Tembo has increased the headline rate on its HomeSaver easy-access savings account to 5.75% AER (variable), reinforcing its strategy of combining saving and mortgage services into a single proposition aimed at homebuyers and homeowners.
The new rate replaces the previous 5.5% AER and reflects continued demand for the product since its launch in October last year. The HomeSaver account is designed for customers saving towards property milestones, such as building a first-time buyer deposit, moving to a larger home, or preparing funds to overpay a mortgage at remortgage.
The revised rate structure is now split across three components. Savers earn a 3.00% AER (variable) base rate, alongside a 1.55% AER fixed 12-month introductory bonus, creating a combined underlying rate of 4.55% AER (variable).
In addition, customers can unlock a further 1.20% AER fixed conditional bonus if they complete a mortgage using Tembo’s whole-of-market brokerage service within three years of opening the account. This lifts the potential total return to the headline 5.75% AER.
The gross rates underpinning the account are 2.956% for the base rate, 1.55% for the introductory bonus and 1.20% for the conditional bonus, giving a combined gross base rate of 4.51%.
Alongside the rate increase, Tembo has also raised the maximum investment limit to £25,000, up from £20,000, allowing savers to earn the enhanced returns on a larger balance.
The HomeSaver account sits at the centre of Tembo’s broader “save and mortgage” ecosystem. The platform provides fee-free mortgage advice to eligible savers, with access to more than 100 lenders and over 25,000 mortgage products. The firm also offers a Best Mortgage Deal Guarantee, promising to pay the difference if a cheaper comparable deal is found elsewhere through another whole-of-market broker.
Funds held in Tembo savings accounts are protected by the Financial Services Compensation Scheme (FSCS), with protection of up to £120,000, and the company says its app is used by more than 400,000 savers.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
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