Just opened Tembo cash ISA. Anyone know when they’re likely to reopen transfer in?

Wkmg

Just opened a Tembo cash ISA. I’ve fill my allowance for 25/26 but it says that transfer in from other providers is closed at the moment as it’s a busy time of year. Anyone have an idea/any experience of when it is likely to open to transfers again?

Emmia

Have you asked them?

masonic

It seems from other threads they have been having issues completing transfers, so will probably need to improve their systems before reopening.

Isarulesaretoocomplex

How these organisations can't seem to do the basics and make things as difficult as possible without the need to answer is incredibly frustrating for people. A transfer in or out should theoretically be a simple task between two providers yet it's complicated for no apparent reason. 212 trading transfers out aren't accepted by quite a few as they don't use electronic transfer. Ask yourself why!
Looking at switching away from 212 but think the transfer will involve issues. Ultimately I may just withdraw and lose last years isa perks. Things to look out for when these companies are offering incentives 

friolento

Seems an act of self harm to forego a year’s ISA allowance just because there may be issues with transfers-out. Much better to lodge a complaint as and if a provider does not comply with the ISA transfer rules.

ISA transfers are not just simple transfers between two providers, even if they appear as such to us as account holders. The providers have to do quite a bit of extra admin in the background, see the Guidance for ISA Managers. If this sounds unacceptable to you, may be ISAs are just not products you should be using?

Isarulesaretoocomplex

friolento said:

Seems an act of self harm to forego a year’s ISA allowance just because there may be issues with transfers-out. Much better to lodge a complaint as and if a provider does not comply with the ISA transfer rules.

ISA transfers are not just simple transfers between two providers, even if they appear as such to us as account holders. The providers have to do quite a bit of extra admin in the background, see the Guidance for ISA Managers. If this sounds unacceptable to you, may be ISAs are just not products you should be using?

What a bizarre reply! 

Section62

Isarulesaretoocomplex said:

friolento said:

Seems an act of self harm to forego a year’s ISA allowance just because there may be issues with transfers-out. Much better to lodge a complaint as and if a provider does not comply with the ISA transfer rules.

ISA transfers are not just simple transfers between two providers, even if they appear as such to us as account holders. The providers have to do quite a bit of extra admin in the background, see the Guidance for ISA Managers. If this sounds unacceptable to you, may be ISAs are just not products you should be using?

What a bizarre reply! 

How so?  What friolento said makes sense.  If an ISA provider isn't providing the basic service all ISA providers are required to provide then the sensible thing to do is to make a complaint, rather than financially disadvantaging yourself.

Wkmg

Emmia said:

Have you asked them?

Yes I have.

Emmia

I think if I was someone who moved my ISA investments to take advantage of better rates, then ease of leaving would be a consideration - so I wouldn't take out a product with Tembo. 

Some providers like Chip and Moneybox also don't allow those who have held ISAs with them previously, but who transferred away for a better rate to open a new ISA - which might also be a consideration.

Soslol

Tembo received my funds within a day from my previous provider on 23rd March. Today, 8th April, the App has the statement. " received funds and are in the process of being allocated into your account".
They clearly have some issues in processing funds.
Take a screenshot , just in case.

slinger2

Mine says "Transfer in progress" "We'll contact you provider directly. Transfers will typically complete within 1-2 weeks." However as far as I can tell it was completed more than a week ago. I had an "interest adjustment" credited to my account (10 days-ish). Since then I've added some new money which seems to have been credited ok.

So it's just the strange message "Transfer in progress" that is confusing me.