Co-operative Bank VS Redwood Bank: Business Banking Review & Fee Comparison

Is Co-operative Bank or Redwood Bank better for your small business?

Below we look at both Co-operative 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.

Co-operative Bank vs Redwood Bank Trustpilot Reviews

	Co-operative Bank	Redwood Bank
Trustpilot Review Score (out of 5)	4.2	2.9
Percent 5-Star Reviews	51%	46%
Percent 1- Star Reviews	39%	39%
Total Number of Reviews	7,699	13

Sources:
https://www.trustpilot.com/review/co-operativebank.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk

Co-operative Bank vs Redwood Bank App Reviews

	Co-operative Bank	Redwood Bank
iPhone Review Score (out of 5)	4.7	No Rating
Number of iPhone Reviews	47,800	No Reviews
Android Review Score (out of 5)	4.3	No Rating
Number of Android Reviews	33,000	No Reviews

Sources:
https://apps.apple.com/gb/app/co-operative-bank/id1439204021
https://www.apple.com/uk/app-store/

Co-operative Bank vs Redwood Bank Account Fees & Charges

	Co-operative Bank	Redwood Bank
Free Business Bank Account	Yes	No
Free Business Account Term Length	30 Months	NA
Cheapest Monthly Account Fee	Free	£10
Most Expensive Monthly Account Fee	Free	£15
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1.50 per £100	70p per £100
Cheques (in/out)	£1.50	£1
CHAPS Payments Cost	£25	£25
SEPA Payments Cost	No	No

Co-operative Bank vs Redwood Bank Business Savings Rates

	Co-operative Bank	Redwood Bank
Types of Business Savings Accounts	Instant access, 35+ day, 95+ day	Fixed Term, Notice Savings
Lowest Savings Rate (AER)	1.63%	3.75%
Maximum Savings Rate (AER)	2.51%	4.70%
Minimum Savings Amount	No	£10,000
Interest Paid On Foreign Currencies	No	No

Co-operative Bank vs Redwood Bank Account Opening Times

	Co-operative Bank	Redwood Bank
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	5 Working days	Few minutes
Do They Check Your Credit?	Yes	No
Current Account Switch Service	Yes	No

Co-operative Bank vs Redwood Bank Features & Account Types

Co-operative Bank Account Types — *Co-operative Bank Features & Account Types*

Redwood Bank Account Types — *Redwood Bank Features & Account Types*

	Co-operative Bank	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	Limited locations accross the UK	Letchworth Garden City, and Warrington

Co-operative Bank vs Redwood Bank Customer Support Options

	Co-operative 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

Co-operative Bank vs Redwood Bank Foreign Currency Accounts

	Co-operative Bank	Redwood Bank
US Dollar (USD) Bank Accounts	Yes	No
Euro (EUR) Bank Accounts	Yes	No
Other Currencies Available:	No	No

Other Business Services From Co-operative Bank and Redwood Bank

	Co-operative Bank	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	No	No
Free Accounting Software	Yes	No

Co-operative Bank vs Redwood Bank Banking Basics

	Co-operative Bank	Redwood Bank
Bank Type	High Street	Challenger
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	990937	755924
Website	Co-operative Bank Website	Redwood Bank Website

Common Comparison Questions

Does Co-operative Bank or Redwood Bank have better customer reviews?

Co-operative Bank scores 4.2 out of 5 based 7,699 Trustpilot reviews. Of these reviews 51% are 5-star and 39% 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 Co-operative Bank or Redwood Bank have a better App?

Co-operative Bank’s iPhone App is rated 4.7 out of 5 based on 47,800 reviews. And it’s Android App is rated 4.3 out of 5 based on 33,000 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 Co-operative Bank or Redwood Bank have better business savings rates?

Co-operative Bank offers the following types of business savings accounts: Instant access, 35+ day, 95+ day with interest rates ranging from 1.63% to 2.51%. (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.

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