Is Lloyds Bank or Redwood Bank better for your small business?
Below we look at both Lloyds 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.
Lloyds Bank vs Redwood Bank Trustpilot Reviews
| Lloyds Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 1.7 | 2.9 |
| Percent 5-Star Reviews | 13% | 46% |
| Percent 1- Star Reviews | 79% | 39% |
| Total Number of Reviews | 4,311 | 13 |
https://www.trustpilot.com/review/lloydsbank.com
https://www.trustpilot.com/review/redwoodbank.co.uk
Lloyds Bank vs Redwood Bank App Reviews
| Lloyds Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 1,900,000 | No Reviews |
| Android Review Score (out of 5) | 4.6 | No Rating |
| Number of Android Reviews | 317,000 | No Reviews |
https://apps.apple.com/gb/app/lloyds-bank-mobile-banking/id469964520
https://www.apple.com/uk/app-store/
Lloyds Bank vs Redwood Bank Account Fees & Charges
| Lloyds Bank | 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 |
Lloyds Bank vs Redwood Bank Business Savings Rates
| Lloyds Bank | Redwood Bank | |
| Types of Business Savings Accounts | Fixed Term Deposit, Instant access account, Notice accounts | 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 |
Lloyds Bank vs Redwood Bank Account Opening Times
| Lloyds Bank | 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 |
Lloyds Bank vs Redwood Bank Features & Account Types
| Lloyds 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 | UK-wide | Letchworth Garden City, and Warrington |
Lloyds Bank vs Redwood Bank Customer Support Options
| Lloyds 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 |
Lloyds Bank vs Redwood Bank Foreign Currency Accounts
| Lloyds Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Lloyds Bank and Redwood Bank
| Lloyds 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 | Yes | No |
| Free Accounting Software | Yes | No |
Lloyds Bank vs Redwood Bank Banking Basics
| Lloyds Bank | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 119278 | 755924 |
| Website | Lloyds Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Lloyds Bank or Redwood Bank have better customer reviews?
Lloyds Bank scores 1.7 out of 5 based 4,311 Trustpilot reviews. Of these reviews 13% are 5-star and 79% 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 Lloyds Bank or Redwood Bank have a better App?
Lloyds Bank’s iPhone App is rated 4.8 out of 5 based on 1,900,000 reviews. And it’s Android App is rated 4.6 out of 5 based on 317,000 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 Lloyds Bank or Redwood Bank have better business savings rates?
Lloyds Bank offers the following types of business savings accounts: Fixed Term Deposit, Instant access account, Notice accounts 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.