Tembo can they be trusted

rosemolly

I recently opened a fixed cash ISA with Tembo. I initiated an ISA transfer from another Cash ISA with the intention of adding to this by utilising the remainder of this years ISA allowance to provide an additional boost. As I bank with HSBC I found that it was not possible to initiate a cash transfer into the Tembo ISA as HSBC require the last four digits of the target account when initiating a new transfer, no matter how small the transfer. I therefore asked Tembo to close my account and to stop the ISA transfer from my existing ISA. I received an email from Tembo asking me to confirm that I would like to stop the ISA transfer, which I confirmed. At this point the Tembo account had only been opened for four days, so was not expecting much to have happened in terms of the transfer. I shortly received another email from Tembo stating the following:

:I can see the funds from your transfer have landed with us and are in the process of allocating so I am not sure that this can be cancelled. I will raise this with the transfer team and let you know when they respond. They are back in the office from 9am Monday:

I was quite surprised by this as ISA transfer is not normally a rapid process. I checked my existing ISA account and sure enough no funds had been transferred. I asked my existing ISA provider to put a stop on the transfer, which they agreed. Personally I would be very wary about using a business that is happy for its staff to blatantly lie.

Eyeful

Tempo Money Limited are a savings & mortgage platform
Their FRN is 952652

1. Did you understand that Tempo Money Limited is not a Bank or Building Society.
2. Any FSCS Savings you have will be provided by the partner banks they put customers money into

May I ask where you found out about them?

oddcueball52

I am trying to understand, were you trying to ISA transfer out from Tembo or into Tembo? I have used Tembo previously, had no issues transferring ISA from Nationwide to Tembo Easy Access Cash ISA. As Eyeful mentioned, Tembo is not a Bank or Building Society and on their website:

"Tembo isn't a bank but a UK savings provider, authorised and regulated by the Financial Conduct Authority (FCA). We do this by carefully selecting and partnering with well-known national banks to hold customers' funds."