OUR SAVINGS PRODUCTS
Put your business cash to work with our simple, rewarding and easy to use business savings accounts.
On 8th May 2025 , the Bank of England announced that the base rate has decreased from 4.50% to 4.25%.
Jessica Darrah, senior products manager (savings) said: “Today’s decision by the Bank of England to lower the base rate is aimed at stimulating economic activity. For many SMEs and commercial landlords, lower interest rates can reduce the cost of finance, making it more attractive to invest, expand and hire. Cheaper borrowing may offer breathing space at a time when some sectors are navigating slowing demand and higher costs.
“However, a rate cut creates challenges for businesses and individuals relying on savings income. In a lower-rate environment, maintaining strong returns becomes more difficult, and careful financial planning is even more important.
“At Redwood Bank, we recognise both sides of this shift. Our approach remains centred on delivering competitive savings products to support investment returns, while offering flexible lending options that empower SMEs and landlords to seize growth opportunities.
”As the economy adjusts, Redwood Bank will continue to provide certainty, simplicity and expert understanding our customers rely on.”
What this means for our customers
Mortgage customers: The rate on your existing variable rate mortgage will decrease by 25 basis points. This in accordance with our Terms & Conditions and is effective from 9th May 2025. This reflects the Bank of England’s base rate of 4.25% which became effective on the 8th May 2025.
Savings customers: Our savings products are not linked to the Bank of England base rate. Find out more about our savings products and their interest rates.
If you have any queries, please contact us on 0330 053 6067 or email hello@redwoodbank.co.uk.