Tembo savings rates — compare every account, plus switch offers and guides

Who they are

Tembo was founded in 2020 by Richard Dana, Eddie Ross, and Geoff Wright as a specialist digital mortgage broker, and has since grown into a broader savings and homeownership platform. The pitch is a tidy one: award-winning mortgage advice and market-leading savings accounts, all in one place. During 2025 alone, its savings business grew tenfold, reaching £3 billion in assets under administration.

One thing worth knowing before you open an account: Tembo is not a bank but a UK savings provider, authorised and regulated by the FCA. It holds customers' funds through partner banks - currently Barclays, Bank of Scotland, Aldermore Bank, and Shawbrook Bank. FSCS protection flows through those partner banks, not through Tembo itself. The £120,000 limit applies to the total you hold at any one of those partner banks across all sources - so if you already hold a Barclays current account, those balances count toward the same limit.

Savings accounts

Tembo's flagship product is the HomeSaver - an easy-access account sitting at 4.55% AER variable, with a £10 minimum and a 1.55% introductory boost for 12 months on top of a 3.00% base rate. There is a balance cap of £20,000. If you go on to complete a mortgage through Tembo within three years, an additional conditional bonus lifts the effective rate meaningfully - so for first-time buyers already planning to use them as their broker, the account becomes considerably more attractive.

On the ISA side there are three options. The Standard Cash ISA pays 4.00% AER variable (2.80% base plus a 1.20% boost for 12 months), with a £10 minimum and instant access. The Fixed Rate Cash ISA also sits at 4.55% AER, requires a £500 minimum, and locks your money away until maturity - worth considering if you want certainty while easy-access rates are competitive. The HomeSaver Cash ISA is a more unusual product: the headline rate is 2.80%, but Tembo adds an extra 2.70% for the first 12 months if you complete a mortgage with them within three years of opening it - a genuine incentive for buyers saving toward a specific purchase.

For first-time buyers eligible for a Lifetime ISA, the Tembo Cash LISA pays 4.00% AER variable (3.55% base, 0.45% boost for 12 months) with a £1 minimum. Access is restricted to age 60 or above, or purchasing a first home - standard LISA rules apply, including the government's 25% annual bonus on contributions up to £4,000. All cash accounts carry FSCS protection up to £120,000 per eligible person, per partner bank.

None of Tembo's accounts currently offer a current account switch offer.

Is it right for you?

Tembo is a natural fit for first-time buyers who want their savings and mortgage journey in one place. The HomeSaver rate is genuinely competitive for easy access, and the conditional mortgage bonus gives buyers a concrete reason to stay rather than chase rates elsewhere. As a Tembo saver you get exclusive fee-free mortgage advice, and the support team is UK-based and available seven days a week.

If you are purely chasing the best rate and have no plans to take a mortgage, there may be marginally higher easy-access or ISA rates available elsewhere. The 12-month boost on most accounts also means you should set a reminder around the 11-month mark, as the base rates are materially lower once the bonus expires.

As always, the live figures on this page are the place to check before you apply - rates on all Tembo accounts are variable and can change.