Tembo

Who they are

Tembo is a digital mortgage and savings platform that has carved out a clear identity in the UK market. It was set up to help address declining levels of homeownership in the UK , and founded in 2020, it started offering savings products in 2024. The mortgage brokerage side has built a strong reputation - it has been voted Best Mortgage Broker for four consecutive years at the British Bank Awards in 2022, 2023, 2024 and 2025.

During 2025, Tembo's savings arm grew tenfold to reach £3bn in assets under administration , which suggests a lot of savers have taken notice fairly quickly. The Tembo team is based across the UK with offices in Glasgow, Newcastle, Manchester and London. It is not a bank in the traditional sense - it holds your money through partner institutions rather than under its own banking licence, which has implications for how FSCS protection works (more on that below).

Savings accounts

Tembo currently offers three savings products, each sitting in a slightly different part of the market.

The HomeSaver is an easy access account paying 4.55% AER variable, with a minimum deposit of just £10. That rate includes a 1% bonus for the first 12 months, so do make a note to review it when that period ends. Savers who complete a mortgage with Tembo within three years of opening the account can earn a higher rate still. It is worth knowing this if you are actively saving for a home.

The Tembo Cash ISA pays 4.05% AER variable on balances from £1, with instant access. The headline rate includes a 1.54% bonus for the first 12 months - after which it reverts to the lower underlying rate, so again, set a calendar reminder at around 11 months. The account offers unlimited withdrawals without reducing the interest rate , which keeps things genuinely flexible. Withdrawals can take up to two working days to process , so it is not quite instant in the way a current account would be. Note that Tembo's Cash ISA does not currently accept ISA transfers in.

The Tembo Cash Lifetime ISA pays 4.30% AER variable, also from £1. This is designed for first-time buyers aged 18 to 39 - you can save up to £4,000 each year and the government will top it up by 25% , giving your deposit a meaningful boost. Access is restricted to age 60 or above, or to purchasing your first home, so it is not a flexible pot - you need to be comfortable with that before opening one.

FSCS protection

Savings held through Tembo are protected by the Financial Services Compensation Scheme (FSCS), although the protection level depends on the underlying partner bank where the funds are held. Tembo states that funds are protected up to £120,000. For the Cash ISA specifically, your money is held across Tembo's partner banks, Barclays and the Bank of Scotland. If you already hold savings directly with either of those institutions, it is worth checking whether your combined deposits across all accounts stay within the £120,000 protection limit per person, per bank.

Is it right for you?

Although Tembo has primarily become known for its mortgage services, you do not need to be working towards getting on the property ladder to use it. Its Cash ISAs are available to all, whatever your saving purpose - though Tembo savers do get free access to the mortgage service, making it a particularly good fit if you are saving for a home.

The support team is UK-based and available seven days a week. The app itself is well-regarded, described as a slick, well-designed experience that gets you from A to B with as little friction as possible. There are no account fees and no charges for withdrawals.

The rates Tembo offers are competitive, but the bonus structures mean the headline figures do not last forever. If you are a first-time buyer who wants savings, a Lifetime ISA, and mortgage advice all in one place, Tembo is one of the tidier options in the market right now. If you are simply rate-hunting with no interest in property, it is still a reasonable choice - just watch that bonus expiry date.

As always, the live rates shown on this page are the most up-to-date figures to go by - rates change, sometimes at short notice, so check those before you apply.