TEMBO Cash ISA : " Transfer in progress- funds received "

Nourse79

Hiya,
Unable to contact them to get an answer so I will ask anyone who had a recent experience of transferring a Cash ISA to Tembo.
Facts are :
In both apps it shows that funds were out of previous ISA provider on 25.03.25 and also received in new ISA provider TEMBO same day. However, a confusing (to me) message  says "funds have been received and in the process of being allocated....Any interest earned...when transfer is complete".
Does anyone know if it means interests started on 25.03.25 or is TEMBO sitting on a large amount of my money and I should wait ?
Thanks for clarification.
 

slinger2

Nourse79 said:

Hiya,
Unable to contact them to get an answer so I will ask anyone who had a recent experience of transferring a Cash ISA to Tembo.
Facts are :
In both apps it shows that funds were out of previous ISA provider on 25.03.25 and also received in new ISA provider TEMBO same day. However, a confusing (to me) message  says "funds have been received and in the process of being allocated....Any interest earned...when transfer is complete".
Does anyone know if it means interests started on 25.03.25 or is TEMBO sitting on a large amount of my money and I should wait ?
Thanks for clarification.
 

Rather similar here. Got a letter from the Nationwide saying that my account with them was closed on the 19th. However I'm still getting the same message as you when I log into the Tembo app. Luckily for me its only £200, so the potential loss of interest is neither here nor there for me (3p a day it says).

epm-84

I don't know for certain but I would guess "funds have been received and in the process of being allocated" means they've received the funds but haven't yet spread them between the different banks.

I notice on their website it says from 31 March they'll hold money in 4 banks and won't put more than 40% of your balance in a single bank.

slinger2

Update (see above). Looks like my Tembo ISA was added yesterday. Says "Sun 30 Mar Transfer in £200". Also says interest due £0.02, which is presumably 1 days worth (should be roughly 2.6p per day). So I seem to have lost at least 10 days interest (since Nationwide closed my account on the 19th). Neither here nor there in this case but it doesn't encourage me to transfer anything else to Tembo, at least in the short term.

slinger2

Update: An "interest adjustment" credited yesterday of 28p which corresponds to the missing 10 or 11 days interest. So everything sorted out in the end. 

masonic

slinger2 said:

Update: An "interest adjustment" credited yesterday of 28p which corresponds to the missing 10 or 11 days interest. So everything sorted out in the end. 

Good to have confirmation that they do backdate.

MeteredOut

slinger2 said:

Update: An "interest adjustment" credited yesterday of 28p which corresponds to the missing 10 or 11 days interest. So everything sorted out in the end. 

Thanks, I have a large transfer in progress. I'd noticed the "interest due" and "daily interest" fields showing values in the app but its good to have confirmation that the interest should be paid from the date they received the funds (yesterday).

Flower_power25

Hi
Looks like I'm in the same position as you slinger2, My ISA from previous provider went out on 18th March (consideral amount),getting same messages as you on the app, but new message appeared today stating they are having problems with certain banks, however just been on app to look again so I could word it properly on here but message has disappeared. I am getting very nervous as to wether I made the wrong decision using Tembo.

Nearingretirement

I have had the most horrendous problems with transferring a cash ISA into Tembo. I was asked 3 times to submit a transfer form, even though they had them, and they eventually confirmed that they had them. Then the current provider called to say they couldn't process it because my d.o.b was wrong. I contacted Tembo and after their suggestion I re did the form as they claimed it was my fault. I did so, my wife watched, and I entered it correctly. Same result as above. Tembo then suggested they had an I.T.  issue that was changing the dates - fortunately by now dealing with them I was in the habit of recording conversations. Then they sent me another request, this time to fill in a transfer form, and record of ISA history, all of which they have. Then another e mail saying sorry, yes they have them, and sorry for all the emails. As far as I am concerned this company is a nightmare, and I still haven't transferred the ISA. Dealing with them is making me ill, and I have now had cause to contact the Ombudsman, and cancel any transfer they have in progress. I hope others on this Forum have better results than I have. 

soulsaver

I've had that 'You didn't fill the form correctly..' (YBS latest case) CS playing for time...

I take a pic of all relevant sides of the completed form & shot them down ....

exel1966

One of the most important statements in Tembo's correspondence when doing a transfer in is......

The good news is you'll start earning interest as soon as we receive your funds.
You'll start earning interest from the moment we receive your funds - even if they haven’t yet appeared in your app or been fully allocated.