Is Ulster Bank or Redwood Bank better for your small business?
Below we look at both Ulster 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.
Ulster Bank vs Redwood Bank Trustpilot Reviews
| Ulster Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 1.5 | 2.9 |
| Percent 5-Star Reviews | 8% | 46% |
| Percent 1- Star Reviews | 86% | 39% |
| Total Number of Reviews | 114 | 13 |
https://www.trustpilot.com/review/www.ulsterbank.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Ulster Bank vs Redwood Bank App Reviews
| Ulster Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 15,700 | No Reviews |
| Android Review Score (out of 5) | 4.1 | No Rating |
| Number of Android Reviews | 15,000 | No Reviews |
https://apps.apple.com/gb/app/ulster-bank-ni-mobile-banking/id469523324
https://www.apple.com/uk/app-store/
Ulster Bank vs Redwood Bank Account Fees & Charges
| Ulster Bank | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 24 Months | NA |
| Cheapest Monthly Account Fee | £8 | £10 |
| Most Expensive Monthly Account Fee | £12 | £15 |
| Electronic Payment Cost (in/out) | 43p | Free |
| Cash Payments Cost (in/out) | 70p per £100 | 70p per £100 |
| Cheques (in/out) | 40p | £1 |
| CHAPS Payments Cost | £18.75 | £25 |
| SEPA Payments Cost | €0.51 | No |
Ulster Bank vs Redwood Bank Business Savings Rates
| Ulster Bank | Redwood Bank | |
| Types of Business Savings Accounts | Instant access accounts, Fixed term accounts, Currency savings accounts | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.46% | 3.75% |
| Maximum Savings Rate (AER) | 1.92% | 4.70% |
| Minimum Savings Amount | No | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Ulster Bank vs Redwood Bank Account Opening Times
| Ulster Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 24 working hours | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Ulster Bank vs Redwood Bank Features & Account Types
| Ulster Bank | 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 | 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 | Northern Ireland Only | Letchworth Garden City, and Warrington |
Ulster Bank vs Redwood Bank Customer Support Options
| Ulster Bank | 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 |
Ulster Bank vs Redwood Bank Foreign Currency Accounts
| Ulster Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Ulster Bank and Redwood Bank
| Ulster Bank | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Ulster Bank vs Redwood Bank Banking Basics
| Ulster Bank | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | NA | 755924 |
| Website | Ulster Bank Website | Redwood Bank Website |
Common Comparison Questions
Does Ulster Bank or Redwood Bank have better customer reviews?
Ulster Bank scores 1.5 out of 5 based 114 Trustpilot reviews. Of these reviews 8% are 5-star and 86% 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 Ulster Bank or Redwood Bank have a better App?
Ulster Bank’s iPhone App is rated 4.8 out of 5 based on 15,700 reviews. And it’s Android App is rated 4.1 out of 5 based on 15,000 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 Ulster Bank or Redwood Bank have better business savings rates?
Ulster Bank offers the following types of business savings accounts: Instant access accounts, Fixed term accounts, Currency savings accounts with interest rates ranging from 1.46% to 1.92%. (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.