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Best Cash ISAs by MoneySavingExpert - unknown brands not protected by FSCS??
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gardigest
Posts: 15 Forumite

Could somebody help me reconcile two apparently contradictory facts? On the Money Saving Expert page about Best Cash ISAs, we are assured that all the featured ISAs "have the full £85,000 savings protection". Yet, when I go to the FSCS site to check on one such ISA - provided by Tembo - I discover that Tembo (FRN:913654) is "NOT PROTECTED" and the site affirms that all money held by Tembo is deemed to be "Money at risk". That made me feel rather wary. And Tembo is not the only one from MSE's suggestions to be categorised by the FSCS as Not Protected and putting "money at risk". It would appear, however, that Tembo is registered with the FCA, but this is not the entity which offers the £85,000 protection.
Difficult to imagine that MSE got it wrong, so I'll hasard a guess : seeing as Tembo is not a bank per se, and it ring-fences customer funds, the important question is whether the bank(s) partnering Tembo - and holding those customer funds - are protected by the FSCS (Barclays and Bank of Scotland).
Thanks in advance for any helpful feedback.
Difficult to imagine that MSE got it wrong, so I'll hasard a guess : seeing as Tembo is not a bank per se, and it ring-fences customer funds, the important question is whether the bank(s) partnering Tembo - and holding those customer funds - are protected by the FSCS (Barclays and Bank of Scotland).
Thanks in advance for any helpful feedback.
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Comments
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Looks like you missed this on the Tembo website!
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This is their claim, it’s a different FRN number for the savings element.
https://help.tembomoney.com/en/articles/10455373-does-tembo-have-an-frn
Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/890 -
Thanks, I did see that, but I'm aware of scams too (especially with non-household names) and, being fairly new to placement of savings, I'm cautious. You have to admit that going to the FSCS website only to be told NOT PROTECTED, might set off some alarm bells.0
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Haven't seen ANY scams that have been accidentally listed by MSE or Moneyfacts.
Don't let paranoia get to you.1 -
Sarahspangles said:This is their claim, it’s a different FRN number for the savings element.0
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Ayr_Rage said:Haven't seen ANY scams that have been accidentally listed by MSE or Moneyfacts.
Don't let paranoia get to you.0 -
gardigest said:Thanks, I did see that, but I'm aware of scams too (especially with non-household names) and, being fairly new to placement of savings, I'm cautious. You have to admit that going to the FSCS website only to be told NOT PROTECTED, might set off some alarm bells.The FSCS website is not very reliable. You can use the FCA register https://register.fca.org.uk/s/ to confirm that the firm has the necessary regulatory permissions. FSCS protection comes from being an authorised firm offering relevant regulated services. Tembo Savings' entry: https://register.fca.org.uk/s/firm?id=0014G00002WKfXnQALYou can use the firm details to verify you are dealing with the genuine firm.Old, but still relevant: https://forums.moneysavingexpert.com/discussion/5892874/when-fscs-protection-does-not-apply1
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The FRN number guarantees that Tembo is registered with the FCA - basically allowing it to legally operate financial services.Being authorised by the FCA doesnt mean everything that the firm does is regulated by the FCA or have FSCS protection. Only regulated services get FSCS protection.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
gardigest said:Sarahspangles said:This is their claim, it’s a different FRN number for the savings element.
Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/895 -
Sarahspangles said:gardigest said:Sarahspangles said:This is their claim, it’s a different FRN number for the savings element.
If I have understood it properly ( and I have not studied it that closely) it is a bit of an odd business model, so for that reason I have not been rushing in either. Although a family member does have a T212 cash ISA with no issues.1
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