Is PayPal Debit or Redwood Bank better for your small business?
Below we look at both PayPal Debit 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.
PayPal Debit vs Redwood Bank Trustpilot Reviews
| PayPal Debit | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 1.4 | 2.9 |
| Percent 5-Star Reviews | 20% | 46% |
| Percent 1- Star Reviews | 73% | 39% |
| Total Number of Reviews | 5,277 | 13 |
https://www.trustpilot.com/review/www.paypal.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
PayPal Debit vs Redwood Bank App Reviews
| PayPal Debit | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.1 | No Rating |
| Number of iPhone Reviews | 1,600 | No Reviews |
| Android Review Score (out of 5) | 3.3 | No Rating |
| Number of Android Reviews | 91,500 | No Reviews |
https://apps.apple.com/gb/app/paypal-business/id1053148887
https://www.apple.com/uk/app-store/
PayPal Debit vs Redwood Bank Account Fees & Charges
| PayPal Debit | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | No | £10 |
| Most Expensive Monthly Account Fee | No | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | Free | 70p per £100 |
| Cheques (in/out) | Free | £1 |
| CHAPS Payments Cost | No | £25 |
| SEPA Payments Cost | No | No |
PayPal Debit vs Redwood Bank Business Savings Rates
| PayPal Debit | Redwood Bank | |
| Types of Business Savings Accounts | None | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | NA | 3.75% |
| Maximum Savings Rate (AER) | NA | 4.70% |
| Minimum Savings Amount | NA | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
PayPal Debit vs Redwood Bank Account Opening Times
| PayPal Debit | 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 | Yes | No |
PayPal Debit vs Redwood Bank Features & Account Types
| PayPal Debit | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | No | Yes |
| Business Credit Card | No | No |
| Business Overdraft | No | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | No | Yes |
| Accounts For Sole Traders | No | 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 |
PayPal Debit vs Redwood Bank Customer Support Options
| PayPal Debit | Redwood Bank | |
| Phone Support Available | No | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | No |
| Web Based Support | Yes | Yes |
| In person Customer Support | No | No |
PayPal Debit vs Redwood Bank Foreign Currency Accounts
| PayPal Debit | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From PayPal Debit and Redwood Bank
| PayPal Debit | Redwood Bank | |
| Business Loans | No | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
PayPal Debit vs Redwood Bank Banking Basics
| PayPal Debit | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | No | Yes, up to £85,000 |
| FCA Number | 742277 | 755924 |
| Website | PayPal Debit Website | Redwood Bank Website |
Common Comparison Questions
Does PayPal Debit or Redwood Bank have better customer reviews?
PayPal Debit scores 1.4 out of 5 based 5,277 Trustpilot reviews. Of these reviews 20% are 5-star and 73% 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 PayPal Debit or Redwood Bank have a better App?
PayPal Debit’s iPhone App is rated 4.1 out of 5 based on 1,600 reviews. And it’s Android App is rated 3.3 out of 5 based on 91,500 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 PayPal Debit or Redwood Bank have better business savings rates?
PayPal Debit offers the following types of business savings accounts: None with interest rates ranging from NA to NA. (AER)
In contrast, Redwood Bank offers Fixed Term, Notice Savings accounts with interest rates ranging from 3.75% to 4.70% (AER).
See Other Comparisons:PayPal Debit vs Amaiz
PayPal Debit vs ICICI Bank UK
PayPal Debit vs Intergiro
PayPal Debit vs GoSolo
PayPal Debit vs 3S Money
For other business bank accounts see our guide here.