Redwood Bank savings rates — compare every account, plus switch offers and guides

Who they are

Redwood Bank is a UK challenger bank with a clear and deliberate focus: it is a specialist business bank, providing property loans and savings accounts for businesses and charities. It was founded in 2015 by Jonathan Rowland and Gary Wilkinson, who set out to build a flexible and personable business bank focused on lending to SMEs. Redwood opened for business in August 2017, just four months after securing its initial banking licence - a remarkably fast turnaround. It became the first UK business bank to be fully cloud-based, through an innovative collaboration with Microsoft, and was the first UK bank to have its headquarters in Hertfordshire.

Ownership is a little different from most banks. Redwood Bank is wholly owned by Redwood Financial Partners, a company controlled by Jonathan and David Rowland, with Warrington Borough Council also holding a stake - the first time a borough council has made an investment of this type. The bank reached profitability in just three years - one of the fastest results for a start-up bank.

Savings accounts

Redwood's savings offer is built squarely around business needs - notice accounts and fixed-rate bonds rather than personal easy-access pots. Our DepositScout data does not currently list active products for Redwood Bank, so we are not able to quote specific rates here. The live figures shown elsewhere on this page are the ones to rely on, as rates can and do move.

Eligible account holders include UK-registered limited companies, partnerships (including LLPs), sole traders and charities. Redwood has been a consistent presence in business notice best-buy tables since its launch in August 2017, and has subsequently added fixed-rate bonds for business too.

FSCS protection

Redwood Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Importantly for savers, Redwood holds its own banking licence, which is not shared with any other bank. That means your FSCS protection - up to £120,000 per eligible depositor - sits entirely within Redwood's own licence, not pooled with any other provider's customers.

Is it right for you?

Redwood is really a bank for businesses, not personal savers. If you run a company, partnership or charity and you can plan when you will need your cash, it is worth a look. There is no personal current account, no branch network, and no easy-access product - so it suits organisations with a reserve they can lock away for a set term or notice period.

Check the live rates on this page before deciding, as the figures that matter most are the ones available to you right now.