Is OakNorth or Redwood Bank better for your small business?
Below we look at both OakNorth 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.
OakNorth vs Redwood Bank Trustpilot Reviews
| OakNorth | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.8 | 2.9 |
| Percent 5-Star Reviews | 84% | 46% |
| Percent 1- Star Reviews | 3% | 39% |
| Total Number of Reviews | 8,904 | 13 |
https://www.trustpilot.com/review/oaknorth.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
OakNorth vs Redwood Bank App Reviews
| OakNorth | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 1,600 | No Reviews |
| Android Review Score (out of 5) | 4.8 | No Rating |
| Number of Android Reviews | 468 | No Reviews |
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
https://www.apple.com/uk/app-store/
OakNorth vs Redwood Bank Account Fees & Charges
| OakNorth | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | £25 | £10 |
| Most Expensive Monthly Account Fee | £99.99 | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 70p per £100 | 70p per £100 |
| Cheques (in/out) | £1 per cheque | £1 |
| CHAPS Payments Cost | £17 | £25 |
| SEPA Payments Cost | No | No |
OakNorth vs Redwood Bank Business Savings Rates
| OakNorth | Redwood Bank | |
| Types of Business Savings Accounts | Fixed Term, Notice Accounts, Easy Access | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 3.85% | 3.75% |
| Maximum Savings Rate (AER) | 3.85% | 4.70% |
| Minimum Savings Amount | £10,000 | £10,000 |
| Interest Paid On Foreign Currencies | No | No |
OakNorth vs Redwood Bank Account Opening Times
| OakNorth | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | Few minutes | Few minutes |
| Do They Check Your Credit? | No | No |
| Current Account Switch Service | No | No |
OakNorth vs Redwood Bank Features & Account Types
| OakNorth | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | 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 | No | No |
| Branch Locations | None, online and phone only | Letchworth Garden City, and Warrington |
OakNorth vs Redwood Bank Customer Support Options
| OakNorth | 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 |
OakNorth vs Redwood Bank Foreign Currency Accounts
| OakNorth | Redwood Bank | |
| US Dollar (USD) Bank Accounts | No | No |
| Euro (EUR) Bank Accounts | No | No |
| Other Currencies Available: | No | No |
Other Business Services From OakNorth and Redwood Bank
| OakNorth | 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 |
OakNorth vs Redwood Bank Banking Basics
| OakNorth | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 629564 | 755924 |
| Website | OakNorth Website | Redwood Bank Website |
Common Comparison Questions
Does OakNorth or Redwood Bank have better customer reviews?
OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of these reviews 84% are 5-star and 3% 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 OakNorth or Redwood Bank have a better App?
OakNorth’s iPhone App is rated 4.8 out of 5 based on 1,600 reviews. And it’s Android App is rated 4.8 out of 5 based on 468 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 OakNorth or Redwood Bank have better business savings rates?
OakNorth offers the following types of business savings accounts: Fixed Term, Notice Accounts, Easy Access with interest rates ranging from 3.85% to 3.85%. (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.