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General questions
What are your opening hours?

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

Opening a savings account
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.

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.

What information is required to submit a business savings account application?

If you wish to apply for one of our business savings accounts, we will require the following information during the application process:

- Full name

- Business address

- Registered number

- Names of individuals who own or control over 25% of the entity's capital or profit, or of its voting rights.


If you are a Charity, Church Body or Place of Worship we will require the following information during the application process:

- Full name

- Address

- Registered number (if applicable).


If you do not have a registered number or are a Club or Association, we will require the following information during the application process:

- Nature of body's activities and objects

- Names of all Trustees/Settlor (or equivalent)

- Names of classes of beneficiaries.


The above information can be submitted via an email to hello@redwoodbank.co.uk or attached to a postal application form, you can find this here.

If you have any questions, please do not hesitate to contact us on 0330 053 6067 or email us at 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 one of our application forms below:

  • 35 Day Business Savings Account application form here

  • 95 Day Business Savings Account application form here

  • 1 Year Bond 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.

Managing your savings account
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 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 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 make a withdrawal from my business notice account?

You can process withdrawals by logging into your account via eBanking, using your personal login details to gain access. However, there must be a minimum of £10,000 remaining to keep your account open. If you have any problems, you can either send a secure message by clicking 'messages' whereby the team will then action, or you can give us a call on 0330 053 6067 or email us at hello@redwoodbank.co.uk.

How can I view or print a copy of a statement?

You can view or download a statement by logging into your account via eBanking, using your personal login details to gain access. Once logged in, you can select 'view this account' and add in the dates you wish to view a statement for. You can then select 'download transactions' - this will download a PDF statement for you. If you have any problems, you can send a secure message by clicking 'messages' whereby the team will then action. Alternatively, you can call us on 0330 053 6067 or send us an email with your request to hello@redwoodbank.co.uk.

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. You can do this by simply logging into your account via eBanking, using your personal login details to gain access and clicking 'messages' to send a secure message to the team. Alternatively, you can give us a call on 0330 053 6067 or send us an email with your request to hello@redwoodbank.co.uk. 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 do I close my account and withdraw all funds?

If you wish to close your account and withdraw your funds, please contact us by simply logging into your account via eBanking, using your personal login details to gain access. Once logged in, you can send a secure message by clicking 'messages' whereby the team will then action. Alternatively, you can call us on 0330 053 6067 or send an email to us with your request to hello@redwoodbank.co.uk.