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Opening a Savings Account

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: [email protected] 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: [email protected].​ 

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:  

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: [email protected].​ 

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 complete this form and email: [email protected].​ 

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. 

For further information on what documentation we require for a Savings Account application, pleace click the below list of requirements:

Savings Application Requirements