Is Metro Bank or Redwood Bank better for your small business?
Below we look at both Metro 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.
Metro Bank vs Redwood Bank Trustpilot Reviews
| Metro Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 2 | 2.9 |
| Percent 5-Star Reviews | 45% | 46% |
| Percent 1- Star Reviews | 48% | 39% |
| Total Number of Reviews | 4,764 | 13 |
https://www.trustpilot.com/review/www.metrobankonline.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Metro Bank vs Redwood Bank App Reviews
| Metro Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 182,900 | No Reviews |
| Android Review Score (out of 5) | 4.6 | No Rating |
| Number of Android Reviews | 41,500 | No Reviews |
https://apps.apple.com/gb/app/metro-bank/id1175525592
https://www.apple.com/uk/app-store/
Metro Bank vs Redwood Bank Account Fees & Charges
| Metro Bank | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | Free | £10 |
| Most Expensive Monthly Account Fee | £6.00 | £15 |
| Electronic Payment Cost (in/out) | 30p | Free |
| Cash Payments Cost (in/out) | 1.00% | 70p per £100 |
| Cheques (in/out) | 30p | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | 20p | No |
Metro Bank vs Redwood Bank Business Savings Rates
| Metro Bank | Redwood Bank | |
| Types of Business Savings Accounts | Instant access, Fixed term | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.10% | 3.75% |
| Maximum Savings Rate (AER) | 4.41% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Metro Bank vs Redwood Bank Account Opening Times
| Metro Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 day | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Metro Bank vs Redwood Bank Features & Account Types
| Metro 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 | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Limited locations in England & Wales only | Letchworth Garden City, and Warrington |
Metro Bank vs Redwood Bank Customer Support Options
| Metro 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 |
Metro Bank vs Redwood Bank Foreign Currency Accounts
| Metro Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Metro Bank and Redwood Bank
| Metro Bank | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | No | No |
Metro Bank vs Redwood Bank Banking Basics
| Metro Bank | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 488982 | 755924 |
| Website | Metro Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Metro Bank or Redwood Bank have better customer reviews?
Metro Bank scores 2 out of 5 based 4,764 Trustpilot reviews. Of these reviews 45% are 5-star and 48% 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 Metro Bank or Redwood Bank have a better App?
Metro Bank’s iPhone App is rated 4.8 out of 5 based on 182,900 reviews. And it’s Android App is rated 4.6 out of 5 based on 41,500 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 Metro Bank or Redwood Bank have better business savings rates?
Metro Bank offers the following types of business savings accounts: Instant access, Fixed term with interest rates ranging from 1.10% to 4.41%. (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.