Is TSB or Redwood Bank better for your small business?
Below we look at both TSB 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.
TSB vs Redwood Bank Trustpilot Reviews
| TSB | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.2 | 2.9 |
| Percent 5-Star Reviews | 56% | 46% |
| Percent 1- Star Reviews | 27% | 39% |
| Total Number of Reviews | 21,942 | 13 |
https://www.trustpilot.com/review/tsb.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
TSB vs Redwood Bank App Reviews
| TSB | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 457,400 | No Reviews |
| Android Review Score (out of 5) | 4.4 | No Rating |
| Number of Android Reviews | 197,000 | No Reviews |
https://apps.apple.com/gb/app/tsb-mobile-banking/id1160720878
https://www.apple.com/uk/app-store/
TSB vs Redwood Bank Account Fees & Charges
| TSB | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 30 Months | NA |
| Cheapest Monthly Account Fee | £5 | £10 |
| Most Expensive Monthly Account Fee | £40 | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 70p per £100 | 70p per £100 |
| Cheques (in/out) | 70p | £1 |
| CHAPS Payments Cost | £30 | £25 |
| SEPA Payments Cost | £2 | No |
TSB vs Redwood Bank Business Savings Rates
| TSB | Redwood Bank | |
| Types of Business Savings Accounts | Instant Access, Fixed Bonds | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.35% | 3.75% |
| Maximum Savings Rate (AER) | 4.30% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
TSB vs Redwood Bank Account Opening Times
| TSB | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 10 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
TSB vs Redwood Bank Features & Account Types
| TSB | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | 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 | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | Letchworth Garden City, and Warrington |
TSB vs Redwood Bank Customer Support Options
| TSB | 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 |
TSB vs Redwood Bank Foreign Currency Accounts
| TSB | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From TSB and Redwood Bank
| TSB | 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 | Yes | No |
| Free Accounting Software | No | No |
TSB vs Redwood Bank Banking Basics
| TSB | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 191240 | 755924 |
| Website | TSB Website | Redwood Bank Website |
Common Comparison Questions
Does TSB or Redwood Bank have better customer reviews?
TSB scores 4.2 out of 5 based 21,942 Trustpilot reviews. Of these reviews 56% are 5-star and 27% 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 TSB or Redwood Bank have a better App?
TSB’s iPhone App is rated 4.8 out of 5 based on 457,400 reviews. And it’s Android App is rated 4.4 out of 5 based on 197,000 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 TSB or Redwood Bank have better business savings rates?
TSB offers the following types of business savings accounts: Instant Access, Fixed Bonds with interest rates ranging from 1.35% to 4.30%. (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.