Tembo - are they any good

Gummomarx

I got a message from a human saying I'm on a notification list re transfer updates.

allegro120

BreakingGlass said:

MeteredOut said:

I notice the Tembo app has changed the "Transfer in progress" message to "your money is already earning interest while we finish the transfer", probably due the volume of transfers they received and people asking whether they were accruing interest.

I get the same message for my transfer from Coventry that was initiated on 19 Mar.  The money is sat in my Tembo account with interest yet to be added.  I do find that the app crashes very frequently - I am using iPhone SE latest version. 

My wife's transfer (initiated the same day, 19 Mar) still has no progress - the money is still sat in her Coventry ISA.  We chased this on the app and received a 'bot' response to say 'we're looking to resume transfers on 11th April, but this might be pushed back to 14th April depending on demand.  Since your transfer was initiated before the pause, we should still be processing it.'

In view of the last sentence, my wife asked for contact with a real person, was connected to their 'transfer team' and eventually got a message to say that 'an escalated email has been sent to Coventry Building Society and we expect a response on the progress of your transfer over the next couple of working days'.

I'll report back if the situation changes, but I would recommended holding off any attempts to transfer ISAs to Tembo at the moment.

My transfer was initiated on 1st April (before the pause). The message is saying "We'll contact your provider directly. Transfers will typically complete within 1-2 weeks."

BreakingGlass

MeteredOut said:

I notice the Tembo app has changed the "Transfer in progress" message to "your money is already earning interest while we finish the transfer", probably due the volume of transfers they received and people asking whether they were accruing interest.

Mine did say that yesterday, but this morning has gone back to saying 'We'll contact your provider directly.  Transfers will typically complete within 1-2 weeks'.

The transfered balance is still showing as £81k (as it has since at least 24 March), but when I click on the account it states 'Interest due: £10.40' and 'Daily interest: £10.41'.  The 'interest due' figure is clearly wrong as they have had my money for about three weeks.

So something strange is going on at Tembo!  On a positive note, the app has stopped crashing since I deleted and re-installed it.

MeteredOut

BreakingGlass said:

MeteredOut said:

I notice the Tembo app has changed the "Transfer in progress" message to "your money is already earning interest while we finish the transfer", probably due the volume of transfers they received and people asking whether they were accruing interest.

Mine did say that yesterday, but this morning has gone back to saying 'We'll contact your provider directly.  Transfers will typically complete within 1-2 weeks'.

The transfered balance is still showing as £81k (as it has since at least 24 March), but when I click on the account it states 'Interest due: £10.80' and 'Daily interest: £10.41'.  The 'interest due' figure is clearly wrong as they have had my money for about three weeks.

So something strange is going on at Tembo!  On a positive note, the app has stopped crashing since I deleted and re-installed it.

Mine still says the "your money is earning interest" message, but I got the transfer request in quite early and the funds have left my old ISA.

Did you open it with any £s as well as the transfer? I put a nominal £500 in when I opened it on March 17, and I think my "interest due" is based on that - it goes up a few pence each day. But my "daily interest" is calculated on the transfer-in amount too.

BreakingGlass

MeteredOut said:

BreakingGlass said:

MeteredOut said:

I notice the Tembo app has changed the "Transfer in progress" message to "your money is already earning interest while we finish the transfer", probably due the volume of transfers they received and people asking whether they were accruing interest.

Mine did say that yesterday, but this morning has gone back to saying 'We'll contact your provider directly.  Transfers will typically complete within 1-2 weeks'.

The transfered balance is still showing as £81k (as it has since at least 24 March), but when I click on the account it states 'Interest due: £10.80' and 'Daily interest: £10.41'.  The 'interest due' figure is clearly wrong as they have had my money for about three weeks.

So something strange is going on at Tembo!  On a positive note, the app has stopped crashing since I deleted and re-installed it.

Mine still says the "your money is earning interest" message, but I got the transfer request in quite early and the funds have left my old ISA.

Did you open it with any £s as well as the transfer? I put a nominal £500 in when I opened it on March 17, and I think my "interest due" is based on that - it goes up a few pence each day. But my "daily interest" is calculated on the transfer-in amount too.

My transfer request was 19 Mar.  I didn't open with any extra £ - just a transfer from Coventry.

I have opened a chat to query the figures and am waiting for a human team member to respond.

MichaelAP

My only issue with Tembo is after I opened a Cash ISA I then placed a sum of money into the account. That sum sat there showing as ‘Pending’ for a day and a half. Although it gave me a daily pending interest amount the interest was not credited for two days with only one day interest given. As such I lost a days interest. Tried it again yesterday and it’s the same, the amount deposited yesterday is still showing as Pending. Once that clears you then have to wait a further day for any interest added as pending.
The greater the sum added the greater you lose on a days interest.

slinger2

I paid two lots of money into my Tembo account early on Monday. I seem to have been credited with 4 days interest so far, so I don't seem to have lost a day's interest.

exel1966

I initiated transfer from Moneybox to Tembo on 01/04, the funds were showing in Tembo on 03/04 but transfer not completed in full until 09/04. An interest adjustment was added to the account for the earnings whilst the transfer was in progress once the transfer had been completed.

The only thing I don't like about middle men like Tembo is that they won't tell you specifically where your funds are being held, they just state that it could be in one or more of four different institutions, but I assume that's the same for most middle men apart from T212.

pecunianonolet

exel1966 said:

I initiated transfer from Moneybox to Tembo on 01/04, the funds were showing in Tembo on 03/04 but transfer not completed in full until 09/04. An interest adjustment was added to the account for the earnings whilst the transfer was in progress once the transfer had been completed.

The only thing I don't like about middle men like Tembo is that they won't tell you specifically where your funds are being held, they just state that it could be in one or more of four different institutions, but I assume that's the same for most middle men apart from T212.

Was you Moneybox ISA frozen and the rate reduced to 0.75% and they didn't pay you any interest for that time? That's my case with them, waiting for them to resolve this and respond to my complaint. 

MichaelAP

slinger2 said:

I paid two lots of money into my Tembo account early on Monday. I seem to have been credited with 4 days interest so far, so I don't seem to have lost a day's interest.

It is great you have not had an issue. Mine however remains as a question. 

As I mentioned previously, I placed a second sum on Thursday morning and it sat there as Pending until Friday. Today (another day) it has changed to a Deposit but again no movement on the interest due.
Question being:- Do Tembo update the interest due during Sat/Sun? Chip, OakNorth & ZOPA show daily increases 7 days a week.