Support

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:  

• 35 Day Business Savings Account Application Form  
• 95 Day Business Savings Account Application Form    
• One Year Business Bond Account Application Form   
• Two Year Business Bond Account Application Form   

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 use the form to change or remove authorised users or shareholders in the Helpful Documents section below and send this by email to: 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.

The following applicants can open a savings account with Redwood Bank: ​ 

• Association  
• Charity  
• Club 
• Credit Unions 
• Limited Company  
• Limited Liability Partnership 
• Parish Councils 
• Partnership 
• Society  
• Sole Trader​ 

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

•  Details of your organisation, including your company registration number if you have one.
• Names, personal contact details, date of birth and nationality (and any tax residencies), address (including how long you have lived at your current address) of up to three colleagues who you want to give full account access to. You will need to make these people aware that you are submitting their information to us.
• We'll also need this information for the owners. By owners we mean any individual or organisation who ultimately owns or controls 25% of the organisation's shares, voting rights or exercising control in any other way. If you're a non-profit organisation with over four trustees please get in touch.
• The sort code and account number of your business current account you’ll nominate to make and receive payments.
• Once submitted, the personal information you provide will be verified and shared with fraud prevention agencies who will use it to prevent fraud and money laundering and to verify your identity.
• On some occasions we may need to request further information from you, such as identity documentation or bank statements. We will be in contact if that is the case.

Yes, you can make a deposit into your notice account at any time through your nominated account. 

A minimum account balance of £10,000 is required to start earning interest. You can send a smaller deposit to your new Redwood Bank details to initiate the account, but interest will not start to accrue until you reach the minimum balance of £10,000 as detailed in the Terms & Conditions.

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.

Redwood Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 755924).

Yes, to apply to change your nominated account please click here to download the form and email: hello@redwoodbank.co.uk.

Please note along with the form a statement of the current nominated account and new nominated account is also required.

You can process withdrawals through: 

• The Online Banking portal;
• A request via secure message or; 
• Request via email. 

To ensure your account remains open, a minimum balance of £10,000 is required. 

If you wish to withdraw all funds and close your Redwood Bank account this must be actioned by sending us a secure message or email at: hello@redwoodbank.co.uk. 

All withdrawals and closures are subject to the notice period stated in your Product Documentation.

You can view or download a statement by logging into your Online Banking account, using your personal login details. 

Once logged in, select 'View this account' and add in the dates you wish to view a statement for. You can then choose 'Download transactions' - this will download a PDF statement for you. 

If you have any problems, you can send a secure message and the Banking Operations team will action your request. Alternatively, you can call us on 0330 053 6067 or email at: hello@redwoodbank.co.uk.

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. 

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). If you place a withdrawal or closure notice on a notice account, only the funds available on the date of the withdrawal or closure request will be withdrawn following the notice period.

If you decide during your notice period to add further funds above £10,000, you will be required to place a new withdrawal or closure request and serve the notice period to withdraw these additional funds. 

Any closure requests can be sent via secure message or via email to: hello@redwoodbank.co.uk.

Yes, if you hold a notice account, 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.

If you hold a fixed term bond, the interest rate is fixed for the duration of the term and will not change.

If you are an existing customer or have been a Redwood customer in the past, you are able to apply for a new account within the Online Banking portal. This will enable you to pull through existing details you provided previously resulting in a shorter application process. 

How to notify us with respect to a deceased customer

We understand that dealing with the loss of a loved one is a very difficult time. To support you in managing the account we kindly ask that you get in touch to inform us with the following information:

• Customer name
• Customer Account Number
• Executor or personal representative
• A copy of the death certificate

You can email this information to us here (bankingoperations@redwoodbank.co.uk)

We’re here to help

We understand this can be an overwhelming time and we know you might have questions, so we’re here if you need to contact us for more information. 

You can call us on 0330 053 6067, Monday - Friday 9am-5pm, excluding bank holidays.

Additional bereavement support services

• Help with money management
  • The Money Advice Service can help you learn how to deal with money after someone passes away.
     
• Help with letting people know
  • Tell Us Once is a service that lets you report a death to most government organisations, including HMRC, DVLA, and the Passport office.

This means we are making updates to our systems. Often these are only for short periods of time. Please try again later.

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

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

If you have any questions regarding financial support or would like to get in touch with a member of our team to discuss a change in your circumstances, please do not hesitate to contact us via email using the email address hello@redwoodbank.co.uk

External support- General information
Citizen’s advice for Debt and Money
Moneyhelper UK

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If you continue to experience problems, please contact us.

The Confirmation of Payee Scheme is a name checking service to help make sure payments are sent to and collected from the correct account holder.

When you want to make a payment, the service checks the name you provide against the registered individual’s/business account. They do this by using at least the name, sort code and account number to try to find a match.

The service uses this data to decide if the name is a match. When you want to make a payment the service will make these checks automatically. You don’t need to do anything. The service will tell you the result:

A match – the name matches, and you can proceed with the payment.

A close match – The name is similar, the service will tell you the name it has for those account details. Please check the details again.

No match – The name is not the same or similar. Please check the details again.

Unavailable – The service may be experiencing a technical problem or the account doesn’t exist.

If you receive a no match, please contact Redwood Bank so we can assist you with this matter.

Read our article to find out more about some of the most common scams and frauds.

Further advice can be found here.

• A sense of urgency: If you feel rushed or something like account access is imminently threatened, it’s most likely a scam. Contact the organisation directly through their official website or by using a trusted telephone number to check whether the problem is legitimate before taking any action.
• Strange URLs or email addresses: Unusual website URLs or email addresses can indicate that something is fraudulent. Alongside checking for the padlock symbol in the URL bar, you can copy and paste the web/email address into your search engine and see if others have reported it.
• If it feels too good to be true: It probably is. Promises of lavish goods or profitability usually turn out to be scams.
• You are contacted out of the blue: Always be wary of organisations contacting you randomly with a request, instruction or promise that you weren’t expecting. Always check the legitimacy of the individual and firm before taking any requested action.

If Redwood calls you, we won’t give out any information about your account until we’ve verified your identity. We will also never ask for your banking password, whether by phone, email or letter.

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

• Use strong, varied passwords
• Update passwords regularly
• Set up two-factor authentication (2FA)/multi-factor authentication (MFA). This is a mandatory requirement for Redwood’s online banking access.
• Keep devices and apps up to date with the latest software patches
• Use public Wi-Fi cautiously
• Bookmark websites like Redwood rather than searching every time
• Regularly check your account to spot suspicious activity
• Check the latest malicious tactics that are circulating by visiting:
  • the Government’s Take Five anti-fraud website
  • Citizen’s Advice scam information pages
  • FSCS (Financial Services Compensation Scheme) scam information pages
  • The Financial Conduct Authority (FCA) ScamSmart information pages

There are other UK regulatory bodies that can help if you need further guidance on staying safe.

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

Follow these rules to make sure your personal information and sensitive data stay secure.

Never:

• give out your personal data over the phone
• click on links in emails or texts that you are not expecting
• move your money into a new account at somebody’s request
• share your banking PIN or credentials
• use a website if you’re unsure how trustworthy it is
• use websites without checking for the padlock symbol in the URL
• forget that if it looks too good to be true, then it usually is

If you suspect a trusted company is being impersonated, you can check legitimacy by contacting the organisation or bank directly through their official website or customer service telephone line.

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

You can report any scam or fraud to Action Fraud on 0300 123 2040 or at actionfraud.police.uk

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

Redwood requires two-factor authentication (2FA) when you open a savings account and to access our Online Banking portal.

2FA requires two separate means of identification to give access to an account, adding an extra layer of security. The first is usually a password, while the second may be a text code sent via email, SMS, a code sent to a third-party verification app like Microsoft Authenticator or biometrics using your fingerprint, face or retina.

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

If you think your Redwood Bank account may have been targeted or your personal details have been compromised:

• contact Redwood immediately to stop any transactions
• change your password to secure your account
• consider freezing your credit file so that lenders know to check with you before authorising any new loans or accounts. To request a credit freeze, you need to contact each of the three major credit reference agencies in the UK: Experian, Equifax, and TransUnion
• report to Action Fraud on 0300 123 2040 or at actionfraud.police.uk

For guidance on how to identify the latest scams and keep your money and your identity safe, read our article.

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

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.

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

Redwood Bank would pay procuration fees back to you on completion and 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. 

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.

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. 

Yes, we would expect all our partner brokers to be FCA registered. If you require any further information, please contact us here to be put in touch with a Business Development Manager. 

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.

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

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.

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.

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.

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

How to notify us with respect to a deceased customer

We understand that dealing with the loss of a loved is a very difficult time. To support you in managing the account we kindly ask that you get in touch to inform us with the following information:

• Customer name
• Customer Mortgage Account Number
• Executor or personal representative
• A copy of the death certificate

You can email this information to us here 

We’re here to help

We understand this can be an overwhelming time and we know you might have questions, so we’re here if you need to contact us for more information. 

You can call us on 0330 053 6067, Monday - Friday 9am-5pm, excluding bank holidays.

Additional bereavement support services

• Help with getting through bereavement
  • Facing Bereavement can help with expert guidance when dealing with the loss of a loved one.
     
• Help with money management
  • The Money Advice Service can help you learn how to deal with money after someone passes away.
     
• Help with letting people know
  • Tell Us Once is a service that lets you report a death to most government organisations, including HMRC, DVLA, and the Passport office.

We understand circumstances can change and that times are tough at the moment. If you do find yourself in financial difficulty, it is important that you contact us as soon as possible, so that we can work with you to seek a solution. You can get in touch here, and for further information please click here. 

A Credit Reference Agency (CRA) is an independent organisation that holds information about you including but not limited to, credit applications, accounts, and financial behaviour. There are three CRAs in the UK, Experian, Equifax and TransUnion. This information is used by Lenders to support their decisioning of an application.  

We will use the information you provide in your application to complete a soft credit check. This will help us to determine your suitability for a mortgage with us. If your application for a mortgage with us is successful we will then complete a hard credit check. This will be recorded on your credit report and is visible to other lenders.

We will now report to Credit Reference Agencies if you are making your payments on time and in full or if these have been missed, partially made or have arrived late. This information will be added to your credit report for six years and will be available to other lenders. Late, partial and missed repayments may affect your credit score and ability to borrow in the future.    

If you believe the information stored on your credit report is not correct, please report it to the specific Credit Reference Agency. If the inaccurate information is about your Redwood Bank mortgage account, please contact us on loanservicing@redwoodbank.co.uk and we will investigate this for you.