Is Saffron Building Society or Redwood Bank better for your small business?
Below we look at both Saffron Building Society 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.
Saffron Building Society vs Redwood Bank Trustpilot Reviews
| Saffron Building Society | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 2.2 | 2.9 |
| Percent 5-Star Reviews | 21% | 46% |
| Percent 1- Star Reviews | 73% | 39% |
| Total Number of Reviews | 58 | 13 |
https://www.trustpilot.com/review/saffronbs.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Saffron Building Society vs Redwood Bank App Reviews
| Saffron Building Society | Redwood Bank | |
| iPhone Review Score (out of 5) | 3.7 | No Rating |
| Number of iPhone Reviews | 24 | No Reviews |
| Android Review Score (out of 5) | 3.7 | No Rating |
| Number of Android Reviews | 14 | No Reviews |
https://apps.apple.com/gb/app/saffron-building-society/id1482290341
https://www.apple.com/uk/app-store/
Saffron Building Society vs Redwood Bank Account Fees & Charges
| Saffron Building Society | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | £10 | £10 |
| Most Expensive Monthly Account Fee | £10 | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | Free | 70p per £100 |
| Cheques (in/out) | £1.50 | £1 |
| CHAPS Payments Cost | £15 | £25 |
| SEPA Payments Cost | 25p | No |
Saffron Building Society vs Redwood Bank Business Savings Rates
| Saffron Building Society | Redwood Bank | |
| Types of Business Savings Accounts | Regular Savings, Easy access, Fixed rate bonds, Notice accounts, Business/corporate accounts | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.20% | 3.75% |
| Maximum Savings Rate (AER) | 5.75% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | No | No |
Saffron Building Society vs Redwood Bank Account Opening Times
| Saffron Building Society | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | Undisclosed | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Saffron Building Society vs Redwood Bank Features & Account Types
| Saffron Building Society | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | No | No |
| Accounts For Startups | No | 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 | Locations in Essex only | Letchworth Garden City, and Warrington |
Saffron Building Society vs Redwood Bank Customer Support Options
| Saffron Building Society | 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 |
Saffron Building Society vs Redwood Bank Foreign Currency Accounts
| Saffron Building Society | Redwood Bank | |
| US Dollar (USD) Bank Accounts | No | No |
| Euro (EUR) Bank Accounts | No | No |
| Other Currencies Available: | No | No |
Other Business Services From Saffron Building Society and Redwood Bank
| Saffron Building Society | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | No | Yes |
| Card Machines | No | No |
| Free Accounting Software | No | No |
Saffron Building Society vs Redwood Bank Banking Basics
| Saffron Building Society | Redwood Bank | |
| Bank Type | Building Society | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 100015 | 755924 |
| Website | Saffron Building Society Website | Redwood Bank Website |
Common Comparison Questions
Does Saffron Building Society or Redwood Bank have better customer reviews?
Saffron Building Society scores 2.2 out of 5 based 58 Trustpilot reviews. Of these reviews 21% 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 Saffron Building Society or Redwood Bank have a better App?
Saffron Building Society’s iPhone App is rated 3.7 out of 5 based on 24 reviews. And it’s Android App is rated 3.7 out of 5 based on 14 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 Saffron Building Society or Redwood Bank have better business savings rates?
Saffron Building Society offers the following types of business savings accounts: Regular Savings, Easy access, Fixed rate bonds, Notice accounts, Business/corporate accounts with interest rates ranging from 1.20% to 5.75%. (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.