Transfer out from Tembo ISA

13paul13

Good evening.

Tembo ISA

I’ve searched this site, as well as Google, but can’t find an answer.

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?

DODL LISA

I’ve seen the AJ Bell DODL Investment LISA. I’m aware there’s a 0.15% fee, a minimum of £12 a year. It mentions that you get 4.58% interest on cash not yet invested. Are you able to leave your cash uninvested and get 4.58% interest on it all? If so, is that only for a period of time? Is that interest tax free? Or is only any gains tax free if you invest? The information online isn’t clear to me on these questions.

Many thanks in advance.

masonic

First question seems to have been addressed here: https://forums.moneysavingexpert.com/discussion/comment/81363256/#Comment_81363256

For the Dodl query, the FCA has been pushing firms to pass on interest they receive on their client money accounts, so this interest is a result of that initiative. The interest will be tax free within a LISA or ISA (or SIPP) account.

The information here seems clear enough and seems to answer all of your questions:

https://dodl.co.uk/interest-rates