Is Danske Bank UK or Redwood Bank better for your small business?
Below we look at both Danske Bank UK 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.
Danske Bank UK vs Redwood Bank Trustpilot Reviews
| Danske Bank UK | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 2 | 2.9 |
| Percent 5-Star Reviews | 12% | 46% |
| Percent 1- Star Reviews | 71% | 39% |
| Total Number of Reviews | 24 | 13 |
https://www.trustpilot.com/review/danskebank.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Danske Bank UK vs Redwood Bank App Reviews
| Danske Bank UK | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.4 | No Rating |
| Number of iPhone Reviews | 2,900 | No Reviews |
| Android Review Score (out of 5) | 4.4 | No Rating |
| Number of Android Reviews | 2,890 | No Reviews |
https://apps.apple.com/gb/app/mobile-bank-uk-danske-bank/id1365361930
https://www.apple.com/uk/app-store/
Danske Bank UK vs Redwood Bank Account Fees & Charges
| Danske Bank UK | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 24 Months | NA |
| Cheapest Monthly Account Fee | £7 | £10 |
| Most Expensive Monthly Account Fee | £48 | £15 |
| Electronic Payment Cost (in/out) | 45p | Free |
| Cash Payments Cost (in/out) | 90p / £1.40 per £100 | 70p per £100 |
| Cheques (in/out) | 80p / 90p per item | £1 |
| CHAPS Payments Cost | £20 | £25 |
| SEPA Payments Cost | No | No |
Danske Bank UK vs Redwood Bank Business Savings Rates
| Danske Bank UK | Redwood Bank | |
| Types of Business Savings Accounts | Business Investment Account, Fixed Term Deposit | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.65% | 3.75% |
| Maximum Savings Rate (AER) | 4.60% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Danske Bank UK vs Redwood Bank Account Opening Times
| Danske Bank UK | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 10 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Danske Bank UK vs Redwood Bank Features & Account Types
| Danske Bank UK | 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 | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Nothern Ireland oly | Letchworth Garden City, and Warrington |
Danske Bank UK vs Redwood Bank Customer Support Options
| Danske Bank UK | 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 |
Danske Bank UK vs Redwood Bank Foreign Currency Accounts
| Danske Bank UK | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Danske Bank UK and Redwood Bank
| Danske Bank UK | 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 | No | No |
Danske Bank UK vs Redwood Bank Banking Basics
| Danske Bank UK | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 122261 | 755924 |
| Website | Danske Bank UK Website | Redwood Bank Website |
Common Comparison Questions
Does Danske Bank UK or Redwood Bank have better customer reviews?
Danske Bank UK scores 2 out of 5 based 24 Trustpilot reviews. Of these reviews 12% are 5-star and 71% 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 Danske Bank UK or Redwood Bank have a better App?
Danske Bank UK’s iPhone App is rated 4.4 out of 5 based on 2,900 reviews. And it’s Android App is rated 4.4 out of 5 based on 2,890 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 Danske Bank UK or Redwood Bank have better business savings rates?
Danske Bank UK offers the following types of business savings accounts: Business Investment Account, Fixed Term Deposit with interest rates ranging from 1.65% to 4.60%. (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.