Tembo Cash ISA transfer to Tembo Fixed 1 year? convert, or separate application?

Midnight_Tboy

Hi,

So in nutshell I have a maxed out isa with Tembo at 4.1%

I'm sure its likely about to drop in light of todays news, so looking at putting into a fixed.

Is it convert the existing Cash ISA into the Fixed at 4.3%?  Or do I need to apply for a Fixed ISA first, and then fill in transfer details in the same way I would to an external bank?

thanks

Midnight_Tboy

ok to answer my own question in case helps anyone, it was fairly painless.  I didnt have to look up account numbers etc.

I just went into my easy access ISA, selected Move Money.

It then gave option to create a fixed ISA.  A few questions later, and giving driving license picture and vid recording it was done.  I then had the option to move in my money from the existing account or from elsewhere.  It now says 2 business days it will have cleared

RunsFromRobots

Interesting. I didn't think this was possible for some reason. Will have to give it a go myself.

Cheers mate 

Growingold

Midnight_Tboy said:

ok to answer my own question in case helps anyone, it was fairly painless.  I didnt have to look up account numbers etc.

I just went into my easy access ISA, selected Move Money.

It then gave option to create a fixed ISA.  A few questions later, and giving driving license picture and vid recording it was done.  I then had the option to move in my money from the existing account or from elsewhere.  It now says 2 business days it will have cleared

I did it the other way round.  Same result.  Opened a new FR 12mth ISA and then it gave me option to transfer from an existing account with them.  Painless I agree.

topyam

Tembo has just dropped 
is the fixed rate for a year the best atm

topyam

And I initially deposited £20k - with interest, it is more than that - will they let me transfer £20k+ in?

topyam

• Accrued Interest: You will be required to leave at least £1 in your Cash ISA and any interest accrued in your Cash ISA will not automatically be transferred over to the Fixed Rate Cash ISA

  
  

  How does this work?? 

allegro120

topyam said:

Tembo has just dropped 
is the fixed rate for a year the best atm

Yes, the only one at 4.30% that allows transfers in atm.  Transfers result in 2 days loss of interest, but the rate is worth it. 

refluxer

topyam said:

And I initially deposited £20k - with interest, it is more than that - will they let me transfer £20k+ in?

£20k is just a limit on the amount you can pay into an ISA (or ISAs) each tax year and interest earned within the ISA doesn't count towards that limit. The maximum amount an ISA provider will let you hold in an ISA often runs into the millions, so you'll have no problem transferring £20k + interest.

Midnight_Tboy

allegro120 said:

topyam said:

Tembo has just dropped 
is the fixed rate for a year the best atm

Yes, the only one at 4.30% that allows transfers in atm.  Transfers result in 2 days loss of interest, but the rate is worth it. 

do you actually lose 2 days worth of interest?

My Tembo transferring internally from their regular easy access one to the fixed is still currently showing as being in the isa, so I assume its still generating interest unless it shows as missing from both of them for a period

Midnight_Tboy

Midnight_Tboy said:

allegro120 said:

topyam said:

Tembo has just dropped 
is the fixed rate for a year the best atm

Yes, the only one at 4.30% that allows transfers in atm.  Transfers result in 2 days loss of interest, but the rate is worth it. 

do you actually lose 2 days worth of interest?

My Tembo transferring internally from their regular easy access one to the fixed is still currently showing as being in the isa, so I assume its still generating interest unless it shows as missing from both of them for a period

ok maybe so, today (tuesday), my cash ISA has changed to £1.00, but my fixed rate ISA still showing as £0  (not sure why it still has a quid in there).  It shows interest due still as 200ish, so no clue where that interest is going to land in once it pays out

Will keep eye on how long my account is wiped out for