1 Year Business Savings Bond (Issue 19)

Our 1 Year Business Bond puts your organisation's cash to work with a fixed rate of return.

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Funding your account

Funding your account

Pay in from £10,000 up to £1m

Flexibility to operate your account

Access for up to 4 authorised users

Securely fund your account

Pay funds through a nominated UK bank or building society current account

1 Year Annual Interest

Interest payable

Annual Interest

Interest rate

4.50% Fixed

AER

4.50% Fixed

1 Year Monthly Interest

Interest payable

Monthly Interest

Interest rate

4.41% Fixed

AER

4.50% Fixed

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.

Account Summary

1 Year Business Savings Bond

You can also download this Summary Box.

Summary Box

Account name One Year Business Bond

What is the interest rate?

  • Where the balance on the account is £10,000 or more the interest will be 4.50% 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?

  • No, the interest rate is fixed for the duration of the term.

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

  • Based on the interest rate of 4.50%, an account with £10,000 will have a balance of £10,450 after a year.
  • This projection 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, societies and parish/local councils.
  • You can apply for an account online or by post by making the first payment of at least £10,000. The
    account will start operating and earning interest on the working day we receive funds.
  • The product is strictly limited and can be withdrawn at any time.
  • Once we have confirmed with you that your account has been opened, you will have a maximum
    funding period of 14 days to fund your account.
  • Within the funding period you may fund your account with multiple deposits from your nominated 
    account either electronically or by cheque up to a maximum of £1 million. If your account exceeds the 
    maximum limit, the funds will be returned to your nominated account.
  • Each customer can hold a maximum of £2 million across all savings accounts held with Redwood 
    Bank.
  • Once the funding period has ended or if the account is no longer available, you will be unable to make 
    further deposits.
  • You can appoint up to four 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 using your secure login details, which are 
    unique to you.

Can I withdraw money?

  • You cannot make withdrawals or close the account before the end of the term of the bond.
  • We will contact you in writing at least 21 days before the maturity date outlining your options on maturity and whether you would like to:
    • Transfer your money in full, from the fixed rate bond into your nominated account
    • Re-invest your money in full to a new bond issue with us (subject to availability at the time)
    • Transfer your money in full to another savings account with us
  • We will then issue an additional email reminder at least 14 days before the maturity date, again outlining the options
  • If we do not receive instructions at least two working days before the maturity date, your account will become a Redwood Bank Call Account, which does not pay credit interest. The funds will be retained 
    in this account for a maximum of ten calendar days before being returned to your nominated bank  account.

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 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.
  • Withdrawals cannot be made until the end of the term.
  • Your financial position must allow you to cover any cash flow during the fixed term period.
  • Our 1 Year Business Savings Bond has a maximum funding limit and, once reached, the account  will become unavailable for new customers and future payments from existing customers may be returned.
Key Information

Important Documents

These documents form your agreement with 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
Key features & summary box for One Year Business Savings Bond
FSCS deposit scheme information sheet

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.

Contact us

You can get in touch with us Monday-Friday 9am-5pm, excluding bank holidays.

Prefer to apply by post?

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

Information on all our accounts

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

MoneyHelper

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

Calling all businesses and charities in Warrington (WA postcodes)! 

We’re proud to support the Warrington community through an exciting initiative with Warrington Wolves. We've already donated 76 kids’ memberships, one for every primary school in Warrington.  

For every business with a WA postcode opening their first Business Savings Account with us , we’ll donate one  kids’ membership to help local children access this incredible opportunity. 

Please read our terms and conditions for this offer. 

FAQS

Opening a Savings Account

Here are a selection of most frequently asked questions. If you can't find what you need here please refer to our Support page using the link below.

Find more answers
What checks do you do when assessing the application?

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​. 

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. 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.

What information is required to submit a Business Savings Account application?

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 in our Support section under ‘How do I open a business savings account?’ 

How do I open a Business Savings Account?

You can apply online through our website 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.​ 

How many authorised users can I have on one account?

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.