It only takes 5 minutes to request a transfer to Tembo via our app. To get started, follow the below steps:
How to transfer a Lifetime ISA to Tembo:
Download the Tembo app
Select ‘Transfer a Lifetime ISA to us’
Select the provider you would like to transfer from. You’ll need your Lifetime ISA account number, the account balance and other relevant information.
Select what type of account you would like to open - a Cash Lifetime ISA or a Stocks and Shares Lifetime ISA
Connect your Tembo Lifetime ISA to a bank account registered in your name from our list of providers. This is the account we use to set up open banking technology to verify your identity, help to keep our app safe and power our saving features. When you top up your account or set up direct debits in the Tembo app, it will be this bank account that the money comes from.
You will then need to confirm details about yourself, such as your name and date of birth, and agree to the legal bits and the terms & conditions of the Lifetime ISA. We’ll email you copies of these documents for your records, and they can also be found in settings in the app.
Your Lifetime ISA transfer will now be underway. We’ll send you an email copy of your transfer-in form. Your current provider might also reach out to confirm your transfer request. Once your transfer is complete, we’ll let you know via email.
How to transfer a Cash ISA to Tembo as a new customer
Download the Tembo app
Tell us about yourself, including your first and last name and an email address you’d like to be registered to your account. You’ll then need to verify your email with a magic link (and code) sent to the email address you’ve inputted (check your spam and junk folders if you can’t find the email!)
Select the savings account you’d like to open with Tembo.
You will then need to agree to the legal bits and the terms & conditions of the Cash ISA. We’ll email you copies of these documents for your records, and they can also be found in settings in the app.
Then, confirm details about yourself, such as your name, your date of birth and your National Insurance number
Once you’ve set up your account, you can then choose how you’d like to fund the account, either by depositing funds into the Cash ISA or transferring another ISA to us.
Select the provider you would like to transfer from. You’ll need your ISA account number, the account balance and other relevant information.
Your Cash ISA transfer will now be underway. We’ll send you an email copy of your transfer-in form. Your current provider might also reach out to confirm your transfer request. Once your transfer is complete, we’ll let you know via email.
If you want to add further funds to your Tembo Cash ISA, you will need to connect your Tembo Cash ISA to a bank account registered in your name from our list of providers. This is the account we use to set up open banking technology to verify your identity. It also helps to keep our app safe and powers our saving features.
How to transfer a Cash ISA to Tembo as an existing customer:
On the Tembo app, click on Settings in the bottom right-hand corner and select ‘Transfer in an existing ISA’
Select the provider you would like to transfer from. You’ll need your ISA account number, the account balance and other relevant information.
Your Cash ISA transfer will now be underway. We’ll send you an email copy of your transfer-in form. Your current provider might also reach out to confirm your transfer request. Once your transfer is complete, we’ll let you know via email.
How long does it take to transfer my Cash ISA?
Typically, transferring a Cash ISA to a Tembo Cash ISA takes up to 14 working days. But the process of your Cash ISA being switched from your current provider to us can take up to 30 days if there are delays. Rest assured, our team deal with our part of the process as quickly as possible.
How long does it take to transfer my Lifetime ISA?
After we receive the request to transfer in your Lifetime ISA, we check over the details and then contact your current provider. It can then take up to 2-6 weeks for the process of your Lifetime ISA being switched from your current provider to us – but rest assured our team deals with our part of the process as quickly as possible.
The same goes for transfer-outs, although you have to request a transfer-out via your new provider. They then reach out to us, and we deal with the withdrawal of funds to them.
Delays can be caused by things like incorrect personal details or addresses that don't match up, so make sure that your information that is held in our app is up-to-date and accurate!
How can I get an update on my transfer?
There are various steps involved in transferring an ISA from one provider to another, including requesting information from your old provider as well as the funds you hold with them. We’ll keep you in the loop via email, letting you know if your transfer is still in progress and once it’s complete. You can also see a status update within the Tembo app.
What steps are involved in transferring an ISA to Tembo?
You (the customer) request an ISA transfer via the Tembo app
We will then send a transfer request to your old ISA provider
Your old ISA provider will usually then respond, acknowledging that they’ve received the transfer request
Your old provider will then send over the Transfer History Form (THF) alongside your funds to Tembo
We then need to ensure the details provided by your old provider in the Transfer History Form (THF) pass checks with HMRC to finalise the transfer in their system
Once these checks are done, we can then complete the transfer, including allocating the funds to your account. With a Cash ISA, you start earning interest from the date we received the funds from your old provider - this is backdated once your transfer is complete.
When do I start earning interest?
With a Tembo Cash ISA, you start earning interest from the date we received the funds from your old provider - this is backdated once your transfer is complete.
How do I find my Tembo account number?
Your Tembo Cash ISA or Lifetime ISA account reference number can be found in 'My Profile' under the Settings Tab.
Cash ISA reference looks like acc-xxxxxx-xxxx
Lifetime ISA reference looks like NUXXXXXXXXXX.
Note: your Tembo savings accounts don't come with a typical account number and sort code; this is because Tembo is not a bank, we are a savings provider.
If you want to make a deposit into your Tembo account, you must do so by linking your bank account through the Tembo app, instead of making a payment directly from your bank account.
If you're having trouble adding money to your Tembo account through the Tembo app, try sending a smaller amount initially. If this works, then try sending a larger amount. Usually, banks will automatically decline large payments to new payees as they view this as 'unusual' behaviour. Sending smaller payments first can help get around this.