to give sort code, account numbers, etc.

One day, I suspect that I’ll want to transfer out of Tembo to another LISA as it’s likely at some point in the future there’ll be another provider with better rates. My query is, has anyone ever transferred out of a Tembo ISA and how easy was it? What information did you need for the transfer out if you don’t get a sort code / account number?

National Insurance number is actually all that is needed for a transfer. Many providers do not issue a 6 digit sort code and 8 digit account number for their ISAs, though most do have some sort of account reference number.

Tembo have a help page on this. See https://help.tembomoney.com/en/articles/10766171-how-do-i-find-my-account-number-and-sort-code

Receiving providers should be able to advise how to fill out a transfer form where these details are mandatory (for example, putting all zeroes is a common approach)

friolento

13paul13 said:

I’m considering transferring my existing LISA to Tembo. I understand how it works in how they deposit your money with one or more different banking institutions. What I’ve seen mentioned on the internet is that, because of this, you don’t get an account number. When I’ve transferred ISAs in the past, I’ve always needed to give sort code, account numbers, etc.

One day, I suspect that I’ll want to transfer out of Tembo to another LISA as it’s likely at some point in the future there’ll be another provider with better rates. My query is, has anyone ever transferred out of a Tembo ISA and how easy was it? What information did you need for the transfer out if you don’t get a sort code / account number?

I don't have a LISA with Tembo, only an ISA. I can see an ISA reference number in the app. I would think they give the same for a LISA, according to the link posted above.