Whether an ISA is better than a savings account depends on your financial goals and needs. The main difference between the two is that ISAs offer tax benefits on interest and growth, while savings accounts do not.

Savings accounts can be more flexible and better for smaller sums of money, and you can add and withdraw money whenever you want. But you may get a lower rate of interest than if you were to save your money in an ISA instead.

Some ISA accounts come with withdrawal limits, so you can only make a certain number of withdrawals each year. If you exceed this, often you'll be penalised with a reduced savings rates for the next year (until your withdrawals refresh). You can save up to £20,000 each tax year into an ISA, and typically benefit from a higher rate of interest than with a normal savings account, meaning your money works harder for you.

With a Tembo Cash ISA, we've given you the best of both worlds: a high interest account which earns you 4.8% AER (variable), with unlimited same day withdrawals (when requested by 2pm, otherwise next working day).

Find out more here.