OUR SAVINGS PRODUCTS
Put your business cash to work with our simple, rewarding and easy to use business savings accounts.
We have increased the savings rates for both our 35 Day Business Savings Account and 95 Day Business Savings Account in response to last Thursday’s increase in the Bank of England base rate.
Business savers looking to open a new 35 Day Business Savings Account will see the AER rise from 1.00% to 1.35%, while those looking to invest in our new 95 Day Business Savings Account will see an increase from 1.35% to 1.55%.
Co-Founder and Chief Executive Officer (CEO) of Redwood Bank, Gary Wilkinson said: “These increases mean we now have a range of chart-topping accounts to suit businesses and charities across Britain, looking to make the most of their savings.”
The Bank of England raised the bank base rate from 0.5% to 0.75% on Thursday, August 2nd. It follows on from a 0.25% increase in November 2017.
Commentators suggest the move is in response to expectations of a strengthening economy, solid employment levels and more consumer spending, as well as the potential for wage rises.
Redwood Bank launched in August 2017, becoming Britain’s newest business bank, offering a real alternative for small and medium-sized businesses. As well as its competitive range of savings accounts, it offers secured SME mortgages for business owners and experienced commercial and residential property investors.
Alongside the two market-leading Business Savings Notice Accounts, Redwood Bank also currently offers a new One Year Business Savings Bond, paying a competitive 1.71% AER.
Redwood Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme, protecting customers’ eligible deposits up to a total of £85,000.
Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunities and also offers competitive business savings accounts. Redwood Bank was founded by Gary Wilkinson and Jonathan Rowland. It has a unique private-public ownership structure in which Warrington Borough Council has a one-third stake.
AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.