Savings Interest Rates, Switch Offers and Guides for Tembo

Who they are

Tembo was founded in 2020 as a digital savings and mortgage platform, with a clear focus on helping people get onto the property ladder. It describes itself as an award-winning digital mortgage broker and savings platform on a mission to close the affordability gap. The company won "Best Newcomer" at the British Bank Awards in 2022, followed by "Innovation of the Year" in 2023, and has been voted Best Mortgage Broker four consecutive years running.

Tembo is not a bank in the traditional sense - it holds your savings with partner banks rather than on its own balance sheet. Strict FCA rules mean customer funds are ring-fenced from Tembo's own, and each partner bank carries FSCS protection of up to £120,000 per eligible person. That higher £120,000 limit - rather than the standard £85,000 - applies across all four savings products currently on offer.

Savings accounts

Tembo offers four accounts, all variable rate and accessible from the app. The standout is the HomeSaver easy access account, currently paying 4.55% AER with a 1% bonus included for the first 12 months. The minimum to open is just £10, though the account is capped at £20,000. One thing worth knowing: there is an additional conditional bonus available if you complete a mortgage through Tembo within three years of opening, which can push the headline rate higher - useful context if you are actively saving for a home purchase.

For ISA savers, there are three options. The Cash ISA pays 4.05% AER (variable), made up of a 2.80% base rate plus a 1.25% boost for 12 months - so the rate will step down after year one and it is worth setting a reminder. The Fixed Rate Cash ISA pays 4.55% AER with no access until maturity and a £500 minimum. For first-time buyers aged 18 to 39, the Tembo Cash Lifetime ISA pays 4.00% AER (3.80% base plus a 0.20% boost for 12 months), and you can open it with as little as £1. The government's 25% bonus on LISA contributions of up to £4,000 a year is the real draw here for those buying their first home.

None of Tembo's ISA accounts are flexible ISAs, so withdrawals use your annual allowance - plan accordingly.

Is it right for you?

Tembo is best understood as a savings platform built around homeownership. Savers get access to fee-free mortgage advice from Tembo Mortgages as part of the package. If you are saving for a deposit, the combination of a competitive easy access rate, a Lifetime ISA with a government top-up, and in-house mortgage advice in one app is genuinely useful. If you just want a pure savings rate with no property angle, there may be accounts on the market paying more - particularly once the HomeSaver or Cash ISA bonus period ends.

As always, the live rates shown on this page are the most up-to-date figures - check them before you open anything.