Is Cynergy Bank or Redwood Bank better for your small business?
Below we look at both Cynergy 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.
Cynergy Bank vs Redwood Bank Trustpilot Reviews
| Cynergy Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4 | 2.9 |
| Percent 5-Star Reviews | 58% | 46% |
| Percent 1- Star Reviews | 27% | 39% |
| Total Number of Reviews | 2,235 | 13 |
https://www.trustpilot.com/review/cynergybank.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Cynergy Bank vs Redwood Bank App Reviews
| Cynergy Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 1.5 | No Rating |
| Number of iPhone Reviews | 350 | No Reviews |
| Android Review Score (out of 5) | 1.7 | No Rating |
| Number of Android Reviews | 449 | No Reviews |
https://apps.apple.com/gb/app/cynergy-bank-authenticator/id1497728953
https://www.apple.com/uk/app-store/
Cynergy Bank vs Redwood Bank Account Fees & Charges
| Cynergy Bank | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £25 | £10 |
| Most Expensive Monthly Account Fee | £25 | £15 |
| Electronic Payment Cost (in/out) | 35p | Free |
| Cash Payments Cost (in/out) | 65p per £100 | 70p per £100 |
| Cheques (in/out) | 30p / 78p | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | £6 | No |
Cynergy Bank vs Redwood Bank Business Savings Rates
| Cynergy Bank | Redwood Bank | |
| Types of Business Savings Accounts | Business Saver | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 4.00% | 3.75% |
| Maximum Savings Rate (AER) | 4.00% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Cynergy Bank vs Redwood Bank Account Opening Times
| Cynergy Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 15 minutes | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Cynergy Bank vs Redwood Bank Features & Account Types
| Cynergy 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 | No | 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 | London, Redhill, Birmingham, Manchester and Glasgow | Letchworth Garden City, and Warrington |
Cynergy Bank vs Redwood Bank Customer Support Options
| Cynergy 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 |
Cynergy Bank vs Redwood Bank Foreign Currency Accounts
| Cynergy Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | No | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: | No | No |
Other Business Services From Cynergy Bank and Redwood Bank
| Cynergy 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 |
Cynergy Bank vs Redwood Bank Banking Basics
| Cynergy Bank | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 575105 | 755924 |
| Website | Cynergy Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Cynergy Bank or Redwood Bank have better customer reviews?
Cynergy Bank scores 4 out of 5 based 2,235 Trustpilot reviews. Of these reviews 58% are 5-star and 27% 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 Cynergy Bank or Redwood Bank have a better App?
Cynergy Bank’s iPhone App is rated 1.5 out of 5 based on 350 reviews. And it’s Android App is rated 1.7 out of 5 based on 449 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 Cynergy Bank or Redwood Bank have better business savings rates?
Cynergy Bank offers the following types of business savings accounts: Business Saver with interest rates ranging from 4.00% to 4.00%. (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.