Redwood Bank Business Savings Account Review (2025)

As a UK business owner or self-employed person, you’ll want to make the most of every penny of spare cash, to allow you to maximise your profits later. Redwood Bank business savings accounts offer one option if you’re looking for a term account which pays a higher interest when you agree to give notice before making a withdrawal.

This guide looks at Redwood Bank savings account notice options, and the Redwood Bank interest rates you may achieve.

Redwood savings accounts are designed for savers only. If you want a day to day account which can do more, check out Wise Business which offers flexible multi-currency account to hold and exchange 40+ currencies, and debit cards you can use internationally, to claim 0.5% cashback when you spend.

💡 Learn more about Wise Business

What is Redwood Bank?

Redwood Bank is a UK licensed business bank which offers commercial mortgages and savings accounts. Commercial mortgages are assessed on an individual basis for increased flexibility, and savings products are designed to be simple and attractive to business owners.

Redwood launched in the UK in 2017, and aims to challenge larger UK banks in the SME niche, offering the tools businesses in the UK need to grow, including saving and lending products.

You can open a Redwood Bank savings account if you’re a UK Sole Trader, or if you have a Partnership, Limited Liability Partnership (LLP) or Limited Company - some other types of UK entity are also supported.

Is Redwood Bank safe?

Yes. Redwood Bank is a licensed UK bank which is authorised by the Prudential Regulation Authority (PRS) and regulated by the Financial Conduct Authority (FCA).

This means that Redwood Bank must uphold strict standards to keep customers and their money safe, including meeting or exceeding regulatory requirements. Redwood Bank also has inbuilt security features to protect accounts, and offers a phone contact number for customers who need to talk through issues or ask for advice about their accounts.

Is Redwood Bank covered by FSCS?

Yes. Redwood Bank accounts are covered by FSCS. This means that in the unlikely event that Redwood Bank should fail, customer funds are protected to the legal maximum of 85,000 GBP per depositor.

Redwood bank business savings - overview of accounts

At the time of research, Redwood Bank is offering 3 different savings accounts for UK businesses. Here’s an overview of the Redwood Bank savings being offered for customers right now:¹

*Details correct at time of research - 21st March 2025

Interest rates can change frequently. The availability of accounts can also change a lot depending on prevailing market conditions and the bank’s policies. Check the Redwood website or give the bank a call to check out all of the options available to you before you start to sign up.

Redwood bank savings accounts reviews

This Redwood Bank business savings account review will focus on the interest rate, fees and access options offered by the bank. Doing your research is crucial before you commit your business funds to a bank or account provider - and this is a great place to start.

Trustpilot is another source of insight into the operations at Redwood, as it aggregates live customer feedback to give a star rating. At the time of research, Redwood Bank scores 3.5 out of 5 stars on Trustpilot, for a Average score². However, this is from only 22 reviews, which can skew the average somewhat. It’s useful to note that Redwood replies to all comments, and follows up negative comments to reach a conclusion. Many reviewers praise the customer service on offer, even where they’ve encountered a mistake in the first place.

Keep an eye on the Trustpilot ratings as more reviews roll in, to see what current customers think of the services available from Redwood.

Redwood business savings interest rate

At the time of research, Redwood offers 3 different business notice savings accounts. You can choose to earn more interest but have a longer notice period, or have a slightly lower level or interest earning potential for a shorter notice period.

Which suits your business will depend on your cash flow. If you’re comfortable leaving your money untouched for longer, the higher notice account with 1 year required may suit. If not, perhaps the 35 day notice account is right for you. If you need to withdraw without adequate notice, you may find you’re unable to get your funds conveniently, or you lose interest or face penalties, so do weigh up all your options, including easy access accounts from other providers.

Here’s a reminder of the Redwood Bank business savings accounts which are live at the time of writing.

• 35 Day Business Savings Account - earn 4% AER
• 95 Day Business Savings Account - earn 4.4% AER
• 1 Year Business Savings Bond - earn 4.5% AER

*Details correct at time of research - 21st March 2025

Interest rates can change frequently depending on market forces and the bank’s own policy decisions. Check the latest on the Redwood website before you sign up.

Redwood business savings charges and fees

The fees and costs related to the Redwood Bank business savings account products are only available in the account documents which you will receive on application. If you’d like to review all of the potential fees before you choose which account you would like to open you can contact Redwood before you decide, and ask for the terms for each option for you to compare.

Some general points to note³:

• You can deposit from 10,000 GBP to 1 million GBP in your Redwood Bank business savings account
• You can add smaller sums to your account to accrue the 10,000 GBP if you need to, but you won’t earn interest until you hit the minimum amount
• If you make a withdrawal and the amount falls below 10,000 GBP you may find your account is closed

Do Redwood have an instant access savings account?

At the time of writing, Redwood Bank does not market an instant access business saving account. You can only get notice accounts with a minimum notice requirement of 35 days.

How to apply for a Redwood Bank savings account?

You can apply for a savings account with Redwood online or by mail. If you’re applying by mail you will need to print and complete an application form. Online you can navigate to the Redwood Bank web page and the account you would like to open. You’re prompted to decide if you would like to be paid interest monthly or annually. Once you’ve decided, tap Open Now, and complete the application form online.

Usually, Redwood can verify customers using online databases. However, if this is not possible you’ll be asked to upload documents to verify your ID and address, such as your passport and driver's license. If this is required, the Redwood service team will help you through the process.

Redwood’s savings products for UK businesses cover notice accounts which require you to plan your cash flow well in advance. You won’t be able to get your hands on your money instantly - but you may be able to achieve a higher level of interest in return.

Wise Business interest feature: alternative to Redwood business savings

In the UK, there are numerous business account providers that businesses can choose from. Wise Business is one of the alternatives to Redwood that you may want to consider. If you open a Wise Business multi-currency account for your business, you can hold money in 40+ currencies, send money to 140+ countries, and spend money in 150+ countries.

You can also use the Wise Interest feature to earn a return. Your money is invested in an interest-earning fund that holds assets guaranteed by governments. The assets follow the Bank of England’s interest rate so when that rate changes so does yours. There’s a small service fee of 0.29% for this account and while your investment isn’t guaranteed, the risk is low.

Get started with Wise Business 🚀

Compare Redwood to other business savings account providers in the UK market. And if you’re eyeing international growth for your business, why not also take a look at Wise Business which offers comprehensive multi-currency account and card services for UK entrepreneurs looking to do business beyond borders.

Sources used in this article:

Sources last checked March 21, 2025