Is Shawbrook Bank or Redwood Bank better for your small business?
Below we look at both Shawbrook Bank 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.
Shawbrook Bank vs Redwood Bank Trustpilot Reviews
| Shawbrook Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.7 | 2.9 |
| Percent 5-Star Reviews | 85% | 46% |
| Percent 1- Star Reviews | 7% | 39% |
| Total Number of Reviews | 10,747 | 13 |
https://www.trustpilot.com/review/www.shawbrook.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Shawbrook Bank vs Redwood Bank App Reviews
| Shawbrook Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | No Rating | No Rating |
| Number of iPhone Reviews | No Reviews | No Reviews |
| Android Review Score (out of 5) | No Rating | No Rating |
| Number of Android Reviews | No Reviews | No Reviews |
https://www.apple.com/uk/app-store/
https://www.apple.com/uk/app-store/
Shawbrook Bank vs Redwood Bank Account Fees & Charges
| Shawbrook Bank | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | Free | £10 |
| Most Expensive Monthly Account Fee | £12 | £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 | £35 | £25 |
| SEPA Payments Cost | No | No |
Shawbrook Bank vs Redwood Bank Business Savings Rates
| Shawbrook Bank | Redwood Bank | |
| Types of Business Savings Accounts | Easy Access, Fixed Rate, Notice Accounts | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 3.66% | 3.75% |
| Maximum Savings Rate (AER) | 5.03% | 4.70% |
| Minimum Savings Amount | £1,000 | £10,000 |
| Interest Paid On Foreign Currencies | No | No |
Shawbrook Bank vs Redwood Bank Account Opening Times
| Shawbrook Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 5 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | No | No |
Shawbrook Bank vs Redwood Bank Features & Account Types
| Shawbrook Bank | Redwood Bank | |
| Business Current Account | No | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | 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 | None | None |
| Online Banking | Yes | Yes |
| Mobile Banking | No | No |
| In Person/Branch Banking | No | No |
| Branch Locations | Limited locations accross the UK | Letchworth Garden City, and Warrington |
Shawbrook Bank vs Redwood Bank Customer Support Options
| Shawbrook Bank | Redwood Bank | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | No | No |
| Web Based Support | Yes | Yes |
| In person Customer Support | No | No |
Shawbrook Bank vs Redwood Bank Foreign Currency Accounts
| Shawbrook Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | No | No |
| Euro (EUR) Bank Accounts | No | No |
| Other Currencies Available: | No | No |
Other Business Services From Shawbrook Bank and Redwood Bank
| Shawbrook Bank | 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 |
Shawbrook Bank vs Redwood Bank Banking Basics
| Shawbrook Bank | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 204574 | 755924 |
| Website | Shawbrook Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Shawbrook Bank or Redwood Bank have better customer reviews?
Shawbrook Bank scores 4.7 out of 5 based 10,747 Trustpilot reviews. Of these reviews 85% are 5-star and 7% 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 Shawbrook Bank or Redwood Bank have a better App?
Shawbrook 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.
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 Shawbrook Bank or Redwood Bank have better business savings rates?
Shawbrook Bank offers the following types of business savings accounts: Easy Access, Fixed Rate, Notice Accounts with interest rates ranging from 3.66% to 5.03%. (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.