Tembo - are they any good

Scruffy_Meee

pecunianonolet said:

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.

is that https://www.cmcinvest.com/ you are referring to?

Blackbriar_040

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 had no issues transferring out from T212 and into Tembo!

I Initiated 2 transfers into Tembo at the same time, 1 full LISA transfer from T212 and one Cash ISA balance from  Moneybox!
The Moneybox ISA arrived first, the T212 balance took a bit longer!

Think I timed it just right, before they were overwhelmed with transfer requests!

Regarding if T212 is any good?, I initially opened it for the free share, before using them for my LISA.

Function wise, everything worked, no issue with transferring cash or accessing my account.
The layout and navigation can take a bit of time getting used too, no as intuitive as some other apps!    
Customer service, can't comment, never had to contact them for anything, would probably used them again! 

Happy with Tembo, for the now!
    
   

pecunianonolet

Scruffy_Meee said:

pecunianonolet said:

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.

is that https://www.cmcinvest.com/ you are referring to?

Yes, that's the reference. 

MichaelAP

I’m either missing something or things are not quite right.
This is the third time I have placed funds into this years 2025/26 Tembo Cash ISA year and each time I’m finding a discrepancy in pending interest.
In the latest added funds (which is exactly how the previous two others went), at 10AM I placed £1700 on Tuesday 15th April. It showed on the Tembo App as received but remained as a Pending deposit all of Tuesday and right up until 4PM Wednesday. This morning it has now changed to say it is a Deposit and I have been credited with a pending interest today Thursday.
That’s no interest given for Wednesday?
Had the £1700 remained where it came from I would have been given interest for both Wednesday and Thursday.

So, you loose a days interest when adding new funds?

masonic

MichaelAP said:

I’m either missing something or things are not quite right.
This is the third time I have placed funds into this years 2025/26 Tembo Cash ISA year and each time I’m finding a discrepancy in pending interest.
In the latest added funds (which is exactly how the previous two others went), at 10AM I placed £1700 on Tuesday 15th April. It showed on the Tembo App as received but remained as a Pending deposit all of Tuesday and right up until 4PM Wednesday. This morning it has now changed to say it is a Deposit and I have been credited with a pending interest today Thursday.
That’s no interest given for Wednesday?
Had the £1700 remained where it came from I would have been given interest for both Wednesday and Thursday.

So, you loose a days interest when adding new funds?

If you are seeing pending interest before the end of today it will be for overnight Wednesday (and will earn Thursday's interest overnight tonight). You have lost interest for Tuesday.

I can't comment on Tembo specifically, but it is not unusual for aggregators that one day is lost due to funds being moved between themselves and the partner banks. These transactions may be grouped and sent on a next working day basis as the aggregator is not itself a bank.

Nijinsky

Just noticed Monument bank have been added to the list at 4.76%, which I'm strongly thinking about with all the current issues with Tembo.

What's everyone's experiences with Monument bank? Are they good and reliable?

friolento

Nijinsky said:

Just noticed Monument bank have been added to the list at 4.76%, which I'm strongly thinking about with all the current issues with Tembo.

What's everyone's experiences with Monument bank? Are they good and reliable?

Quick account opening, easy to use, now doing transfers-in, are a bank & have their own £85k FSCS. Nice place for an ISA if you have the min £10k they want

Nijinsky

friolento said:

Nijinsky said:

Just noticed Monument bank have been added to the list at 4.76%, which I'm strongly thinking about with all the current issues with Tembo.

What's everyone's experiences with Monument bank? Are they good and reliable?

Quick account opening, easy to use, now doing transfers-in, are a bank & have their own £85k FSCS. Nice place for an ISA if you have the min £10k they want

Thanks, useful to know 👍

Nijinsky

Just found this article from 2022. https://www.moneysavingexpert.com/news/2022/05/tembo-mortgage-student-loan-mse/

I think that's given me enough info to steer clear of Tembo. I have over 10k in my Moneybox ISA, so I will transfer that across to Monument at 4.76%.

13paul13

friolento said:

Nijinsky said:

Just noticed Monument bank have been added to the list at 4.76%, which I'm strongly thinking about with all the current issues with Tembo.

What's everyone's experiences with Monument bank? Are they good and reliable?

Quick account opening, easy to use, now doing transfers-in, are a bank & have their own £85k FSCS. Nice place for an ISA if you have the min £10k they want

@Nijinsky I second this comment.

I gave up waiting for Tembo to reopen the transfer in. It doesn’t give me much confidence in them that 2 weeks later they’ve still paused new transfers.

I opened the ISA account with Monument and it’s my first ever experience with them. It was quick to open it, I’ve added money as part of my 2025/26 subscription and I’ve done a transfer in too. 

• I got a text message confirming each receipt of monies that I’d sent for this year’s subscription.
• I requested the transfer of an old ISA in the app on Sunday 13th April and the money was transferred into my Monument ISA on Tuesday 15th April, just 2 days later. 

Here’s a thread regarding transfers in: https://forums.moneysavingexpert.com/discussion/6600769/monument-transfers/p1

Some people are still waiting for transfers in to progress, but the latest comments are that it might be due to the amount of money being transferred in and the old ISA provider (Virgin Money in this instance) doing extra steps/security checks, etc.

I’m happy with Monument so far.