Tembo suspends ISA transfers

mr._prude

Tembo have suspended their Cash ISA transfer In option due to high demand. It also looks like adding new money is impossible too. They must be overwhelmed!

eskbanker

Not the first time that a smallish provider can't cope with the level of activity arising from being top of the best buy tables, and more pronounced when at a busy time of year and being featured on MSE...

Gummomarx

I've just opened an account - transfer-in pause still in effect.

ISAtransfernewbie

and still pused on the 14th of April.

Beeblebr0x

I lost patience and transferred to Moneybox

PlatinumChaos

Beeblebr0x said:

I lost patience and transferred to Moneybox

Presumably you did this just before Tembo suspended transfers in, right? As far as I can tell from the app, that option is still inactive. (I'm just wondering how long to give them before I jump to Moneybox, because I don't want to miss out on their Open Access Cash ISA offer, too.)

MrsMeg

I opened cash ISA with tembo on 5th April, no transfers allowed tho. There was a brief window over the weekend (12,13th) when it reopened but app was glitchy, so they've paused again with no forecast of unpausing. I cancelled transfer & jumped to Trading212 instead.

PlatinumChaos

Tembo appears to be accepting transfers in again. I just initiated one successfully in the app.

rustyboy

Yeah. I’ve done the same over the weekend. 

Does anyone know if a transferred ISA will show as a different ISA on your account as it’s from last year? Or will it be merged with my current. 

It’s probably common sense but I’ve not done this before. 

Cheers 

friolento

The transfer goes into an existing ISA. So no, they won’t be creating a new ISA. That’s the same at all providers.

Growingold

friolento said:

The transfer goes into an existing ISA. So no, they won’t be creating a new ISA. That’s the same at all providers.

With a transfer I did to ZOPA they opened a different pot for it within my ISA