Thoughts on Tembo

Konig

Was attracted to their rate and possibility of doing an ISA transfer, so opened a Cash ISA and deposited a test £10.

1. The transfer offer was then halted.
2. Tried a test withdrawal to see how fast funds come back, and the only option it gave was withdraw everything and close account. 

3. Tried querying this with customer service who read the query wrong then closed the account in error.
4. Have waited a week for funds to show up. 

I wouldn’t touch these guys with a barge pole. 

masonic

Konig said:

I wouldn’t touch these guys with a barge pole.

But it sounds like you already have.

For info, £10 is the minimum balance, and that is clearly stated. It is not unusual for accounts to have a minimum balance, below which the account must be closed for the withdrawal to be processed.

MeteredOut

I've not had any issue with either depositing funds or transferring from an other ISA, other than it took a while for the transfer to appear in the account, due to the volume of requests they had. But the app was always up to date with progress.

I've not had to/tried to transfer out.

No notification of any rate reduction since the bank rate reduced either - though suspect it will happen.

Veteransaver

I have had issues in working out how they have calculated the interest. They seem to have made additional interest adjustments, looks like they've overpaid, I assume they will correct it. But they do seem a bit of a shambles when they do transfers

clairec666

Veteransaver said:

I have had issues in working out how they have calculated the interest. They seem to have made additional interest adjustments, looks like they've overpaid, I assume they will correct it. But they do seem a bit of a shambles when they do transfers

Tembo's interest calculations are a bit quirky - it's calculated each calendar month (I think) but not credited to your account until midway through the next month.

Zopa_Trooper

Everything tickety-boo with me but I haven't made any withdrawals as yet

jay1804

clairec666 said:

Veteransaver said:

I have had issues in working out how they have calculated the interest. They seem to have made additional interest adjustments, looks like they've overpaid, I assume they will correct it. But they do seem a bit of a shambles when they do transfers

Tembo's interest calculations are a bit quirky - it's calculated each calendar month (I think) but not credited to your account until midway through the next month.

Here are the dates that they pay the interest 

https://help.tembomoney.com/en/articles/10542320-how-is-interest-paid-on-the-cash-isa

allegro120

I opened Tembo ISA on 31 March, requested £100 transfer from VM and deposited £3.3k on 6th April.

Deposit worked fine, arrived immediately.  Transfer has failed, got e-mail on 17th April asking me if I wan't to try again or cancel.  I've cancelled. 

They are still paying 4.8%, which is a great rate, but I've nearly ran out of yearly allowance and if they can't do transfers there's no chance for me to increase my balance.  

crumpet_man

I did a partial transfer of £500 from last years allowance from Trading 212, took 17 days total including two weekends and a bank holiday, so 12 working days.  No issues and received communication from both parties.

Veteransaver

clairec666 said:

Veteransaver said:

I have had issues in working out how they have calculated the interest. They seem to have made additional interest adjustments, looks like they've overpaid, I assume they will correct it. But they do seem a bit of a shambles when they do transfers

Tembo's interest calculations are a bit quirky - it's calculated each calendar month (I think) but not credited to your account until midway through the next month.

Yes, but they put an initial additional interest on after transfer, to account for the days whilst they had the money but hadn't applied it to my account (that looked about right), then repeated the same again. The monthly interest looks fine. I understand it is accrued to the last day of the month then credited on the 8th BD?