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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.

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 hello@redwoodbank.co.uk.

General questions
What are your opening hours?

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

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.