Founded in 2017, Redwood Bank is a UK-based challenger bank that provides loans and savings accounts for small and medium-sized businesses. 

Collaborating with Microsoft, it was the first UK business bank to be fully cloud-based and offers a range of business savings accounts which earn up to 4.85% AER.

In this review, I will examine the Redwood Bank business savings accounts in-depth and help you decide if this challenger bank is the best option for you.  

Redwood Bank Business Savings Account Review

Redwood Bank Business Savings Account Review: My Verdict

I think Redwood Bank business savings accounts are a great option for businesses that can sacrifice flexible access in return for competitive interest rates. 

You can earn up to 4.85% AER on a range of savings accounts, including fixed-rate options for 1 or 2 years and notice accounts for easier access to funds. There are also no monthly account fees, making it a cost-effective choice for businesses. 

Account management can be conveniently done online, over the phone, or in writing, and deposits up to £85,000 are covered by FSCS, giving you peace of mind. 

However, Redwood Bank does not provide a current account, limiting the ability to manage all business financial needs with one provider. The lack of physical branches or a mobile banking app may inconvenience account management.

Whilst there are no account fees, the high minimum balance requirement of £10,000 may not suit businesses with smaller savings. Similarly, The absence of an easy-access business savings account may be a drawback for businesses with unpredictable cash flow. 

Redwood Bank Business Savings Account Pros & Cons


  • Competitive Interest Rates: Earn up to 4.85% AER to maximise the growth of your savings.
  • Range of Savings Accounts: Choose from a 1 or 2-year fixed-rate business savings account to get the best interest rates or a 35-day or 95-day notice account for easier access to your money. 
  • No Monthly Account Fees: Redwood Bank business savings account is cost-effective for businesses.
  • Convenient Account Management: Access the online banking platform through the Redwood Bank website or provide instructions over the phone or in writing. 
  • Protected Deposits: Balances up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).  
  • Multiple Users: Up to 4 people can access and manage your account.
  • Customer Support: Contact Redwood Bank by e-mail or telephone between 9 am and 5 pm Monday to Friday, excluding bank holidays.


  • No Current Account: You can’t manage all of your business’s financial needs with one provider.
  • Limited Savings Accounts: Redwood Bank doesn’t offer an easy-access business savings account, so it might not be suitable for businesses with unpredictable cash flow.
  • No Physical Presence: There are no Redwood Bank branches in the UK, which could disadvantage businesses that prefer in-person banking.
  • No Mobile App: Online banking can only be accessed through the Redwood Bank website, which may make on-the-go account management inconvenient. 
  • High Minimum Balance: The minimum balance of £10,000 may not be suitable for businesses with small savings.  
  • Limited Customer Service: Customer service isn’t available at the weekend or after 5 pm, which may not be convenient if you have an issue out of hours. 

Redwood Bank Business Savings Account Features

Business Savings AccountType of AccountMinimum BalanceMaximum BalanceInterest RateWithdrawals
35-Day Business Savings AccountNotice£10,000£1,000,000Up to 3.75% AER variableUnlimited with 35 days’ notice
95-Day Business Savings AccountNotice£10,000£1,000,000Up to 4.30% AER variableUnlimited with 95 days’ notice
1-Year Business Savings BondFixed-rate£10,000£1,000,0004.80% AERNo withdrawals until maturity at 1 year
2-Year Business Savings BondFixed-rate£10,000£1,000,0004.85% AERNo withdrawals until maturity at 2 years

There are 2 types of Redwood Bank business savings accounts available for business owners, either a notice or a fixed-rate account.

The notice savings account gives the most flexibility, allowing customers to make unlimited deposits and access their savings after providing Redwood Bank with either 35 or 95-day notice. These accounts require a minimum balance of £10,000, with a maximum balance of up to £1 million. 

Interest rates are competitive, earning up to 3.75% AER variable for the 35-day notice account and 4.30% AER variable for the 95-day savings account. Interest is calculated daily and paid monthly or annually, depending on the option chosen when opening your account. 

You can have up to 4 authorised users and close your account by providing written instructions within the first 14 days, after which you must give 35 or 95 days’ notice.  

In addition to the notice savings accounts, Redwood Bank offers 1 and 2-year fixed-rate savings accounts, known as the Business Savings Bond. 

Customers can access a higher, fixed interest rate of up to 4.85% AER if they lock their money away for 1 or 2 years. You can have up to 4 authorised account users, and interest is calculated daily. You can choose whether to receive it monthly or annually when you open your account. 

During the first 14 days, you can make unlimited deposits into your account, with a minimum deposit of £10,000 and a maximum account balance of £1,000,000. After this period, you cannot access your money until your account reaches maturity.

Upon maturity, you will receive written notification approximately 21 days and 14 days prior, explaining your options, including withdrawal, reinvesting or moving it to a different savings account.

If instructions are not received, your account will be transitioned to a non-interest paying Redwood Bank Call Account for up to 10 calendar days before being transferred to your nominated bank account. 

Fees and Charges for Redwood Bank Business Savings Account

There’s no monthly account fee for any Redwood Bank business savings account.

Redwood Bank Business Savings Account Eligibility

The following types of UK-based businesses can open a Redwood bank business savings account:

  • Associations, societies and clubs
  • Charities
  • Credit unions
  • Limited companies
  • Partnerships and limited liability partnerships
  • Sole traders
  • Parish and local councils

In addition, 

  • All beneficial owners (25%+ share in the business, capital, voting rights or Trustee status) and authorised owners must be UK residents.
  • Companies must be registered with Companies House. 

How to Open a Redwood Bank Business Savings Account:

You can open a Redwood Bank business savings account either online through the Redwood website or by post. 


  1. Select the type of savings account you want to open from the Menu tab on the Redwood Bank website.
  2. Decide if you want your interest paid monthly or annually and click “Open Account”.
  3. Complete the online application form providing information about yourself, your business, up to 4 authorised users, and business owners.

By post

  1. Download the postal application for the Redwood business savings account you wish to open.
  2. Complete the application form, providing the requested information about yourself, your business, up to 4 authorised users, and business owners.
  3. Post your application to
    Redwood Bank Limited,
    The Nexus Building,
    Letchworth Garden City
    SG6 3TA.

Redwood Bank will check your application and verify the information provided. If they cannot do so, they will contact you to request supporting identity documents by e-mail.

Once Redwood’s checks have been completed, they will notify you and explain how to make an initial deposit of at least £10,000 by cheque or electronic bank transfer. An authorised user must pay from your nominated bank account, which must be held in your business’s name.

If you have opened a fixed-rate business savings account, you can add to your balance for 14 days before it becomes unaccessible until maturity. 

Redwood Bank User Experience

Redwood Bank business savings accounts can be managed over the phone, in writing or on the online banking platform accessed through the Redwood website.

To access online banking, you must use the latest 2 versions of the following browsers:

  • Internet Explorer
  • Edge
  • Chrome
  • Firefox
  • Safari.

You may be unable to access online banking from countries outside of the UK, and you should let Redwood Bank know if you don’t want to manage your account online.  

When you open your account, you can name up to 4 authorised users who have permission to access and manage your account. These users will be given individual login details. 

You can change the authorised users by contacting Redwood Bank to request a form and return the completed copy.

Redwood Bank Customer Support Experience

Redwood Bank offers a variety of ways in which business savings customers can get support with their accounts, including:

  • By e-mail to
  • By calling 0330 053 6067 between 9 am and 5 pm Monday to Friday, excluding bank holidays
  • By post to Redwood Bank Limited, The Nexus Building, Broadway, Letchworth Garden City, SG6 3TA.
  • By secured messages through the online banking platform.

How Safe is Redwood Bank?

Savings up to £85,000 in Redwood business savings account are protected by the FSCS scheme, giving you peace of mind. 

Each authorised user will also be given a unique login to add an extra layer of security. 

Redwood Bank Business Savings User Reviews

Redwood Bank has received mixed reviews with an overall TrustScore of 2.9 out of 5, with 46% rating the bank 5 out of 5. 

Positive feedback highlights a good experience, commending the guidance provided by specific staff members. Another reviewer praises the bank’s response and courteous, “first-class” service when opening an account. 

Additionally, a customer has had a great experience with Redwood Bank’s business savings accounts, suggesting keeping an eye on their changing products for better rates. 

However, some customers have been dissatisfied with various aspects. One customer criticises the bank’s inability to resolve login issues promptly, citing technical problems and questioning their capability for more complex matters. They described their experience with Redwood as “inefficient”, “unhelpful” and “unresponsive”.

Another review highlights a lack of customer support care and negative experiences during onboarding and sales processes. 

Alternatives to Redwood Bank Business Savings Accounts

BankMax Interest RateType of AccountMinimum DepositMaximum Balance
Redwood BankUp to 4.85% AERNotice and fixed-rate£10,000£1,000,000
AldermoreUp to 4.35% AEREasy access & fixed-rate£1,000£1,000,000
Cynergy BankUp to 3.65% AEREasy access£1£10,000,000
Allica BankUp to 5.10% AERFixed-rate£20,000£2,000,000
Recognise BankUp to 4.50% AEREasy-access, notice & fixed-rate£1,000 or £85,001£250,000

Redwood Bank FAQs

Who owns Redwood Bank?

How are business savings deposits handled at Redwood Bank?

How is interest paid on Redwood business savings accounts? 

Can the interest rate on my Redwood business savings account change?

How do I make a withdrawal from my Redwood business savings account?