Use my Tembo Invite to get up to £250
Who are Tembo?
Tembo is an award-winning mortgage broker and savings platform. With a Tembo Cash ISA, you will currently earn 3 times more in interest than if you were to save with one of the Big Four’s easy-access, instant Cash ISA accounts.
At the time of writing (07/04/2025) Tembo offer 4.8% interest AER (variable) on their easy access cash ISA. Interest accrues daily, and it is paid into your account each month.
As an additional sweetner, using my Tembo Referral Link will give you a credit on your Tembo Cash ISA of up to £250. The bonus can be anywhere between £15 and £250, but it is heavily weighted towards the lower end.
The probability of each bonus is:
- £15 - 95%
- £25 -4%
- £50 -0.7%
- £100 -0.2%
- £250 - 0.1%
Both the referrer and the referee (that's me!) receive the same bonus, but you can see that the odds of getting £250 is around 1 in a thousand!
How to I get the Reward?
You just need to use my Tembo Referral link to sign-up and then fund your new Tembo ISA or Lifetime ISA with at least £500 within 30 days, or initiate the transfer of an existing ISA or Lifetime ISA with a balance of £500 or more to a Tembo ISA or Lifetime ISA within 30 days.
Does the referral reward impact my ISA allowance?
No, referral rewards are considered “Bonus Interest”, so they do not count towards your annual £20,000 ISA limit.
Is Tembo regulated?
Their mortgage and savings businesses are fully authorised and regulated by the Financial Conduct Authority (FCA), ensuring strict adherence to governance and compliance rules.
Client savings are held securely with their FCA-regulated partner banks: Barclays, Bank of Scotland (and from March 31st, 2025, Aldermore Bank and Shawbrook Bank).
FCA regulations mandate that these funds are segregated and ring-fenced, meaning they are protected and cannot be used by Tembo. This separation ensures your funds are safe even if Tembo were to cease operations.
Furthermore, each partner bank is protected by the Financial Services Compensation Scheme (FSCS), safeguarding your deposits up to £85,000 per eligible person, per bank. By working with multiple banks, they offer the potential for over £200,000 in FSCS protection.
Tembo - are they any good?
General Positives:
High Customer Satisfaction: Tembo generally receives excellent customer reviews. On Trustpilot, they have a very high rating (around 4.9 out of 5) based on a significant number of reviews. Customers praise their personal advisors, clear communication, and step-by-step support.
Market-Leading Lifetime ISA: Their Lifetime ISA (LISA) often has a competitive interest rate and comes with a government bonus to help grow deposits faster for first-time home purchases.
Award-Winning Service: Tembo has been recognized as the "Best Mortgage Broker" at the British Bank Awards for three consecutive years (2022, 2023, and 2024), indicating strong service quality.
User-Friendly App: Their app is generally well-regarded for its ease of use and features for tracking savings and the home-buying process.
FSCS Protection: Client funds held in their savings accounts are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per eligible person, per partner bank. Tembo partners with multiple banks (Barclays, Bank of Scotland, and from March 31st, 2025, Aldermore Bank and Shawbrook Bank) to potentially offer more than £200,000 in FSCS protection.
Potential Drawbacks:
Relatively New Company: Founded in 2020, Tembo is a newer player in the market, which might be a concern for some individuals who prefer more established institutions.
Initial Mortgage in Principle (MIP) Accuracy
Cash ISA Withdrawal Issues: A few users have reported issues with the speed of withdrawing money from their Cash ISA accounts.
App-Only Account: The Tembo Cash ISA is primarily app-based, which might not suit everyone.
No Account Number or Sort Code for Cash ISA: Transfers out of the Cash ISA might require using a reference number instead of a traditional sort code and account number.
Non-Flexible Cash ISA: Be aware that the Tembo Cash ISA might not be flexible, meaning any money withdrawn cannot be replaced in the same tax year without affecting your allowance.
Overall:
Tembo appears to be a well-regarded company. Their innovative solutions and high customer satisfaction are significant strengths. Their savings products, especially the LISA, are generally seen positively, but potential users of the Cash ISA should be aware of its app-only nature and potential withdrawal processing times.
It's always recommended to do your own research and compare different providers before making a decision.