Difficulties transferring Tembo Easy Access Cash ISA to a new Cash ISA provider

Dave_5150

Tembo do not provide customers with a Sort Code or Account Number.

How can I transfer a Tembo Cash ISA I opened in the 2024/25 tax year to a new 5 year fixed Cash ISA with a different provider without losing its tax free status please?

This is what Tembo say about Sort Code and Account Numbers: 
https://help.tembomoney.com/en/articles/10766171-how-do-i-find-my-account-number-and-sort-code 

Those instructions only access a unque alphabetic reference that does not match established sort code / account number patterns.

 

masonic

This is not uncommon for ISAs, or Indeed savings accounts in general.

A six digit sort code and eight digit account number is not required because the gaining provider will contact the current provider to arrange for them to transfer the funds. The account number is used as a reference so that they can identify the account to transfer. The money will actually be sent from the provider's central holding account alongside the transfer history form.

To transfer an ISA, you should fill out a form provided by your new provider. This should contain a field where you can enter your ISA account reference.

clairec666

masonic said:

This is not uncommon for ISAs, or Indeed savings accounts in general.

A six digit sort code and eight digit account number is not required because the gaining provider will contact the current provider to arrange for them to transfer the funds. The account number is used as a reference so that they can identify the account to transfer. The money will actually be sent from the provider's central holding account alongside the transfer history form.

To transfer an ISA, you should fill out a form provided by your new provider. This should contain a field where you can enter your ISA account reference.

I tried transferring into Skipton - you select your existing provider from a drop-down list, and for some providers (including Tembo and Trading 212) it says "Your existing provider does not currently use electronic transfers.

You can start the process online, however you will need to print off the pre-completed ISA Transfer form at the end, sign it and send it to us."
BUT it still insists on you filling in the account number and sort code boxes before you can press "continue".
That's probably why we get people on this forum all asking the same question!

Just using Skipton as an example because I've got an account with them... You can contact them directly to ask for the form, or I found it by googling "skipton isa transfer form". The account number box on the form accepts any length of account number (i.e. it doesn't have individual boxes for each number) so you can put the Tembo account number in there. However there is nowhere to indicate that your account is with Tembo, so you are relying on Skipton to work it out without the help of a sort code!

friolento

Tembo uses your NI number as the ISA account number. Just enter that in the Reference or Roll
Number field on the transfer form. Leave sort code and account number blank

I transferred my Tembo ISA to Vida the other day. Worked like a dream, completed in 6 working days. Though you cannot do partial transfers.

Dave_5150

Thanks, I will ring Customer Service for my new provider (Nottingham BS) today as their online service expects a sort code and account number and does not list Tembo in their drop list of existing providers.

seany_mor

Trying to transfer from Tembo to Shawbrook Bank. Using NI number and leaving Tembo sort code and account blank is not acceptable. Waiting for Tembo to respond .... dont have high hopes. A deliberately obtuse process?

Will phone Shawbrook tomorrow.

Yellowman

You can find your Tembo 'Cash ISA Account Reference' if you go to 'Settings' then 'My Profile'.

This reference will be in the form

acc-xxxxxx-xxxxxx

masonic

clairec666 said:

masonic said:

This is not uncommon for ISAs, or Indeed savings accounts in general.

A six digit sort code and eight digit account number is not required because the gaining provider will contact the current provider to arrange for them to transfer the funds. The account number is used as a reference so that they can identify the account to transfer. The money will actually be sent from the provider's central holding account alongside the transfer history form.

To transfer an ISA, you should fill out a form provided by your new provider. This should contain a field where you can enter your ISA account reference.

I tried transferring into Skipton - you select your existing provider from a drop-down list, and for some providers (including Tembo and Trading 212) it says "Your existing provider does not currently use electronic transfers.

You can start the process online, however you will need to print off the pre-completed ISA Transfer form at the end, sign it and send it to us."
BUT it still insists on you filling in the account number and sort code boxes before you can press "continue".
That's probably why we get people on this forum all asking the same question!

Just using Skipton as an example because I've got an account with them... You can contact them directly to ask for the form, or I found it by googling "skipton isa transfer form". The account number box on the form accepts any length of account number (i.e. it doesn't have individual boxes for each number) so you can put the Tembo account number in there. However there is nowhere to indicate that your account is with Tembo, so you are relying on Skipton to work it out without the help of a sort code!

I first encountered this issue in circa 2004 when transferring into NatWest using one of those machine-readable forms with individual boxes for numbers/characters. The solution they came up with in branch was to complete with all zeroes and write the 13 character alphanumeric account number in the space underneath for manual entry.

The major banks didn't pay much regard to the workings of smaller building societies and other savings institutions.

Plus ça change...

Though failing to ask for the ISA provider on a paper ISA transfer form is a new low. It is not unusual for providers to use a third party institution for their client money account, such as Barclays. Skipton itself uses a Barclays account. It would be rather embarrassing if inferences were incorrectly drawn based on the sort code a customer uses to pay into their ISA that a Skipton ISA was in fact a Barclays ISA.

To top it off, the form contains:

OOPS!

masonic

seany_mor said:

Trying to transfer from Tembo to Shawbrook Bank. Using NI number and leaving Tembo sort code and account blank is not acceptable. Waiting for Tembo to respond .... dont have high hopes. A deliberately obtuse process?

Will phone Shawbrook tomorrow.

Tembo should probably not be advising you on what Shawbrook will and will not find acceptable. It's on Shawbrook to provide the guidance required to satisfy the requirements of their form. Account numbers that do not conform to the traditional 6+8 digit format have been around for decades - since before Shawbrook was founded. The model cash ISA transfer form provided by HMRC in the early days did not include sort code and did not place any constraints on the format of the account number. Providers have had enough time to come up with systems to cope with formats they'll have encountered on a regular basis. But I think it was confirmed elsewhere that Tembo would be satisfied with all zeroes in those fields.

the_seer

seany_mor said:

Trying to transfer from Tembo to Shawbrook Bank. Using NI number and leaving Tembo sort code and account blank is not acceptable. Waiting for Tembo to respond .... dont have high hopes. A deliberately obtuse process?

Will phone Shawbrook tomorrow.

I did this same move on Monday. I just put my Tembo account ref in the Roll Number box (as it was the only other place to put it), and left the sort code and account number blank.

Once your new ISA account is open, you will be asked to print off the transfer in form, sign it and send it back to Shawbrook.