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
There’s just one savings account available, the 95-day notice account. You can save from £10,000 up to £1 million and earn 1.75% AER on your savings. You can open an account online in 15 minutes, and withdraw cash if you give 95 days notice. You can also keep paying into your account to add to the balance.
Business finance and loans
Redwood specialises in commercial property loans and mortgages for small businesses. Businesses can borrow from £50,000 to £5 million over a fixed period of 2-20 years. Before approval, Redwood will look at your last 3 years’ of trading information. Maximum loan to value is 70%.
Businesses can also borrow £75,000 to £5m for property refurbishment.
Redwood Bank Reviews and Ratings
There are only 3 reviews on Trustpilot and they’re quite mixed. Two customers have had a good experience opening and managing their savings accounts, 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.
- Competitive interest rate on the savings account.
- Choice of business mortgages available.
- Fast service and easy to open an account.
- Not many reviews, so difficult to judge how good the customer service is.
- Just one savings account to choose from.
Website: Redwood Bank Business Banking