Partial transfer from Tembo Cash ISA

šŸ¤ Help
1

Iā€™ve got a cash ISA with Tembo. My balance there consists of money from previous ISA years, along with a full Ā£20k contributed this year. It was all transferred into Tembo earlier this year from a different provider.

Iā€™d now like to move about Ā£10k into my T212 S&S ISA. Trying to initiate a partial transfer here on T212 just tells me ā€œPartial transfers for the selected tax year are not supported by Temboā€. I donā€™t believe thatā€™s true, I think Tembo do support partial transfers.

Another option (if I canā€™t do a partial Ā£10k tranfer) would be to do a full transfer for the current tax year (i.e. Ā£20k). It looks like T212 will let me do that, and the form generated in the transfer process says ā€œcurrent tax year - full, previous tax years - do not transferā€ but honestly Iā€™m worried this will go wrong. I really donā€™t want to take a risk that everything from my Tembo will be transferred.

Can anyone suggest what I should do?

2

You should be able to do a partial transfer:

Best way is to contact Tembo and T212 and get it all in writing. Might be a bit fiddly and going back and forth with them but youā€™ll have evidence in black and white if it goes wrong.

3

Tembo did not originally support partial ISA transfers out

You can also transfer your Tembo Cash ISA savings in full to another ISA provider and keep the tax-free benefits on the money transferred. Partial transfers are not accepted.

This appears to have recently changed and the current version states:

You can also transfer your Tembo Cash ISA savings in part or in full to another ISA provider and keep the tax-free benefits the money transferred.

Unless they have changed recently, ISA rules state that if you want to transfer your current tax year contributions between providers you have to transfer them in full. Transferring previous years contributions does not have this limit.

1 Like
4

Trading 212 support have told me Tembo donā€™t support partials. Iā€™ve done the next best thing which is to request to transfer only this yearā€™s amount. I just hope they donā€™t mess up and transfer the whole amount (inc. previous years).

5

Iā€™ve been trying to do the same thing. I expect you found that got promptly rejected by T212.

When I opened my Tembo account a few months ago, the Ts&Cs were clear:

amount.

ā€œYou can also transfer your Tembo Cash ISA savings in part or in

full to another ISA providerā€¦..ā€

I first tried a part transfer to another provider, after a month that got rejected by Tembo.

On T212 site, it suggests Tembo accept a full transfer out of past years OR current year. So I requested all the past years.

Temboā€™s chat bot /AI was telling me that was ok when I asked exactly what you did.

That request got rejected the same day: ā€˜Tembo donā€™t accept partial.ā€™

Contacted Tembo, itā€™s all or nothing. Theyā€™ll only accept a full transfer out, the entire balance which shuts the account.

6

@J_me, Tembo doesnā€™t support partial transfers of past-year Cash ISA funds to us. This means you can either transfer your entire ISA (including past and current-year contributions), which would close your Tembo ISA, or transfer only your current-year subscriptions. We accept full transfers (past-year and current-year funds) & current-year-only transfers.