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 firstname.lastname@example.org.
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.
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 email@example.com.