Is Revolut Business or Redwood Bank better for your small business?
Below we look at both Revolut Business 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.
Revolut Business vs Redwood Bank Trustpilot Reviews
| Revolut Business | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.2 | 2.9 |
| Percent 5-Star Reviews | 75% | 46% |
| Percent 1- Star Reviews | 10% | 39% |
| Total Number of Reviews | 148,162 | 13 |
https://www.trustpilot.com/review/www.revolut.com
https://www.trustpilot.com/review/redwoodbank.co.uk
Revolut Business vs Redwood Bank App Reviews
| Revolut Business | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.9 | No Rating |
| Number of iPhone Reviews | 26,200 | No Reviews |
| Android Review Score (out of 5) | 4.6 | No Rating |
| Number of Android Reviews | 20,300 | No Reviews |
https://apps.apple.com/gb/app/revolut-business/id1436969262
https://www.apple.com/uk/app-store/
Revolut Business vs Redwood Bank Account Fees & Charges
| Revolut Business | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | £19 | £10 |
| Most Expensive Monthly Account Fee | £79 | £15 |
| Electronic Payment Cost (in/out) | 1% + 20p | Free |
| Cash Payments Cost (in/out) | €1 | 70p per £100 |
| Cheques (in/out) | £8 | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | 20p | No |
Revolut Business vs Redwood Bank Business Savings Rates
| Revolut Business | Redwood Bank | |
| Types of Business Savings Accounts | Grow, Scale, Enterprise | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 2% | 3.75% |
| Maximum Savings Rate (AER) | 3% | 4.70% |
| Minimum Savings Amount | No | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Revolut Business vs Redwood Bank Account Opening Times
| Revolut Business | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 10 minutes | Few minutes |
| Do They Check Your Credit? | No | No |
| Current Account Switch Service | Yes | No |
Revolut Business vs Redwood Bank Features & Account Types
| Revolut Business | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | No |
| Business Overdraft | No | 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 | Visa | 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 |
Revolut Business vs Redwood Bank Customer Support Options
| Revolut Business | 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 |
Revolut Business vs Redwood Bank Foreign Currency Accounts
| Revolut Business | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Revolut Business and Redwood Bank
| Revolut Business | 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 | No | No |
Revolut Business vs Redwood Bank Banking Basics
| Revolut Business | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | No | Yes, up to £85,000 |
| FCA Number | 900562 | 755924 |
| Website | Revolut Business Website | Redwood Bank Website |
Common Comparison Questions
Does Revolut Business or Redwood Bank have better customer reviews?
Revolut Business scores 4.2 out of 5 based 148,162 Trustpilot reviews. Of these reviews 75% are 5-star and 10% 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 Revolut Business or Redwood Bank have a better App?
Revolut Business’s iPhone App is rated 4.9 out of 5 based on 26,200 reviews. And it’s Android App is rated 4.6 out of 5 based on 20,300 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 Revolut Business or Redwood Bank have better business savings rates?
Revolut Business offers the following types of business savings accounts: Grow, Scale, Enterprise with interest rates ranging from 2% to 3%. (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.