Tembo ISA to Tandem Bank ISA problems (possibly Tesco Fixed ISA)

SteveAZ

Hello. I opened a 1 year Fixed Rate with Tandem on the basis that I was going to transfer my Tembo Easy Access ISA across.

After opening the Tandem Fixed ISA I have found out that Tandem don’t accept transfers from Tembo. Tandem only transfer ISA’s from providers that use their electronic transfer process. They don’t have a paper transfer form.

Has anyone else had this problem?? I am now having to re think what to do.

Tembo will transfer my Easy Access Cash ISA to their 1 year Fixed Rate ISA but only the Capital not any accrued or paid interest. No interest will be transferred across. Interest has to stay in the Easy Access Cash ISA. So unsure about that option. Maybe.

I am now thinking of transferring Tembo to a Tesco Fixed Rate ISA (not opened to date). I called Tesco and they said this should be fine. I would need to open the ISA account and complete a ISA transfer form.

Any thoughts pls? Or anyone has these issues with Tembo and Tandem?? Thanks

refluxer

You'll find that this is an issue with many of the current top-paying easy access cash ISA providers like Trading212, Plum etc, when transferring out.

While it's common for app-only providers like Tandem to restrict transfering-in in this way though (along with a few others like Cynergy), it's more common for ISA providers not to have this restriction. What they'll often do is give you a drop-down list for requesting an electronic transfer and then, if the provider you're trying to transfer from isn't on that list, they'll point you towards a paper form which you can download/print/post instead.

In my experience, you'll have more luck with the high street banks and building societies on the BACS ISA transfer list, but others like Charter, Shawbrook and Tesco also operate in the same way (IIRC) and there will be others.

When transferring-in is limited, ISA providers will usually mention this on their product pages or FAQs, so do a quick bit of digging through those pages before signing up for another. For example - this is Cynergy's page : https://www.cynergybank.co.uk/personal/isa-transfers and Tandem's https://www.tandem.co.uk/save/transferring-cash-isa-in#ISA-providers

The other option you have besides the one you're looking at would be to transfer to an easy access cash ISA with a provider from the list (without that limitation) first and then transfer on from there to Tandem. You'll obviously need to stick to providers on the lists in the links above, for this to work.

SteveAZ

https://forums.moneysavingexpert.com/discussion/comment/81921678#Comment_81921678

Hello. Thank you for that. I will open an ISA with Tesco and transfer to them (From my Tembo ISA). I called Tesco Bank this morning and they said I should be able to. Hopefully they can, Maybe i should double check. I know Tembo use a reference number not a sort code and account number.

SteveAZ

Just checked Tembo state on their app that I am able to transfer a Tesco Bank ISA to Tembo so I assume I can transfer ok the opposite way ie Tembo to Tesco.

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81921763#Comment_81921763

The only cash ISA I've held with Tesco was a Junior ISA a while ago, but I suspect you'll be fine. As you may have read elsewhere, if Tembo use a non-standard account number or reference number then you'll need to put this in the 'Roll number/reference number' box on Tesco's transfer form (and don't worry about the sort-code.and account number boxes if you don't have that info).

SteveAZ

https://forums.moneysavingexpert.com/discussion/comment/81921828#Comment_81921828

Thanks. Tesco 4.16% AER 1 year Fixed Rate ISA opened. Going to fill in their ISA transfer form and fingers crossed all will be fine. Starting to wonder if ISA rates would be higher closer to 5/04/26 but without a crystal ball then who really knows.