Being denied 14 day cooling off cancellation after transferring money into new Tembo Cash ISA

Thomas_Crown

When opening a Tembo ISA and transferring money in from another provider, there are two options available. 1)Transfer to commence immediately. 2) Delay transfer until after maturity of currently held ISA. I arranged an ISA transfer from Principality to Tembo, only last night.

caxaro

Is Temo safe. Is deposits protected by Financial service authority. Is this bank recommended by SME

MeteredOut

caxaro said:

Is Temo safe. Is deposits protected by Financial service authority. Is this bank recommended by SME

Yes, its as safe as any other provider, and could be argued has a little greater protection for larger balances (from an email from Tembo this week):

"We're emailing you to let you know about a positive upcoming change to your Tembo Cash ISA.

At Tembo, we select and partner with national, trusted banks to ensure your money has the best protection. From Monday 31st March 2025, the money in your Cash ISA will be deposited across a wider panel of partner banks - Bank of Scotland, Barclays, Aldermore and Shawbrook. This effectively means you can benefit from over £200,000 in FSCS cover across the banks we work with!"

MSE doesn't recommend any bank in particular, but does share league tables of providers with the best interest rates, but you should always do your own due diligence (check T&Cs etc).

eskbanker

caxaro said:

Is Temo safe. Is deposits protected by Financial service authority. Is this bank recommended by SME

It's Tembo.

Deposits are protected by the FSCS compensation scheme, rather than a regulating authority that ceased to exist in 2013.

Whether small/medium enterprises recommend it is neither here nor there, but you can read more at https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy

Apart from that, spot on....