Is Monzo or Redwood Bank better for your small business?
Below we look at both Monzo 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.
Monzo vs Redwood Bank Trustpilot Reviews
| Monzo | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 3.9 | 2.9 |
| Percent 5-Star Reviews | 77% | 46% |
| Percent 1- Star Reviews | 14% | 39% |
| Total Number of Reviews | 30,333 | 13 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/redwoodbank.co.uk
Monzo vs Redwood Bank App Reviews
| Monzo | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.9 | No Rating |
| Number of iPhone Reviews | 189,000 | No Reviews |
| Android Review Score (out of 5) | 4.7 | No Rating |
| Number of Android Reviews | 125,000 | No Reviews |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://www.apple.com/uk/app-store/
Monzo vs Redwood Bank Account Fees & Charges
| Monzo | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | £10 |
| Most Expensive Monthly Account Fee | £5 | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | £1 | 70p per £100 |
| Cheques (in/out) | Unknown | £1 |
| CHAPS Payments Cost | £20 | £25 |
| SEPA Payments Cost | No | No |
Monzo vs Redwood Bank Business Savings Rates
| Monzo | Redwood Bank | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.60% | 3.75% |
| Maximum Savings Rate (AER) | 1.60% | 4.70% |
| Minimum Savings Amount | No | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Monzo vs Redwood Bank Account Opening Times
| Monzo | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Monzo vs Redwood Bank Features & Account Types
| Monzo | 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 | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | No | No |
| Branch Locations | None, online only | Letchworth Garden City, and Warrington |
Monzo vs Redwood Bank Customer Support Options
| Monzo | 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 | No | No |
Monzo vs Redwood Bank Foreign Currency Accounts
| Monzo | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Monzo and Redwood Bank
| Monzo | 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 |
Monzo vs Redwood Bank Banking Basics
| Monzo | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 755924 |
| Website | Monzo Website | Redwood Bank Website |
Common Comparison Questions
Does Monzo or Redwood Bank have better customer reviews?
Monzo scores 3.9 out of 5 based 30,333 Trustpilot reviews. Of these reviews 77% are 5-star and 14% 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 Monzo or Redwood Bank have a better App?
Monzo’s iPhone App is rated 4.9 out of 5 based on 189,000 reviews. And it’s Android App is rated 4.7 out of 5 based on 125,000 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 Monzo or Redwood Bank have better business savings rates?
Monzo offers the following types of business savings accounts: Instant Access Savings Pot with interest rates ranging from 1.60% to 1.60%. (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.