Loading

The 35 Day Business Savings Account (Issue 2)

Our ideal savings account helps put your business cash to work while keeping it accessible at just 35 days' notice. It is the perfect balance.

At a glance...

  • Pay in from £10,000 up to £1m
  • Pay funds through a nominated business current account
  • Access for up to 4 authorised users
  • Click for more information.

Length of term

Amount of notice

AER variable

Term
Annual
Amount of notice
35 days
AER variable
1.35%
Term
Monthly
Amount of notice
35 days
AER variable
1.35%
  • Account summary
  • Terms and important documents
  • 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 1.35% AER variable rate
    • Minimum balance of £10,000
    • Maximum balance of £1m
    • Pay in and out through a nominated current account
    • 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.
    • Frequently asked questions.

    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 1.35% 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 by providing you with at least 14 calendar days’ notice plus the 35 days’ notice on your account.

    What would the estimated balance be after 12 months based on a £10,000 deposit?

    • Based on the interest rate of 1.35%, an account with £10,000 invested will have a balance of £10,135 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.
    • Withdrawal requests received by this time will be paid into your nominated account on the next working day following the last day of your notice period. For example, if we receive a withdrawal at 4pm on 1 June this will be paid to your nominated account on 6 July (based on the assumption that the 6 July is a working day).

    Additional information

    • 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:
How do I open a business savings account?

You can apply online from our website, or by post. To apply by post please complete our Business Savings Account application form here. If you have any further questions, get in touch on 0330 053 6067 or email hello@redwoodbank.co.uk.

What types of organisation can open a savings account?

You can open a savings account if you are a sole trader, limited company, partnership, limited liability partnership, club, society, association or charity.

Companies and shareholding companies must be UK registered. All beneficial owners and authorised users must be UK residents.

How many authorised users can I have on one account?

You can add up to four authorised users on your savings account. Any additional authorised users will need to be requested directly with us on 0330 053 6067 or hello@redwoodbank.co.uk.

What checks do you do when assessing the application?

We have a responsibility to know our customers, so we will need to check the registered address of your organisation, as well as verifying the identity of all key individuals and organisations on the account (e.g. Partners, Directors, Members, Authorised Users, Beneficial Owners etc).

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 by post. We will not be able to open your account until we have successfully verified your details.

What is a nominated account?

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.

We will make all payments through this account. Please get in touch directly or click to download and complete this form if you wish to change your nominated account.