Tembo ISA interest rate reduction

jungleboy123

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

clairec666

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

Growingold

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

Principality have an 

Online Bonus 5 Access Cash ISA currently 4.40% dropping to 4.20% on 18/09 as can be seen on their product page.

This ISA is flexible whereas Tembo isn't.  Okay limited to 5 withdrawals a year and includes a bonus for first 12 months but can easily transfer internally by secure message to a better paying one when one comes along (keeping the same account number I believe.)

clairec666

Growingold said:

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

Principality have an 

Online Bonus 5 Access Cash ISA currently 4.40% dropping to 4.20% on 18/09 as can be seen on their product page.

This ISA is flexible whereas Tembo isn't.  Okay limited to 5 withdrawals a year and includes a bonus for first 12 months but can easily transfer internally by secure message to a better paying one when one comes along (keeping the same account number I believe.)

Yes, I was going to recommend that one. And it's still at 4.4% for a whole month! Principality have yet to email me about the rate drop, although it's advertised on their website. And yes, you can do an internal transfer to extend the bonus period, I've done it a couple of times.

Growingold

clairec666 said:

Growingold said:

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

Principality have an 

Online Bonus 5 Access Cash ISA currently 4.40% dropping to 4.20% on 18/09 as can be seen on their product page.

This ISA is flexible whereas Tembo isn't.  Okay limited to 5 withdrawals a year and includes a bonus for first 12 months but can easily transfer internally by secure message to a better paying one when one comes along (keeping the same account number I believe.)

Yes, I was going to recommend that one. And it's still at 4.4% for a whole month! Principality have yet to email me about the rate drop, although it's advertised on their website. And yes, you can do an internal transfer to extend the bonus period, I've done it a couple of times.

Also if my memory serves me correctly in the previous rate reductions across their accounts it was only 0.20% and not the full 0.25%?

epm-84

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

At the moment it appears Aldermore have the highest rate on their limited access accounts - 4.4% or 4.2% depending which one you go for. Kent Reliance have 4.38% on their Easy Access ISA issue 59, as long as you're over £1000 in credit. (If you don't have over £1000 then you're not going to gain much by switching). 

I wonder why MSE include Plum on their best Cash ISA page - offering 4.41% which includes a 12 month bonus, but the rate drops after 3 withdrawals. Yet they don't mention Aldermore's 4.4%, which beats Kent Reliance and Charter, even if it's more restricted. It's no wonder some people think that MSE are recommending Trading212, Chip, Plum etc., opposed to listing them for having a market leading rate - if MSE aren't keeping track of every provider.

clairec666

epm-84 said:

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

At the moment it appears Aldermore have the highest rate on their limited access accounts - 4.4% or 4.2% depending which one you go for. Kent Reliance have 4.38% on their Easy Access ISA issue 59, as long as you're over £1000 in credit. (If you don't have over £1000 then you're not going to gain much by switching). 

I wonder why MSE include Plum on their best Cash ISA page - offering 4.41% which includes a 12 month bonus, but the rate drops after 3 withdrawals. Yet they don't mention Aldermore's 4.4%, which beats Kent Reliance and Charter, even if it's more restricted. It's no wonder some people think that MSE are recommending Trading212, Chip, Plum etc., opposed to listing them for having a market leading rate - if MSE aren't keeping track of every provider.

I suspect Aldermore and Kent Reliance haven't responded to the latest base rate cut, so they could drop to around 4-4.1%.

MSE's ISA page tends to focus on either easy access ISAs (i.e. no limitations on withdrawals) or fixed rate (no withdrawals). No mention of limited withdrawal ISAs at all, so the likes of Principality's 5 Access ISA get missed out. I rather think that Plum's rate drop for 3+ withdrawals makes them more akin to other limited withdrawal ISAs so they perhaps shouldn't feature on the easy access section.

Moneyfactscompare is a more comprehensive list, but it isn't displayed as well, and you have to look at each account separately to find the important details (is it flexible, minimum deposit, etc.) MSE makes all of this clearer.

epm-84

clairec666 said:

epm-84 said:

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

At the moment it appears Aldermore have the highest rate on their limited access accounts - 4.4% or 4.2% depending which one you go for. Kent Reliance have 4.38% on their Easy Access ISA issue 59, as long as you're over £1000 in credit. (If you don't have over £1000 then you're not going to gain much by switching). 

I wonder why MSE include Plum on their best Cash ISA page - offering 4.41% which includes a 12 month bonus, but the rate drops after 3 withdrawals. Yet they don't mention Aldermore's 4.4%, which beats Kent Reliance and Charter, even if it's more restricted. It's no wonder some people think that MSE are recommending Trading212, Chip, Plum etc., opposed to listing them for having a market leading rate - if MSE aren't keeping track of every provider.

I suspect Aldermore and Kent Reliance haven't responded to the latest base rate cut, so they could drop to around 4-4.1%.

MSE's ISA page tends to focus on either easy access ISAs (i.e. no limitations on withdrawals) or fixed rate (no withdrawals). No mention of limited withdrawal ISAs at all, so the likes of Principality's 5 Access ISA get missed out. I rather think that Plum's rate drop for 3+ withdrawals makes them more akin to other limited withdrawal ISAs so they perhaps shouldn't feature on the easy access section.

Moneyfactscompare is a more comprehensive list, but it isn't displayed as well, and you have to look at each account separately to find the important details (is it flexible, minimum deposit, etc.) MSE makes all of this clearer.

Kent Reliance withdrew their previous issues of fixed term ISAs on 8 August and launched new ones with lower interest rates. It doesn't appear they've done anything with Easy access cash ISA - issue 59, as the rate was last changed at the end of June. The issue 58 still has higher rates than issue 59 but it was withdrawn in June. That suggests if you open issue 59 it will likely retain a higher rate than whatever issue 60 is, whenever they choose to launch their next new Easy Access one.

Kent Reliance have had leading rates in the past, but they don't tend to remain leading for more than a few months at a time.

https://www.kentreliance.co.uk/interest-rates

ivormonee

I haven't been with Tembo for long. Had been attracted by the 4.64% rate, which was recently reduced to 4.1%. Have been keeping an eye out for possible alternatives but I don't think the market shake-out has fully played out yet. Eg. just on Friday Kent Reliance announced issue 60 at 4.32%; I would expect a few more such changes from the other providers this week. As things stand, Vida still has 4.38% on offer and, unless they announce a drop, may be the next go-to away from Tembo. Will review end of this week.

Gambler

epm-84 said:

clairec666 said:

epm-84 said:

clairec666 said:

jungleboy123 said:

i keep playing the switchy game and i have burned all my newbie accounts. I started the year with T212, then plum then moneybox and finally thought sod it ill go tembo and accept a lower rate. I did not expect this big drop from the 0.25% cut.

No idea what im gonna do now but will keep an eye on this thread.

Tembo's still better than all the "without bonus" rates, I think? Even though the big drop is annoying, they still might be worth sticking with. Check in a couple of weeks, because at the moment there are some better rates (Ford Money flexible ISA, and quite a few limited withdrawal accounts) but they might yet drop after the latest base rate cut. Tembo is still showing as 4.64% on moneyfactscompare as it doesn't drop to 4.1% until tomorrow.

At the moment it appears Aldermore have the highest rate on their limited access accounts - 4.4% or 4.2% depending which one you go for. Kent Reliance have 4.38% on their Easy Access ISA issue 59, as long as you're over £1000 in credit. (If you don't have over £1000 then you're not going to gain much by switching). 

I wonder why MSE include Plum on their best Cash ISA page - offering 4.41% which includes a 12 month bonus, but the rate drops after 3 withdrawals. Yet they don't mention Aldermore's 4.4%, which beats Kent Reliance and Charter, even if it's more restricted. It's no wonder some people think that MSE are recommending Trading212, Chip, Plum etc., opposed to listing them for having a market leading rate - if MSE aren't keeping track of every provider.

I suspect Aldermore and Kent Reliance haven't responded to the latest base rate cut, so they could drop to around 4-4.1%.

MSE's ISA page tends to focus on either easy access ISAs (i.e. no limitations on withdrawals) or fixed rate (no withdrawals). No mention of limited withdrawal ISAs at all, so the likes of Principality's 5 Access ISA get missed out. I rather think that Plum's rate drop for 3+ withdrawals makes them more akin to other limited withdrawal ISAs so they perhaps shouldn't feature on the easy access section.

Moneyfactscompare is a more comprehensive list, but it isn't displayed as well, and you have to look at each account separately to find the important details (is it flexible, minimum deposit, etc.) MSE makes all of this clearer.

Kent Reliance withdrew their previous issues of fixed term ISAs on 8 August and launched new ones with lower interest rates. It doesn't appear they've done anything with Easy access cash ISA - issue 59, as the rate was last changed at the end of June. The issue 58 still has higher rates than issue 59 but it was withdrawn in June. That suggests if you open issue 59 it will likely retain a higher rate than whatever issue 60 is, whenever they choose to launch their next new Easy Access one.

Kent Reliance have had leading rates in the past, but they don't tend to remain leading for more than a few months at a time.

https://www.kentreliance.co.uk/interest-rates

Thanks for the link. Issue 60 is showing 4.32% as at 22 August. Does this mean this rate will not be reducing following the base rate cut that took place prior to 22 August?