A breakdown of your interest rate
Your total rate is made up of three distinct parts. This structure allows your money to work harder from day one, while providing extra "top-ups" for reaching key milestones.
3.00% AER Base Rate (Variable): This is the core interest earned on your balance every day. It is paid into your account on the 8th working day of the following month.
1.55% AER Introductory Rate (Fixed Bonus): This is a 12-month boost that you earn daily for the first year. It is paid out in a lump sum as long as you keep your account open for the full 12 months.
1.20% AER HomeSaver Bonus (Fixed Bonus): This extra boost is also earned daily during your first 12 months. It is paid out when you complete a qualifying mortgage or remortgage through Tembo Money Limited within three years of opening your account.
How much could you earn?
To help you visualise your progress, here is what a £1,000 deposit could look like after 12 months (assuming no further deposits or withdrawals and that the base rate remains the same):
£1,057.50: If you meet the conditions for the HomeSaver Bonus by using Tembo for your mortgage.
£1,045.50: If you receive the 12-month Introductory Bonus but do not use Tembo for your mortgage.
When is interest paid?
We calculate your interest daily to ensure every pound is working for you. The Base Rate is paid monthly on the 8th working day. The Introductory and HomeSaver bonuses are credited in the next interest cycle after your account reaches its 365-day anniversary (and, for the HomeSaver Bonus, once your mortgage has completed).
Can the rate change?
The Base Rate is variable, meaning it can go up or down. If we need to decrease the interest rate, we will always give you at least 14 days' notice so you can decide what is best for your savings. The two bonus rates (Introductory and HomeSaver) are fixed for the first 12 months from the date you apply.