Redwood Bank increases savings rates and becomes a top Best Buy

Britain’s newest business bank, Redwood Bank, has introduced its latest savings account which now tops Moneyfacts’ Best Buy tables.  
 
Its 35 Day Notice Account is 1.00% AER and its 95 Day Notice Account is 1.35% AER. 
 
Both straightforward accounts have a starting balance of £10,000, with a maximum balance of £1 million, are available to businesses, charities, clubs, associations and societies, and are able to be opened online or by post.
 
Gary Wilkinson, Co-Founder and Chief Executive Officer of Redwood Bank, said:

"We aim to offer simple, straightforward and competitive savings accounts that reward British organisations who save. By increasing the interest rates on our accounts, we are delighted to now be at the top of the best buy tables, earning businesses tangible interest on their savings. 

“Our mortgages for professional landlords and businesses have been warmly welcomed by the market since we launched in August and our lending business is growing. As a result, we are pleased to be able to share this success with our business savers too, who can now earn a top rate whilst receiving great service and a promise that our money is being reinvested into British businesses and local communities."

 
Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

"Redwood Bank are making a positive impact on the business savings account market with their Best Buy notice accounts. The brand is quickly starting to establish itself as a competitive provider, as it strives to support businesses with its competitive notice accounts."

Redwood Bank launched in August 2017, becoming Britain’s newest business bank. As well as its competitive range of savings accounts, it offers secured SME mortgages for business owners and experienced commercial and residential property investors.

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.
 

Download a PDF of this press

 
For further information, visit redwoodbank.co.uk/news or contact:

Graham Reynolds / Kelvin Godhard at Redwood Bank
graham.reynolds@redwoodbank.co.uk / kelvin.godhard@redwoodbank.co.uk
Tel: 0330 053 6067
 
 

Notes to editors:

 
Redwood Bank
Launched on 29 August 2017, Redwood Bank became Britain’s newest business bank for SMEs (small and medium sized enterprises) completing it’s ‘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. Redwood Bank aims to deliver fast and efficient mortgage decisions to help their business customers seize property opportunities. It also offers competitive business deposit accounts. Redwood Bank was founded by Gary Wilkinson and Jonathan Rowland. It has a unique ownership structure. The Bank is wholly-owned by Redwood Financial Partners Ltd, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a one-third stake.
 
Gary Wilkinson, Co-Founder & Chief Executive Officer
Gary Wilkinson is a qualified chartered accountant and has 30 years’ experience within financial services, in both the banking and building society sectors. He has held senior positions at Alliance & Leicester Plc, Nationwide Building Society and Newcastle Building Society before joining Pensions Bank in September 2010 as Chief Executive Officer.  Gary facilitated the transfer of the undertaking and assets of Pensions Bank in June 2012 to a newly authorised Challenger Bank called Cambridge & Counties Bank (CCB) and became its CEO.  Gary co-ordinated and led the submission of the banking licence Application for Authorisation for CCB and led its successful launch in 2012.  The Bank moved into profit on a monthly basis just 13 months after launch.  When Gary left CCB at the end of 2014 his legacy was one of a secure, robust bank, with a powerful brand, experienced staff and being very well positioned to build upon its successful development to date.  Gary is also a Non- Executive Director of Hinckley & Rugby Building Society.
 
Jonathan Rowland, Co-Founder & Non-Executive Director
Jonathan Rowland has 25 years’ experience as an Investor and Director of Public and Private Companies globally. He has been part responsible for the development of the Rowland Family businesses over that period including leading the restructuring and recapitalisation of Kaupthing Bank Luxembourg. The transaction involved a demerger of the existing business into two new businesses. The first business, Banque Havilland S.A, was a new entity granted a Banking Licence by the CSSF and capitalised by the Rowland Family. The second business was a securitisation vehicle called Pillar Securitisation S.A to which the majority of the Loan Book was placed.  Between 2009-2014, Jonathan held the positions of Chief Executive Officer of Banque Havilland S.A between 2009-2012, Chief Executive Officer of Banque Havilland (Monaco) SAM between 2012-2013 and was a Board Member of both at all times.