Best Business

Redwood Bank Business Banking

About Redwood

Editorial Team
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Redwood Bank is a specialist business bank based in the heartlands of the UK, powered by people that what to make a difference for businesses across Britain. Their mission is to provide SMEs with simple products and fast decisions to help accelerate growth and savings goals.

See our full review of Redwood Bank business savings accounts, comparing rates, fees and features against other UK banks and building societies.

Redwood Bank pros & cons

Pros of Redwood

  • Award-winning notice & fixed rate accounts
  • Earn interest rates up to 5.20% AER
  • Applications take around 15 minutes
  • Hold a total of £2 million across accounts
  • Benefits from FSCS protection, up to £85,000

Cons of Redwood

  • Do not offer a instant access account
  • No mobile app available at the moment
  • No business current account available

Redwood Bank business savings

Redwood offer four business savings accounts, two notice and two fixed bonds. All can be opened with £1,000 and hold a maximum of £1 million, .

Each account has access for up to four authorised users and require you to nominate a business current account for payments. The accounts available are:

  • 35 Day Business Savings - gets a return of 4.10% AER variable, but you must give 35 days of notice to make any withdrawals.
  • 95 Day Business Savings - requires 95 days notice for withdrawals but you can make unlimited, and offers a variable rate of 4.75% AER.
  • 1 Year Business Bond - earn a fixed rate of 5.20% AER, but no further deposits or withdrawals are permitted.

Here is a summary of the interest rates available with Redwood's business accounts:

Account name35 Day Business Savings Account95 Day Business Savings Account1 Year Business Savings Bond
Interest rate (AER)4.10%4.75%5.20%
Minimum deposit£10,000£10,000£10,000
Maximum balance£1,000,000£1,000,000£1,000,000

Eligibility

To be eligible for Redwood business savings account you must:

  • Either be a sole trader or your business is a limited company, partnership, limited partnership, or limited liability partnership, charity, association, club, society, or parish/local council
  • Have registered your business in the UK and have no trustees or accounts held in trusts
  • Be UK-based business & resident
  • Be able deposit a minimum of £10,000
  • Have a nominated business current account, provided by a UK bank or building society

Opening an account

Here's how to open an Redwood business account:

  1. To open online choose the savings account you would like
  2. Complete their application - Redwood will confirm your eligibility
  3. Verify your ID - with photo ID such as a passport or photocard driving licence
  4. Once approved (usually same day) you can start saving

Redwood Bank reviews

Redwood has a poor Trustpilot rating of 2.5 stars, from only 15 reviews, with 40% rating them 5-star.

Information correct as of 4th July 2024.