Bank not accepting ISA transfer

J_R_G

Hi there
Can anyone help with this please...?
I'm trying to transfer an ISA from Tembo to Synergy, but Tembo says they don't accept transfers in from Tembo - they didn't say why.
Can they do this?
I assume they can choose who they want to accept money from, but I've never transferred from Tembo before, so wasn't sure if that will be the case if I try to transfer to another bank as well?
Thanks a lot

dunstonh

I'm trying to transfer an ISA from Tembo to Synergy, but Tembo says they don't accept transfers in from Tembo - they didn't say why.

I don't know for sure but typically the digital providers only like transfers from other providers that use the digital transfer process and not paper method.  So, it "could" be that.

Can they do this?

yes

Mark_d

Cynergy clearly state who they take transfers from and the reason is made clear:
https://www.cynergybank.co.uk/personal/isa-transfers

Ch1ll1Phlakes

J_R_G said:

Hi there
Can anyone help with this please...?
I'm trying to transfer an ISA from Tembo to Synergy, but Tembo says they don't accept transfers in from Tembo - they didn't say why.
Can they do this?
I assume they can choose who they want to accept money from, but I've never transferred from Tembo before, so wasn't sure if that will be the case if I try to transfer to another bank as well?
Thanks a lot

If you really want to transfer to Cynergy, you do can this through a intermediate account provider. 

Have a look at the list linked above. You need to transfer your Tembo ISA to a provider on this list then transfer the ISA on to Cynergy (as they now will be able to accept the transfer)

Hooli

J_R_G said:

Hi there
Can anyone help with this please...?
I'm trying to transfer an ISA from Tembo to Synergy, but Tembo says they don't accept transfers in from Tembo - they didn't say why.
Can they do this?
I assume they can choose who they want to accept money from, but I've never transferred from Tembo before, so wasn't sure if that will be the case if I try to transfer to another bank as well?
Thanks a lot

Hi.  I had this issue also so opened a Charter ISA @ 4.31% and transferred Tembo to that.  It takes a little while because you have to complete a paper form for the transfer, send that by post to Charter and then they send you a letter asking you to confirm which is a little frustrating but needs must.   When the transfer from Tembo to Charter was complete I opened a Cynergy ISA and then completed an electronic transfer from to tranfer the Charter ISA to Cynergy!  Long winded I know and it really has put me off opening these app only providers.  I had many issues with CMC Invest too.

Good luck and persevere, every penny counts 😊

J_R_G

Thanks a lot everyone - much appreciated. Looks like a transfer then another transfer is the answer