Tembo ISA - Transfer/Allowance confusion

peoplesrepublican

I recently opened a Tembo Easy Access ISA, made a deposit and also arranged for a transfer from a previous provider (NS&I). The transfer was worth approx £3.3k. I now see that my "used allowance" in Tembo is equal to my deposit plus £1100, and I don't understand where this £1100 usage has come from. Seems too much of a coincidence that it's almost exactly 1/3 of my transfer amount. I have looked on Tembo and more generally and all I can find is that transfers don't affect allowance. I'm stumped here, does anyone have any theories about how I've used up this £1100 allowance? Thanks

clairec666

Might be a weird quirk on the Tembo app. A couple of months ago I deposited £1000 to my ISA, and my balance mysteriously increased by £2000, even though the transaction only appeared once. By the following day it was showing the correct amount.

flaneurs_lobster

Most of the "tech" ISA apps have a similar counter. Don't think they can be relied on, the one for my Moneybox ISA is just plain wrong by several £k.

And, of course, they can take no account of your current year's subscriptions to other ISA providers.

peoplesrepublican

flaneurs_lobster said:

Most of the "tech" ISA apps have a similar counter. Don't think they can be relied on, the one for my Moneybox ISA is just plain wrong by several £k.

And, of course, they can take no account of your current year's subscriptions to other ISA providers.

If it's just for info, that's fine, I can ignore it. But if I get to the point where it stops me making a valid deposit becuase it thinks I've reached my limit, that will be a problem. I've also asked them what's going on, waiting on a response.

MeteredOut

peoplesrepublican said:

flaneurs_lobster said:

Most of the "tech" ISA apps have a similar counter. Don't think they can be relied on, the one for my Moneybox ISA is just plain wrong by several £k.

And, of course, they can take no account of your current year's subscriptions to other ISA providers.

If it's just for info, that's fine, I can ignore it. But if I get to the point where it stops me making a valid deposit becuase it thinks I've reached my limit, that will be a problem. I've also asked them what's going on, waiting on a response.

I'd be contacting Tembo to ask - i would not be surprised if the app stopped you trying to deposit greater than £20K, taking that running total into account.

peoplesrepublican

Tembo got back to me and told me the £1100 allowance discrepancy came from the fact that my previous provider (that I did the transfer from) had informed them I'd already deposited this in this financial year - which is 100% correct, I got my dates wrong. So nothing wrong from Tembo, completely user error. Thanks to those who made suggestions!