Tembo cash ISA transfers out

friolento

I have drawn a blank finding out whether Tembo allows partial transfers out. Does anyone know or have a link to Tembo information?

flaneurs_lobster

This document says no

https://www.datocms-assets.com/15134/1746011957-cash-isa-key-features-document-v1-9.pdf

but I can't find a link to it from their website/app, so probably best to double check directly.

gt94sss2

It looks like Tembo now support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

https://www.datocms-assets.com/15134/1750317361-cash-isa-key-features-document-v1-7.pdf

Ceresia

gt94sss2 said:

It looks like Tembo now support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

That's exactly what it says in the Key Features document I received when I opened my cash ISA with Tembo. But Tembo are insisting that this reflects the regulatory framework and that their operational capability currently requires full transfers only. I would have thought that anything stated this clearly in a Key Features document provided at the time of opening an account should be honoured by the provider. I have asked Tembo for clarification.

allegro120

Ceresia said:

gt94sss2 said:

It looks like Tembo now support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

That's exactly what it says in the Key Features document I received when I opened my cash ISA with Tembo. But Tembo are insisting that this reflects the regulatory framework and that their operational capability currently requires full transfers only. I would have thought that anything stated this clearly in a Key Features document provided at the time of opening an account should be honoured by the provider. I have asked Tembo for clarification.

Have they clarified?

Ed-1

allegro120 said:

Ceresia said:

gt94sss2 said:

It looks like Tembo now support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

That's exactly what it says in the Key Features document I received when I opened my cash ISA with Tembo. But Tembo are insisting that this reflects the regulatory framework and that their operational capability currently requires full transfers only. I would have thought that anything stated this clearly in a Key Features document provided at the time of opening an account should be honoured by the provider. I have asked Tembo for clarification.

Have they clarified?

Email received today confirming changes to T&Cs from 28th September.

Yellowman

My recent Cash ISA transfer from Tembo to Charter was very slow.

Digital application made with Charter on 12th Aug. Money transferred on 29th Aug (12 working days).

No complications but paper request forms required in the process.

ivormonee

Why might it be that transfers in to tembo take about 2-3 days and are done electronically, whereas transfers back out of Tembo require a paper form and take about three weeks? If they can be done electronically on the way in I would have expected the same process for the way out.

Ceresia

allegro120 said:

Ceresia said:

gt94sss2 said:

It looks like Tembo now support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

That's exactly what it says in the Key Features document I received when I opened my cash ISA with Tembo. But Tembo are insisting that this reflects the regulatory framework and that their operational capability currently requires full transfers only. I would have thought that anything stated this clearly in a Key Features document provided at the time of opening an account should be honoured by the provider. I have asked Tembo for clarification.

Have they clarified?

I am in the middle of a lengthy conversation with Tembo. When I questioned them about the Key Features document allowing partial transfers, they immediately updated the document to state that partial transfers are not allowed. The Key Features documents from April and June both state that partial transfers were allowed. I am currently challenging them because I requested a partial transfer at the end of May and was told it was not possible. One of the main reasons I opened a cash ISA with Tembo was their acceptance of partial transfers in and out. I'm thinking about approaching the Financial Ombudsman...

Ceresia

UPDATE

After a lengthy series of communications with Tembo, they have agreed to action my request for a partial transfer. It can be done, but it requires perseverance.