Skip to content

Our online banking portal will be undergoing scheduled maintenance this evening from 6.00pm until 9.00am on Wednesday 4th December 2024. During this time access to online banking will temporarily be unavailable. Find out more.

The 35 Day Business Savings Account (Issue 11)

Our savings account puts your business cash to work, while keeping it accessible at just 35 days' notice. It is an ideal balance.

  • At a glance...

    • Pay in from £10,000 up to £1m
    • Pay funds through a nominated business UK Bank or Building Society current account
    • Access for up to 4 authorised users
Notice Period Interest Payable Interest Rate AER Variable Next Steps

Please read our Key features & summary box and Business savings account terms and conditions documents.

For more information you can also view our Frequently Asked Questions

 

AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
All interest rates are 'Gross' which is the rate payable without tax deducted.

Business savings, balanced

If you don't need instant access to your business cash you can make it work harder for you by securing it away at just 35 days' notice. 

You'll earn a rewarding rate while being able to make as many deposits and withdrawals as you need. 

  • Competitive 4.10% AER variable rate
  • Minimum balance of £10,000
  • Maximum balance of £1m
  • Pay in and out through a nominated UK Bank or Building Society current account in your business's name 
  • Make unlimited top-ups (up to £1m limit)
  • Unlimited number of withdrawals with 35 days' notice only
  • Cancel in the first two weeks if it is not right for you
  • Apply online now in around 15 minutes.

Summary Box

Account name 35 Day Business Savings Account
What is the interest rate?
  • Where the balance on the account is £10,000 or more the interest will be 4.10% AER variable gross. AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
  • Interest is calculated daily and is paid into your account either monthly or annually, depending on the option you select at account opening.
Can Redwood Bank change the interest rate?
  • Yes, this is a variable interest rate and we may change this rate at any time. If we make a rate reduction we will notify you in advance of the change taking effect, by providing you with at least 14 calendar days’ notice plus the relevant notice period for your product.
What would the estimated balance be after 12 months based on a £10,000 deposit?
  • Based on the interest rate of 4.10%, an account with £10,000 invested will have a balance of £10,410 after a year.
  • This is for illustrative purposes only and does not take into account individual circumstances.
  • This projection is based on receiving £10,000 on the day of the account opening which remains invested for 12 months.
How do I open and manage my account?
  • This product is available to UK-based businesses (i.e. limited companies, partnerships, LLPs and sole traders, charities, associations, clubs and societies).
  • The maximum account balance is £1 million per single account.
  • Each customer can hold a maximum of £2 million across all savings accounts held with Redwood Bank.
  • You can apply for an account online or by post and open it by making a first payment of at least £10,000. The account will start operating and earning interest on the working day we receive funds.
  • You can appoint up to 4 authorised users.
  • All payments need to be made into and from your nominated account.
  • You can manage your account in writing, over the phone or online using secure login details, which are unique to you. If you’d prefer not to have online access, please let us know.
  • You can close your account by letting us know in writing any time in the first 14 calendar days from account opening. After this date, you must provide the specified notice period of 35 days if you wish to close your account.
Can I withdraw money?
  • Yes, to make a withdrawal or closure you must give us at least 35 days’ notice in advance, and requests must be received by 4pm on a working day. Requests after this time will be processed the following working day.
  • Following the last day of your notice period, withdrawal requests up to £250,000 will
    be paid on the next day (excluding UK Bank Holidays and Sundays) and withdrawal
    requests exceeding £250,000 will be paid on the next working day. Working days
    exclude Saturday, Sunday and any UK Bank Holidays.
Additional information
  • To view our full range of savings products, which may also be suitable for your savings needs, please click here at Redwood Bank | Savings.
  • Statements are available on request.
  • All interest on UK savings accounts will be paid without the deduction of tax.
  • You can make unlimited withdrawals and of any amount as long as the minimum balance of £10,000 is maintained.
  • You have the option to change your mind within 14 days of account opening. Let us know within this period and we will cancel your account without penalty or notice.
  • To close your account at any time you must give us at least 35 days’ notice in advance, received by 4pm on a working day.
  • The minimum account balance is £10,000. Once this is met you can make as many payments into your account (of any value) as you like by electronic payment or cheque up to the account limit of £1 million.
  • Withdrawals can only be made by giving at least 35 days’ notice.
  • Your financial position must allow you to cover any cash flow during the 35 day notice period.

These documents form your agreement us and explain how to use your account.

Please take the time to read them carefully before applying for your account:

Business savings account terms and conditions Download

Key features & summary box for 35 day notice account Download

FSCS deposit scheme information sheet Download

Your business savings, protected

Your eligible deposits with Redwood Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information, or visit www.fscs.org.uk.

FSCS Badge
Learn More

Information on all our accounts

Information and rates for our business savings accounts, including those no longer available.

Read More

Prefer to apply by post?

Print our application form yourself and send it to us in the post.

Download application form

MoneyHelper

Access free impartial guidance on savings options for you and your business.

Learn More

Frequently Asked Questions

View All

Opening a Savings Account

We have a responsibility to know our customers, so we will need to check the following aspects:​ 

  • Registered address of your organisation.​ 
  • Verifying the identity of all key individuals and organisations on the account (e.g. Partners, Directors, Members, Authorised Users, Beneficial Owners etc).​ 
  • Verifying the nature of trade of the business.​ 

We do this by checking various electronic databases. If we are unable to verify your organisation, or the individuals involved in its management or operation, we may ask you to supply us with some identity documents via email. We will not be able to open your account until we have successfully verified your details​. 

When you apply for your business savings account, we will ask you for the details of the business current account that you will use to pay into, and out of, your Redwood Bank savings account. The nominated account must be in the name of the business you are apply on behalf of.​ 

We will make all payments through this account. If you wish to change your nominated account, contact us at: hello@redwoodbank.co.uk or on 0330 053 6067 or download and complete this form.

If you are a Limited Company​: 

  • Full name of the business  
  • Business address​ 
  • Registration number​ 
  • Nature of trade​ 
  • Name, DOB, Address, and contact details (phone, email) of individuals who own or control over 25% of the entity’s capital or profit, or its voting rights.​ 

 If you are a Charity​: 

  • Full name of the charity/organisation ​ 
  • Registered Address​ 
  • Registration number​ 
  • Nature of trade ​ 
  • Name, DOB, Address, and contact details (phone, email) of individuals you wish to have access to the account, this must include a minimum of one trustee. ​ 

If you do not have a registration number or are a Club or Association, we will require the following information during the application process, please note that the following items will be requested after applying:​ 

  • Nature of body's activities and objects​ 
  • Names of all Trustees/Settlor (or equivalent)​ 
  • Names of classes of beneficiaries.​ 

If you have any questions, please do not hesitate to contact us on 0330 053 6067 or email us at: hello@redwoodbank.co.uk.​ 

Applications can be submitted online or via post. More details on the application process can be found under ‘How do I open a business savings account?’ 

You can apply online through our website here or by post. To apply by post, please complete a paper application form available below:  

Please post paper applications to:  

Redwood Bank Limited​ 
The Nexus Building, ​ 
Broadway, ​ 
Letchworth Garden City, ​ 
SG6 3TA​ 

If you have any further questions, get in touch on 0330 053 6067 or email: hello@redwoodbank.co.uk.​ 

You can add up to four authorised users on your savings account. ​ 

If you need to change or remove any authorised users on your account, please complete this form and email: hello@redwoodbank.co.uk.​ 

Note signatures from all authorised signatories, including anyone being removed, are required. If this cannot be attained, a P45 copy or copy of minutes confirming departure can be accepted.