On 4th August 2022, the Bank of England announced that the base rate will increase from 1.25% to 1.75%.
What this means for our customers
Loans customers: in accordance with our Terms & Conditions we have applied the Bank of England Base Rate increase of 0.50% to our existing lending products effective from 5th August 2022. This means the Bank’s Base Rate will change to 1.75%.
All Redwood lending customers will shortly receive written communications detailing how this change affects your loan payments. In the meantime, if you have any queries please contact us on 0330 053 6067 or email [email protected].
Savings customers: There will be no changes to our savings products. These are not linked to the Bank of England Base Rate. We currently offer a 35 day business savings notice account at a rate of 1.30% and a 95 day business savings notice account at a rate of 1.45% in addition to our 1-year Business Savings Bond paying 2.00%. Find out more here.