Cash ISA's from Tembo / Chip

[jimmy156]

Hi all,

Any got any experience of these companies / savings platforms?

My ISA rate with my current provider has dipped to 3.8 or something and looking to transfer the amount.

I wouldn't think twice about opening one of these account to start saving in to, but as I plan to transfer my existing savings (a fair sum for me, probably peanuts to many on here) it makes me a bit nervous!

I'm tempted by the Tembo one as there are no gimmicks / bonus offers, it's just a rate of 4.8%. The website seems pretty slick! But I haven't got much else to go on.

[anonymous-user]

Yes use Chip no problems at all.

[Regbuser]

The kids have their Lisas with Tembo, no problems

[Rick101]

Had similar concerns. Transferred 5 figures to Chip, very easy, efficient and quick. Making use of the initial high rate for 3 months then planning on transferring to Tembo, assuming they are now taking transfers again.

[jayymannon]

Had tembo for a few months, no issues.
I didn't transfer anything in though, just a new account.

It is app only which might put some people off.

Interest paid monthly around the 13th of the month for the interest earned in the previous full calender month.

[disad-vantage-d]

I had an ISA with Chip for a while without any issues. However, I transferred to Tembo a few weeks ago as it was a better rate of interest. I got a message from Chip informing me that the transfer had completed and that I would no longer be able to open an ISA with Chip in the future, which I found a little strange.
No issues with Tembo so far.

[Wings]

disad-vantage-d said:

I had an ISA with Chip for a while without any issues. However, I transferred to Tembo a few weeks ago as it was a better rate of interest. I got a message from Chip informing me that the transfer had completed and that I would no longer be able to open an ISA with Chip in the future, which I found a little strange.
No issues with Tembo so far.

I had the same response from Chase, if you move away Chase will not allow you to open an account in the future.

As for Chip they are presently offering ISA interest of 4.99% for NEW customers, but that interest will drop to ISA 4.24%. I also found when transferring an ISA account to Chip, that it took nearly a month for Chip to confirm receipt of the transfer monies.

[Rough101]

No problems with Chip, but it was a fresh start one, not a transfer in.