We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tembo Cash Isa
Brightfox78
Posts: 16 Forumite
I was about to transfer my Cash Isa to Tembo.
Having checked the FSCS website. I was alarmed to see that Tembo are not covered by the compensation scheme when using the FSCS?
See screen shot below
Why are Tembo being recommended if they are not backed by the FSCS compensation scheme?
It's left me worried about trusting any Cash Isa best buy table.
Having checked the FSCS website. I was alarmed to see that Tembo are not covered by the compensation scheme when using the FSCS?
See screen shot below
Why are Tembo being recommended if they are not backed by the FSCS compensation scheme?
It's left me worried about trusting any Cash Isa best buy table.
0
Comments
-
The FSCS site is flawed. Tembo does not have a banking licence so it doesn't hold your money. It is an aggregator with Client Money permission. You need to check the FCA register for that and the partner banks it uses to hold your money.The FSCS site will even tell you Post Office savings are not FSCS protected.2
-
Thanks for the advice, it's unbelievable that the FSCS website is so vague and unclear.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards