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Redwood Bank savings accounts

In this guide, you'll learn about the pros and cons of the business savings accounts from Redwood Bank.

Redwood Bank launched in 2017 as a specialist in business banking, offering transparent business loans and savings accounts.

It aims to appeal mostly to small-to-medium businesses.

Currently, it only offers one business savings account and you can find out more about it below.

What kind of savings accounts does Redwood Bank offer?

Redwood Bank offers one business account. The 95 Day Business Savings Account offers a competitive rate. The only condition for withdrawals is that you have to give the bank 95 days’ notice.

You must maintain a minimum balance of £10,000 and a maximum balance of £1 million. You pay in funds through a nominated business current account.

You can nominate up to four authorised users for this account.

Redwood Bank ISAs explained

Redwood Bank doesn’t currently offer any ISAs.

How easy is it to set up an account?

You can apply for a Redwood Bank business account online in around 15 minutes.

You’ll provide your full name, business address, business number and the personal details of all business owners, plus a few financial details.

You’ll need to transfer at least £10,000 in order to open your account.

If you prefer, you can apply by post by downloading an application form and sending it to Banking Operations team, Redwood Bank, The Nexus Building, Broadway, Letchworth Garden City, Hertfordshire, SG6 3TA.

Pros and cons

Pros

  • You can make unlimited top-ups and withdrawals, provided you continue to the account’s terms
  • A reasonable interest rate considering the notice you need to give to withdraw funds

Cons

  • No instant-access accounts available
  • Minimum balance of £10,000 must be maintained at all times

Our verdict

Redwood Bank currently only has one savings account, and you need to have at least £10,000 in it at all times, so its offer is pretty limited right now. Read our savings reviews to see how it weighs up against other savings providers and check if it’s the right choice for you.

The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you.

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