ISA confusion with Tembo

almost_retired_1962

I have an easy access ISA with Tembo that I invested £20,000 into last financial year. I now want to transfer it to another provider, Barclays. Interest of £838 has accrued over the year. I'm not sure what I should do next and Tembo aren't being very helpful. I asked them for instructions on how to withdraw the interest leaving just £20,000 which I would then transfer from Barclays. The Tembo AI Agent told me that I would be unable to withdraw the interest and that I would have to transfer the entire amount. I thought that 'easy access' meant being able to withdraw. In fact, there is an option within the app to withdraw. I'm so confused right now. I spoke to Barclays and asked if the entire balance was transferred, could I then withdraw from them to which they replied that would not be possible. Please help! I'm tearing my hair out (what's left!)

eskbanker

You can transfer the full £20,838 to Barclays, just get them to initiate the transfer from their end.

Or if you want to withdraw the £838, then do it before (or after) transferring?

almost_retired_1962

https://forums.moneysavingexpert.com/discussion/comment/81961252#Comment_81961252

Both of those options are what I'm having problems with. Tembo say I must transfer the entire balance, not withdraw £838, and Barclays tell me if the entire balance was transferred over I would not be able to withdraw the £838 from them. I'm currently in a very delayed online chat with Tembo now so I'll see if they can clear this up. The previous conversation was with a AI agent which I think got it's circuits in a bit of a frazzle!!

masca

Do you actually want the £838 as cash, or would you not perhaps be better off leaving it in the ISA wrapper? I have opted to leave my interest in my ISA each year, but I'm fortunate in that my ISA isn't my only savings.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81961334#Comment_81961334

Just to be clear, you definitely want to withdraw £838, rather than believing it's necessary to do so?

Tembo are presumably saying that they don't accept partial transfer requests, but there's nothing stopping you from withdrawing anything you like from an easy access ISA before initiating a transfer.

Is it another easy access ISA that you're looking at with Barclays? If so, then, again, they can't stop you from withdrawing money from an easy access product, but if it's a fixed term product then there'd be a penalty involved.

almost_retired_1962

https://forums.moneysavingexpert.com/discussion/comment/81961350#Comment_81961350

Yes, I do want to withdraw the £838 interest. Maybe the Tembo AI agent was getting confused thinking that I wanted to make a partial transfer although I did state I wanted to 'withdraw my interest'. Barclays ISA is a fixed term ISA so I can understand that, although it does allow up to 3 withdrawals per year of up to 10% of balance so I should be able to do it that way also.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81961369#Comment_81961369

In which case it sounds like it would be worth withdrawing the £838 from Tembo now, and then initiating the transfer by submitting a request with Barclays. Ignore the Tembo AI agent!

Albermarle

Normally there is no need for you to contact Tembo ( or any ISA provider you are wanting to transfer out from )at all. The receiving scheme, in this case Barclays, should organise everything.

So by contacting them you might have confused them. Plus we see on here all the time, call centres ( human and humanoid) giving out wrong info on ISAs.

flaneurs_lobster

Tembo is one of the more efficient EA ISA platforms for withdrawals. Did several in the last few months, never more than a working day to credit.

EDIT: here's the Tembo transferring out info

https://help.tembomoney.com/en/articles/12546509-how-to-transfer-your-isa-from-tembo-to-another-provider

almost_retired_1962

Thanks everyone for your input. You've been a great help! Think I'll just put it down to AU (artificial unintelligence) from Tembo.