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Opening a savings account
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 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.

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 deposit 35 days' notice application form here. If you have any further questions, get in touch on 0330 053 6067 or email hello@redwoodbank.co.uk.

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.

General questions
What are your opening hours?

We are open Monday-Friday 9am-5pm, except for bank holidays. 

Do I have to transfer my full banking relationship to you?

No, our deposit and lending accounts can fit into your existing financial relationships.

Managing your savings account
How can I view or print a copy of a statement?

If you need a statement, please contact the team at Redwood Bank directly on 0330 053 6067 or email hello@redwoodbank.co.uk.

Can I change the nominated account?

Yes, subject to our approval. To apply to change your nominated account please click here to download the form or get in touch.

How do I close my account?

If you change your mind and wish to cancel your account, you can do so within the first 14 days from the opening date of your account - simply get in touch with us. After this time, you need to consider the notice period (if it's a notice account) or seeing out the remainder of your fixed term (if it's a fixed term account).

How is money with Redwood Bank protected?

Your eligible deposits with Redwood Bank are protected up to a total of £85,000 by the FSCS, the UK's Financial Services Compensation Scheme. Any deposits you hold above the limit are unlikely to be covered. For further information please visit our dedicated page or visit www.fscs.org.uk.

Can I deposit into my Notice Account at any time?

Yes, you can make a deposit into your Notice Account at any time through your nominated account. To activate the account your first payment needs to be a minimum of £10,000.

How do I make a withdrawal from my business notice account?

You can request a withdrawal from your notice account by using our form here and sending it to us, getting in touch on hello@redwoodbank.co.uk or call us on 0330 053 6067. Please note you need to give at least 35 days' notice or 95 days' notice (as per your product terms) and maintain the minimum balance of £10,000 to keep the account open.

New lending applications and enquiries
Do I need to be FCA approved?

Yes, we would expect all our partner brokers to be FCA registered. If you require any further information, please contact one of our Business Development Managers

How do I register with you as a broker?

Please click here. You will please need to complete an application form to register your interest (click here) and send it to us by post or by email at brokers@redwoodbank.co.uk. We will aim to respond within 48 hours. 

How do I submit a case to you?

Please contact on of our Business Development Managers, they will be able to help with any queries you have when submitting a case to us.

How much would you lend to an organisation?

Please click here to find a summary of our lending criteria. If you have any other questions please get in touch.

How long will it take for you to respond?

We will aim to respond to you within 48 hours if we have the correct information from you.  

What do you need to make a lending decision?

We require details about the specific transaction you are considering, including details of the property and the business. In addition, we will need information on your financial status and your ability to service the mortgage before making a commitment to lend. Please contact us directly. 

If I register with you, can I introduce personal and business customers?

Redwood Bank are a business specialist, therefore we cannot help with retail mortgage enquiries.

What checks do you do before I can open a loan account?

We will verify your business, the registered address of your organisation, as well as the identity of all key individuals detailed (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 progress the case until we are satisfied. If you have any questions please get in touch.

How would broker fees be paid?

Redwood Bank would pay procuration fees back to you on a monthly basis, once our terms and conditions have been accepted. If you have any questions on our fee share arrangement, please contact one of our Business Development Managers

What is your general lending criteria?

Please refer to our lending page here where you will find our criteria. Please get in touch if you have any other questions.

How do I refer a case to you?

Thank you for your interest. We enjoy hearing from intermediaries and introducers who hold our high standards. 

If you're interested please get in touch with our team at brokers@redwoodbank.co.uk.

What fees do you apply?

Our standard new loan fees are 2% of the debt. Fees can be incorporated into the loan. If you would like to discuss further please get in touch.

Managing an existing mortgage
Can I move my loan to another property in my portfolio?

We can consider this application. The replacement property must be a suitable security for your loan moving forward so we may treat this as a new application and may be subject to relevant assessment and fees. If this is something you would like to investigate, please don’t hesitate to get in touch your local Business Development Manager.

Can I repay a loan early?

Yes, in line with the terms and conditions of your specific loan. Please contact us if you would like to discuss further.