Is Bank of Scotland or Redwood Bank better for your small business?
Below we look at both Bank of Scotland 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.
Bank of Scotland vs Redwood Bank Trustpilot Reviews
| Bank of Scotland | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 1.6 | 2.9 |
| Percent 5-Star Reviews | 12% | 46% |
| Percent 1- Star Reviews | 80% | 39% |
| Total Number of Reviews | 649 | 13 |
https://www.trustpilot.com/review/www.bankofscotland.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Bank of Scotland vs Redwood Bank App Reviews
| Bank of Scotland | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 269,400 | No Reviews |
| Android Review Score (out of 5) | 4.5 | No Rating |
| Number of Android Reviews | 44,100 | No Reviews |
https://apps.apple.com/gb/app/bank-of-scotland-mobile-bank/id485728109
https://www.apple.com/uk/app-store/
Bank of Scotland vs Redwood Bank Account Fees & Charges
| Bank of Scotland | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £8.50 | £10 |
| Most Expensive Monthly Account Fee | £8.50 | £15 |
| Electronic Payment Cost (in/out) | Free / 20p | Free |
| Cash Payments Cost (in/out) | £85p / £1.50 per £100 | 70p per £100 |
| Cheques (in/out) | 85p per cheque | £1 |
| CHAPS Payments Cost | £30 | £25 |
| SEPA Payments Cost | £5 | No |
Bank of Scotland vs Redwood Bank Business Savings Rates
| Bank of Scotland | Redwood Bank | |
| Types of Business Savings Accounts | Fixed Term Deposit, Notice Accounts, Instant Access Account | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.31% | 3.75% |
| Maximum Savings Rate (AER) | 4.37% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Bank of Scotland vs Redwood Bank Account Opening Times
| Bank of Scotland | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Bank of Scotland vs Redwood Bank Features & Account Types
| Bank of Scotland | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | No |
| Card Type | Visa | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Scotland only | Letchworth Garden City, and Warrington |
Bank of Scotland vs Redwood Bank Customer Support Options
| Bank of Scotland | 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 |
Bank of Scotland vs Redwood Bank Foreign Currency Accounts
| Bank of Scotland | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Bank of Scotland and Redwood Bank
| Bank of Scotland | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Bank of Scotland vs Redwood Bank Banking Basics
| Bank of Scotland | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 169628 | 755924 |
| Website | Bank of Scotland Website | Redwood Bank Website |
Common Comparison Questions
Does Bank of Scotland or Redwood Bank have better customer reviews?
Bank of Scotland scores 1.6 out of 5 based 649 Trustpilot reviews. Of these reviews 12% are 5-star and 80% 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 Bank of Scotland or Redwood Bank have a better App?
Bank of Scotland’s iPhone App is rated 4.8 out of 5 based on 269,400 reviews. And it’s Android App is rated 4.5 out of 5 based on 44,100 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 Bank of Scotland or Redwood Bank have better business savings rates?
Bank of Scotland offers the following types of business savings accounts: Fixed Term Deposit, Notice Accounts, Instant Access Account with interest rates ranging from 1.31% to 4.37%. (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.