Tembo - are they any good

slinger2

MichaelAP said:

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.

My interest due just has 4 days worth (as of 10am Saturday) which is the same as when I looked yesterday.

Got to say that everything looks a little chaotic with Tembo. I'm still getting a message about a transfer being in progress when it seems it was completed weeks ago. Hope they get their act together soon.

BreakingGlass

BreakingGlass said:

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.

Having messaged Tembo on Friday, I received a reply about 1pm yesterday (Sat) to say:

I can see your transferred funds have now allocated. The interest accumulated while the funds were pending will be applied as a separate payment this month.

When I now log in to my account, the 'transfer in progress' messages have disappeared.  When I click on the ISA it shows the transferred balance of £81k with a 'transfer in' date of 10 April, and the daily interest has built up over the past three days to show 'Interest Due' of £31.25.  

So I am now waiting for the 'separate payment' of interest for the pending transfer period (approx 19 Mar to 10 Apr) - I will post here when it arrives.

slinger2

My Tembo app no longer says "transfer in progress" (the transfer was completed a couple of weeks ago). 6 days pending interest on the "new" money I paid in on Monday (Monday to Saturday I assume). So everything hunkydory at the moment.

Beeblebr0x

If i could initiate a transfer in, I'd be able to give an opinion 🙄

BreakingGlass

BreakingGlass said:

BreakingGlass said:

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.

Having messaged Tembo on Friday, I received a reply about 1pm yesterday (Sat) to say:

I can see your transferred funds have now allocated. The interest accumulated while the funds were pending will be applied as a separate payment this month.

When I now log in to my account, the 'transfer in progress' messages have disappeared.  When I click on the ISA it shows the transferred balance of £81k with a 'transfer in' date of 10 April, and the daily interest has built up over the past three days to show 'Interest Due' of £31.25.  

So I am now waiting for the 'separate payment' of interest for the pending transfer period (approx 19 Mar to 10 Apr) - I will post here when it arrives.

Yesterday I received an 'interest adjustment' of +£177.08, which seems about right for the pending transfer period.  I also now have 5 days of 'interest due' showing.

So all sorted - eventually!

But my wife's ISA transfer, initiated on the same date (19 Mar) has yet to leave Coventry ...

kirsty2010_2

BreakingGlass said:

BreakingGlass said:

BreakingGlass said:

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.

Having messaged Tembo on Friday, I received a reply about 1pm yesterday (Sat) to say:

I can see your transferred funds have now allocated. The interest accumulated while the funds were pending will be applied as a separate payment this month.

When I now log in to my account, the 'transfer in progress' messages have disappeared.  When I click on the ISA it shows the transferred balance of £81k with a 'transfer in' date of 10 April, and the daily interest has built up over the past three days to show 'Interest Due' of £31.25.  

So I am now waiting for the 'separate payment' of interest for the pending transfer period (approx 19 Mar to 10 Apr) - I will post here when it arrives.

Yesterday I received an 'interest adjustment' of +£177.08, which seems about right for the pending transfer period.  I also now have 5 days of 'interest due' showing.

So all sorted - eventually!

But my wife's ISA transfer, initiated on the same date (19 Mar) has yet to leave Coventry ...

That's amazing interest, I could transfer nearly as much in ISA from unused allowance this year, cash ISA and another 20000 from fixed rate released in a few days. All same bank, but different pots. 

But gosh, to trust them with so much money. You are confident that there isn't a risk? It's also likely that the rate will go down with the new inflation figures. 

MeteredOut

kirsty2010_2 said:

BreakingGlass said:

BreakingGlass said:

BreakingGlass said:

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.

Having messaged Tembo on Friday, I received a reply about 1pm yesterday (Sat) to say:

I can see your transferred funds have now allocated. The interest accumulated while the funds were pending will be applied as a separate payment this month.

When I now log in to my account, the 'transfer in progress' messages have disappeared.  When I click on the ISA it shows the transferred balance of £81k with a 'transfer in' date of 10 April, and the daily interest has built up over the past three days to show 'Interest Due' of £31.25.  

So I am now waiting for the 'separate payment' of interest for the pending transfer period (approx 19 Mar to 10 Apr) - I will post here when it arrives.

Yesterday I received an 'interest adjustment' of +£177.08, which seems about right for the pending transfer period.  I also now have 5 days of 'interest due' showing.

So all sorted - eventually!

But my wife's ISA transfer, initiated on the same date (19 Mar) has yet to leave Coventry ...

That's amazing interest, I could transfer nearly as much in ISA from unused allowance this year, cash ISA and another 20000 from fixed rate released in a few days. All same bank, but different pots. 

But gosh, to trust them with so much money. You are confident that there isn't a risk? It's also likely that the rate will go down with the new inflation figures. 

Do you have any reason why they should not be trusted compared to any other ISA provider.

And yes, the rate will go down if/when the base rates go down, but so will every other market-leading non-fixed cash ISA. The inflation figure reduction is a blip though - it will go back up next month.

Scruffy_Meee

I see Tembo are not currently allowing transfers in for ISA's I am now debating Trading 212 instead. Anyone got any experiences with trading 212 good or bad?

allegro120

Scruffy_Meee said:

I see Tembo are not currently allowing transfers in for ISA's I am now debating Trading 212 instead. Anyone got any experiences with trading 212 good or bad?

I've initiated a small transfer on 31st March, cancelled it on 11th April.  I was in a queue to start with, but when the queue disappeared the app stopped showing any progress.  I've decided to transfer most of my previous years' funds to Monument instead, I gave up on chasing short term bonuses and it looks like a lot of people had bad experiences with transferring out from T212 and Tembo.

My transfer to Tembo was initiated on 1st April (before they stopped allowing new transfers) - nothing happened yet.

I've tested transfer into CMC, that took 5 days.

pecunianonolet

allegro120 said:

Scruffy_Meee said:

I see Tembo are not currently allowing transfers in for ISA's I am now debating Trading 212 instead. Anyone got any experiences with trading 212 good or bad?

I've initiated a small transfer on 31st March, cancelled it on 11th April.  I was in a queue to start with, but when the queue disappeared the app stopped showing any progress.  I've decided to transfer most of my previous years' funds to Monument instead, I gave up on chasing short term bonuses and it looks like a lot of people had bad experiences with transferring out from T212 and Tembo.

My transfer to Tembo was initiated on 1st April (before they stopped allowing new transfers) - nothing happened yet.

I've tested transfer into CMC, that took 5 days.

I am not eligible for most bonuses, played with the thought of Tembo but ended up giving CMC a shot, despite the QMMF and other "risks". My risk appetite is usually low but CMC is a global player, listed at the stock market and QMMF's are usually highly liquid assets and even if they are not without risk, I deem the risk low and manageable.

Initiated a transfer to CMC from Virgin on the 6th April (late evening) and the funds (higher 5 figure sum) was added to my CMC ISA on the 10th April. No loss of interest. 

On the 14th I initiated another transfer in to CMC from Chip. Yesterday they sent the request to Chip and this morning Chip froze my ISA for further deposits/withdrawals and confirmed they received the transfer out request.

Chip was not listed in CMC's drop down list of providers. I was told here that the Chip account number and sort code is enough for a transfer and their unique reference number isn't required. To double check I phoned CMC using the phone number on their website and was through in under a minute. Asked my question, was given advise and the person knew what steps to take in the app, where to click, were thanking me for the trust in CMC and they are happy to work on my request once submitted. 

Once my bonus rate has expired in 3 months I will see what the market is like and may move again. What is certain, it won't be any of the NEO brokers. Chip will be a no go, Moneybox too and for Trading I am not eligible either.

Perhaps Tembo will be a strong contender after all the ISA season dust has settled. In the current economic climate we're in, 3 months are an awful long time. Will monitor reviews and experiences of folk here.