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Redwood Bank Savings Accounts
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Redwood Bank Savings Accounts
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Interest Rate
4.75% AER -
Minimum Deposit
£10,000 -
Maximum Deposit
£1MOnly protected to £85,000 -
Access Type
Fixed Rate -
Access Methods
Online/Post
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Cancel in the first two weeks if it is not right for you
- Up to 4 authorised users
- Make unlimited top-ups (up to £1m limit)
Eligibility Criteria
- Available to UK-based businesses i.e. limited companies, charities, partnerships, LLPs, sole traders, associations, clubs and societies
- UK residents, minimum age of 18 years
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Interest Rate
4.60% AER -
Minimum Deposit
£10,000 -
Maximum Deposit
£1MFSCS protected upto £85,000 -
Access Type
Notice95 days Notice -
Access Methods
Online/Post
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Cancel in the first two weeks if it is not right for you
- Unlimited number of withdrawals with 95 days' notice only
- Make unlimited top-ups (up to £1m limit)
Eligibility Criteria
- Available to UK-based businesses i.e. limited companies, charities, partnerships, LLPs, sole traders, associations, clubs and societies.
- UK residents, minimum age of 18 years
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Interest Rate
4.10% AER -
Minimum Deposit
£10,000 -
Maximum Deposit
£1MOnly protected to £85,000 -
Access Type
Notice35 days Notice -
Access Methods
Online/Post
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Cancel in the first two weeks if it is not right for you
- Unlimited number of withdrawals with 35 days' notice only
- Make unlimited top-ups (up to £1m limit)
Eligibility Criteria
- Available to UK-based businesses i.e. limited companies, charities, partnerships, LLPs, sole traders, associations, clubs and societies.
- UK residents, minimum age of 18 years
Redwood Bank Business Savings Review
Founded with a vision to redefine business banking, Redwood Bank has concentrated its efforts on addressing the needs of UK businesses, blending traditional banking principles with modern technology. Here we explore Redwood Bank’s business savings accounts, considering the bank’s history, interest rates, account features, customer service, security, and overall user experience.
History and Evolution of Redwood Bank
Redwood Bank was launched in 2017 with the specific aim of serving SMEs, a sector often underserved by traditional banks. It was one of the first UK banks to be completely ‘born in the cloud’, meaning its infrastructure and data were cloud-based from inception, allowing for greater flexibility and scalability. This modern approach set the foundation for a digital-first strategy in providing banking services.
The bank was established by a team with extensive experience in finance and banking, bringing together expertise from various financial sectors. Since its inception, Redwood Bank has rapidly grown, both in terms of customer base and its product offerings. It has distinguished itself through its commitment to technology-driven solutions, personal customer service, and an exclusive focus on business banking.
Interest Rates and Account Types
Redwood Bank offers a variety of business savings accounts, including notice accounts and fixed-rate bonds, each designed to cater to different financial needs and goals of businesses. The interest rates provided by Redwood are competitive, especially when compared with larger, more established banks. Their fixed-rate bonds are particularly notable for offering higher interest rates for businesses able to commit funds for longer periods.
Account Features
Redwood’s business savings accounts are characterized by their ease of online management, reflecting the bank’s commitment to digital banking solutions. This approach is especially beneficial for businesses that prefer the convenience and accessibility of managing their finances online. Moreover, the bank prides itself on clear, straightforward account terms and an absence of hidden fees, a policy that resonates well with SMEs.
Customer Service
Since its foundation, Redwood Bank has placed a strong emphasis on customer service. It strives to balance the efficiency of modern technology with the personalized touch of traditional banking. Feedback from customers frequently highlights the responsiveness and expertise of the customer service team, although, like any growing institution, it faces challenges in maintaining this level of service as it expands.
Security and Regulation
Regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), Redwood Bank adheres to stringent standards of conduct and security. Deposits are protected up to £85,000 per business under the Financial Services Compensation Scheme (FSCS), offering assurance and safety for business savings.
Accessibility and Inclusivity
Redwood Bank has made its services accessible to a wide spectrum of businesses, from sole traders and startups to larger enterprises. This broad accessibility underscores Redwood’s commitment to supporting UK business growth across various industries.
Conclusion
In summary, Redwood Bank, with its rich yet brief history, has rapidly established itself as a dynamic and responsive player in the UK banking sector, particularly for business savings. Its focus on SMEs, combined with a modern, technology-driven approach and commitment to customer service, makes Redwood Bank a noteworthy choice for businesses seeking competitive savings options and a supportive banking partner. As with any financial decision, businesses should consider their unique needs and conduct thorough research before choosing a banking service.