Digital savings and mortgage platform Tembo has earned an “excellent” rating after increasing the interest on its easy access Cash ISA to 4.8%. The account can be opened with a minimum deposit of £10 and interest is paid monthly.

There are no withdrawal restrictions, which may appeal to savers looking for more flexibility with their pots. Commenting on the deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “Tembo Money has increased the rate on its Tembo Cash ISA this week, which sees it improve its position within the top 10 when compared against its peers.

“Now paying 4.80% AER monthly, this may be an ideal option for savers wishing to boost their income.

“The account can be opened with as little as £10; withdrawals and further additions are permitted; however, they must be a minimum of £10.”

She added: “Savers can also choose to split their Cash ISA savings across multiple ISAs within Tembo’s range, which may add to its appeal. The deal secures an Excellent Moneyfacts product rating.”

Cash ISAs have become increasingly popular over the past years, with higher interest rates dragging more people into savings tax thresholds. These accounts allow people to save up to £20,000 a year tax-free.

But while Tembo may offer an appealing rate, the product isn’t quite topping the table in the easy access Cash ISA sector.

Trading 212 easy-access Cash ISA offers an Annual Equivalent Rate (AER) of 5.02%. This includes a 0.52% bonus for three months, and the interest is paid monthly. Savers can launch the account with £1, and withdrawals are not restricted.

Zopa’s Smart ISA places just behind with an AER of 5.01%. The rate includes a 1.16% bonus for three months, and interest is paid monthly. Savers can also launch this account with £1, and withdrawals are not restricted.

Chip places third on the list with an AER of 5%, which includes a fixed bonus of 0.65% fixed for a longer period of six months. Savers can get started with just £1, interest is paid monthly, and withdrawals are not restricted.