Is United Trust Bank or Redwood Bank better for your small business?
Below we look at both United Trust 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.
United Trust Bank vs Redwood Bank Trustpilot Reviews
| United Trust Bank | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.6 | 2.9 |
| Percent 5-Star Reviews | 78% | 46% |
| Percent 1- Star Reviews | 3% | 39% |
| Total Number of Reviews | 1,372 | 13 |
https://www.trustpilot.com/review/utbank.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
United Trust Bank vs Redwood Bank App Reviews
| United Trust Bank | Redwood Bank | |
| iPhone Review Score (out of 5) | 5 | No Rating |
| Number of iPhone Reviews | 5 | No Reviews |
| Android Review Score (out of 5) | No Rating | No Rating |
| Number of Android Reviews | No Reviews | No Reviews |
https://apps.apple.com/us/app/united-trust-bank/id6444029400
https://www.apple.com/uk/app-store/
United Trust Bank vs Redwood Bank Account Fees & Charges
| United Trust Bank | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | £12.50 | £10 |
| Most Expensive Monthly Account Fee | £25 | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | Free / £1.50 | 70p per £100 |
| Cheques (in/out) | Free / £2.50 | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | No | No |
United Trust Bank vs Redwood Bank Business Savings Rates
| United Trust Bank | Redwood Bank | |
| Types of Business Savings Accounts | Fixed Term Business Bonds, Notice Accounts, Tracker Accounts | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 3.75% | 3.75% |
| Maximum Savings Rate (AER) | 5.25% | 4.70% |
| Minimum Savings Amount | £5,000 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
United Trust Bank vs Redwood Bank Account Opening Times
| United Trust Bank | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
United Trust Bank vs Redwood Bank Features & Account Types
| United Trust Bank | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | 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 | Visa | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | No | No |
| Branch Locations | London office only | Letchworth Garden City, and Warrington |
United Trust Bank vs Redwood Bank Customer Support Options
| United Trust 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 | No | No |
United Trust Bank vs Redwood Bank Foreign Currency Accounts
| United Trust Bank | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From United Trust Bank and Redwood Bank
| United Trust Bank | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | No | Yes |
| Card Machines | No | No |
| Free Accounting Software | No | No |
United Trust Bank vs Redwood Bank Banking Basics
| United Trust Bank | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 204463 | 755924 |
| Website | United Trust Bank Website | Redwood Bank Website |
Common Comparison Questions
Does United Trust Bank or Redwood Bank have better customer reviews?
United Trust Bank scores 4.6 out of 5 based 1,372 Trustpilot reviews. Of these reviews 78% are 5-star and 3% 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 United Trust Bank or Redwood Bank have a better App?
United Trust Bank’s iPhone App is rated 5 out of 5 based on 5 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 United Trust Bank or Redwood Bank have better business savings rates?
United Trust Bank offers the following types of business savings accounts: Fixed Term Business Bonds, Notice Accounts, Tracker Accounts with interest rates ranging from 3.75% to 5.25%. (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.