Redwood Bank is one of Britain’s youngest business banks, launching in 2017. The bank offers savings and loans for businesses, but no current account. Redwood has two offices in the UK, a head office near Stevenage and a regional office in Warrington. Both sites are staffed with business savings and mortgage advisors who you can speak to in person or over the phone.
Redwood Bank Business Banking Services
Current Accounts
Not available.
Savings account
Redwood offers three business savings accounts which include two notice accounts and one savings bond account. The notice accounts offer interest rates of 0.80-0.90% AER with 35 or 95 days’ notice for withdrawal. The savings bond account locks up savings for a year and provides higher interest rates of 1.15% AER. You can pay in funds from £10,000 up to £1 million on all three accounts.
Overdrafts
Not available.
Business finance and loans
Redwood specialises in commercial property loans and mortgages for small businesses that can also be used for property refurbishment. Businesses can borrow from £125,000 to £5 million on their mortgages over a fixed period of 2-25 years. Before approval, Redwood will look at your last 3 years of trading information. The maximum loan to value is 70%.
Redwood Bank Reviews and Ratings
There are only 8 reviews on Trustpilot and they’re quite mixed. Many customers have had a good experience opening and managing their savings accounts and mortgages, while another customer has struggled with their online login.
There are no live reviews on Reviews.co.uk or Smart Money People. Redwood Bank isn’t included in the Which? list of ‘Best & Worst Banks’.
Warrington Borough Council invested £30 million in Redwood Bank in 2017. In the year ending 2018, the bank reportedly made a £3.8 million loss. However, the bank has reportedly “made over £150 million worth of loans to SMEs” from its Warrington office.
Redwood Bank has won a lot of awards in its short history, including Most Innovative Property Loans Provider at the Global Business Insight Awards: 2019 and Best Business Fixed Rate Account Provider at the Moneyfacts Awards 2019.
Trustpilot – 3.6/5 (based on 8 reviews)
Reviews.co.uk – not available
Smart Money People – not available
Which? – not included
Pros
- Competitive interest rate on the savings account.
- Choice of business mortgages available.
- Fast service and easy to open an account.
Cons
- Not many reviews, so difficult to judge how good the customer service is.
Website: Redwood Bank Business Banking