Sticking to high street banks when there are other accounts out there with much better interest rates can mean you’re losing hundreds of pounds. Money experts often encourage savers to move their money around to get the best rates and make their money work harder. If you leave your money in the same account for years, there could be thousands of pounds you could have missed out on. That is especially the case with accounts like this one from Tembo, with its interest rate of 4.55%. 

The personal finance experts at Money Supermarket have identified the best easy access savings accounts that are available for UK savers right now, ranking this one at number one. Tembo’s HomeSaver account can be opened online in just five minutes and is specifically designed for those who are saving up to take out a mortgage. Those who open the account will earn 4.55% AER (variable) on their savings, and build a 1.2% AER (fixed) HomeSaver bonus over 12 months. However, the bonus is only unlocked when you use the bank’s mortgage service. The account is best suited to those who are saving for their first home, their next move, a buy-to-let or a remortgage.

Savers get fee-free advice from mortgage experts while they are putting money into the account. The HomeSaver account from Tembo requires a minimum deposit of £10, with a maximum of £25,000. The attractive overall rate is made up of the 3.00% AER base rate, which is earned daily and paid on the eighth working day of the following month.

Meanwhile, the 1.55% AER fixed bonus is earned daily for 12 months from applying to open the account and paid if the account stays open for 12 months.

Additionally, there is the HomeSaver bonus of 1.55%. It is earned daily for 12 months from the date you submit your application to open your HomeSaver account, and paid if you complete a qualifying mortgage through Tembo Money Limited within 3 years from the date of account opening.

It’s worth noting that the interest rate is variable, so Tembo can change it. You will be given at least 14 days’ notice if this happens.

Tembo says if you deposit £1,000 over the 12 months, your estimated balance at the end would be £1,057.50, as long as you meet the conditions to get the HomeSaver bonus. The account can be opened quickly in the Tembo app.

However, you must be aged 18 or over, be a UK tax resident only and not be a US citizen. You need an email address and National Insurance number to create an account, as well as an address in the UK.

You can withdraw funds through the Tembo app at any time, so the account suits a saver who would like easy and quick access to their funds in case they might need them.

While Money Supermarket currently ranks this easy access account as the best at the moment, there is also the Chase Saver With Boosted Rate in second place, which has an interest rate of 4.5% (variable). The minimum deposit for this one is £1, while savers can deposit as much as £3 million.

In third place is the Four Access eSaver from Yorkshire Building Society. It has a minimum deposit of £1 and a maximum of £500,000.

While Tembo’s easy access account is the best rate right now in that category, there are rates as high as 6% and 7% when you choose a different account, such as a Stocks & Shares ISA and a Fixed Rate account. For example, the Principality Building Society Regular Saver currently has a high rate of 7.5%.