United Trust Bank and Redwood Bank both offer a range of business banking options. But which is better?
Below we compare United Trust Bank vs Redwood Bank on 61 different metrics including business savings account rates, current account fees, Trustpilot reviews and many, many more so you can decide for yourself.
United Trust Bank vs Redwood Bank Business Savings Accounts Comparison
| United Trust Bank | Redwood Bank | |
| Types of Savings Accounts | 40-200 Day Notice Accounts, 180 Day Tracker Account, 3 Month to 3 Year Fixed Term Business Savings Bond | 35-95 Day Notice Accounts, 1-2 Year Fixed Rate Business Savings Bonds |
| Lowest Savings Rate | 3.50% | 2.85% |
| Maximum Savings Rate | 5.00% | 4.85% |
| Minimum Investment Amount | £5,000 | £10,000 |
| Website | United Trust Bank Website | Redwood Bank Website |
- Earn 2.25%-3.51% AER.
- Interest paid daily on both work and non-work days
- Add or withdraw money with zero restrictions 24/7
- Earn 3.55% AER (variable)
- Instant access to your money when needed
- No limits or fees on withdrawals
- Earn 3.66% – 4.51% AER.
- Offers a choice of easy access or fixed-term accounts.
- Average independent review score of 4.7 out of 5.
United Trust Bank vs Redwood Bank Free Business Bank Accounts
Below we look at the free business bank account options United Trust Bank and Redwood Bank each offer.
United Trust Bank | Redwood Bank | |
| Free Business Bank Account? | No | No |
| Free Business Account Term Length | NA | NA |
- Free version available forever
- Hold and exchange 25+ currencies
- IBANs for Global Transfers
- Ability to invest through your account
- Mobile business account, accessible online and on desktop 24/7
- No Monthly Fee
- 24/7 Online banking & Bank app
- Friendly UK phone support
- Xero, Quickbooks & Sage accounting software integration
- FSCS Protected up to £85k
- Basic account is free forever
- Up to £150,000 of credit, straight through the app
- Business Mastercard, with free purchases at home and abroad
- Trusted by 500,000+ UK businesses
- FSCS protected up to £85,000 via Clearbank
United Trust Bank vs Redwood Bank Fees & Pricing
United Trust Bank | Redwood Bank | |
| Cheapest Monthly Account Fee | £12.50 | £10 |
| Most Expensive Monthly Account Fee | £25 | £15 |
| Electronic Payments (in/out) | free | free/£0.35 per £100 |
| Cash Payments (in/out) | free/£1.50 | £0.70 per £100 |
| Cheques (in/out) | free/f £2.50 | £1 / £1 |
| Debit Card Payments | Yes | Yes |
| CHAPS Payments | £25 | £25 |
| SEPA Payments | free | free |
United Trust Bank vs Redwood Bank Account Types
Below we look at the different types of business bank accounts and other types of business finance solutions United Trust Bank and Redwood Bank offer.
| United Trust Bank | Redwood Bank | |
| Current Account Switch Service | Yes | No |
| Type of Card (Mastercard vs VISA) | Visa debit cards. | Mastercard |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | No |
| Business Overdraft | Yes | Yes |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In person/Branch Banking | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Services | No | Yes |
| Free Accouting Software | No |
United Trust Bank vs Redwood Bank Foreign Currency Accounts
In this section we look at what types of foreign currency accounts each bank offers.
| United Trust Bank | Redwood Bank | |
| US Dollar (USD) Bank Account | Yes | No |
| Euro (EUR) Bank Account | Yes | No |
| Other Currencies Available | British Pound (GBP),Swiss Franc (CHF),Australian Dollar (AUD),Canadian Dollar (CAD),New Zealand Dollar (NZD),Japanese Yen (JPY),Swedish Krona (SEK),Danish Krone (DKK) | None |
United Trust Bank vs Redwood Bank User Reviews
| United Trust Bank | Redwood Bank | |
| Trustpilot Score (out of 5) | 4.6 | 4 |
| Number of Trustpilot Reviews | 632 | 175 |
| iPhone App Score | 5 | 3.4 |
| Number iPhone of Reviews | 4 | 166 |
| Android App Score | 4.4 | 4.5 |
| Number of Android App Reviews | 168 | 862 |
United Trust Bank vs Redwood Bank Banking Service Quality
Data for this section comes from the BVA BDRC Business banking service quality report.
| United Trust Bank | Redwood Bank | |
| Overall Service Quality Ranking | Not Rated | Not Rated |
| Overall Service Quality Score | Not Rated | Not Rated |
| Online And Mobile Banking Services Ranking | Not Rated | Not Rated |
| Online And Mobile Banking Services Score | Not Rated | Not Rated |
| SME overdraft and loan services Ranking | Not Rated | Not Rated |
| SME overdraft and loan services Score | Not Rated | Not Rated |
| Relationship/account management Ranking | Not Rated | Not Rated |
| Relationship/account management Score | Not Rated | Not Rated |
| Service in branches and business centres Ranking | Not Rated | Not Rated |
| Service in branches and business centres Score | Not Rated | Not Rated |
United Trust Bank vs Redwood Bank Overview
Here is some other key data about each bank.
| United Trust Bank | Redwood Bank | |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| Market Share | 0.03% | 0.10% |
| Bank Type | Challenger | Challenger |
| Total Assets | £2.79832 billion GBP | £0.43649 billion GBP |
| Swift/BIC Code | UTBCGB2L | REDWGB22XXX |
| FCA Number | 742933 | 755924 |
| Company Number | 7905647 | 9872265 |
| Business Customer Phone Number | 020 7190 5555 | 0330 053 6067 |
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