Is Allica Bank or Redwood Bank better for your small business?
Below we look at both Allica Bank and Redwood Bank reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
Allica Bank vs Redwood Bank Trustpilot Reviews
| Allica Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.5 | 2.9 |
| Percent 5-Star Reviews | 76% | 46% |
| Percent 1- Star Reviews | 6% | 39% |
| Total Number of Reviews | 815 | 13 |
https://www.trustpilot.com/review/www.allica.bank
https://www.trustpilot.com/review/redwoodbank.co.uk
Allica Bank vs Redwood Bank App Reviews
| Allica Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 503 | No Reviews |
| Android Review Score (out of 5) | 4.4 | No Rating |
| Number of Android Reviews | 107 | No Reviews |
https://apps.apple.com/gb/app/allica-bank/id1489138340
https://www.apple.com/uk/app-store/
Allica Bank vs Redwood Bank Account Fees & Charges
| Allica Bank | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | No | £10 |
| Most Expensive Monthly Account Fee | No | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | Free | 70p per £100 |
| Cheques (in/out) | Unknown | £1 |
| CHAPS Payments Cost | £20 | £25 |
| SEPA Payments Cost | No | No |
Allica Bank vs Redwood Bank Business Savings Rates
| Allica Bank | Redwood Bank | |
| Types of Business Savings Accounts | Easy Access, Notice Account | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 3.65% | 3.75% |
| Maximum Savings Rate (AER) | 5.10% | 4.70% |
| Minimum Savings Amount | £20,000 | £10,000 |
| Interest Paid On Foreign Currencies | No | No |
Allica Bank vs Redwood Bank Account Opening Times
| Allica Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 3 to 5 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Allica Bank vs Redwood Bank Features & Account Types
| Allica Bank | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | No |
| Business Overdraft | Yes | No |
| Accounts For Startups | No | Yes |
| Accounts For Charities | No | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | No | No |
| Card Type | Visa | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Milton Keynes, London and Manchester | Letchworth Garden City, and Warrington |
Allica Bank vs Redwood Bank Customer Support Options
| Allica Bank | Redwood Bank | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | No |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Allica Bank vs Redwood Bank Foreign Currency Accounts
| Allica Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | No | No |
| Euro (EUR) Bank Accounts | No | No |
| Other Currencies Available: | No | No |
Other Business Services From Allica Bank and Redwood Bank
| Allica Bank | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | No | Yes |
| Card Machines | No | No |
| Free Accounting Software | No | No |
Allica Bank vs Redwood Bank Banking Basics
| Allica Bank | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 821851 | 755924 |
| Website | Allica Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Allica Bank or Redwood Bank have better customer reviews?
Allica Bank scores 4.5 out of 5 based 815 Trustpilot reviews. Of these reviews 76% are 5-star and 6% are 1-star.
Whereas, Redwood Bank scores 2.9 out of 5 based 13 Trustpilot reviews. Of which 46% are 5-star and 39% are 1-star.
Does Allica Bank or Redwood Bank have a better App?
Allica Bank’s iPhone App is rated 4.8 out of 5 based on 503 reviews. And it’s Android App is rated 4.4 out of 5 based on 107 reviews.
In comparison, Redwood Bank’s iPhone App is rated No Rating out of 5 based on No Reviews reviews. And it’s Android App is rated No Rating out of 5 based on No Reviews reviews.
Does Allica Bank or Redwood Bank have better business savings rates?
Allica Bank offers the following types of business savings accounts: Easy Access, Notice Account with interest rates ranging from 3.65% to 5.10%. (AER)
In contrast, Redwood Bank offers Fixed Term, Notice Savings accounts with interest rates ranging from 3.75% to 4.70% (AER).
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For other business bank accounts see our guide here.