Is Unity Trust or Redwood Bank better for your small business?
Below we look at both Unity Trust 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.
Unity Trust vs Redwood Bank Trustpilot Reviews
| Unity Trust | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4 | 2.9 |
| Percent 5-Star Reviews | 61% | 46% |
| Percent 1- Star Reviews | 14% | 39% |
| Total Number of Reviews | 255 | 13 |
https://www.trustpilot.com/review/unity.co.uk
https://www.trustpilot.com/review/redwoodbank.co.uk
Unity Trust vs Redwood Bank App Reviews
| Unity Trust | 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/
Unity Trust vs Redwood Bank Account Fees & Charges
| Unity Trust | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | £6 | £10 |
| Most Expensive Monthly Account Fee | £6 | £15 |
| Electronic Payment Cost (in/out) | 14p | Free |
| Cash Payments Cost (in/out) | 50p per £100 | 70p per £100 |
| Cheques (in/out) | 30p per item | £1 |
| CHAPS Payments Cost | £28 | £25 |
| SEPA Payments Cost | 25p | No |
Unity Trust vs Redwood Bank Business Savings Rates
| Unity Trust | Redwood Bank | |
| Types of Business Savings Accounts | Instant Access, Fixed Term | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 2.77% | 3.75% |
| Maximum Savings Rate (AER) | 5.10% | 4.70% |
| Minimum Savings Amount | No | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Unity Trust vs Redwood Bank Account Opening Times
| Unity Trust | 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 |
Unity Trust vs Redwood Bank Features & Account Types
| Unity Trust | 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 | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | No | No |
| In Person/Branch Banking | No | No |
| Branch Locations | No own branches but can use NatWest, RBS or Ulster Bank locations | Letchworth Garden City, and Warrington |
Unity Trust vs Redwood Bank Customer Support Options
| Unity Trust | 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 |
Unity Trust vs Redwood Bank Foreign Currency Accounts
| Unity Trust | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Unity Trust and Redwood Bank
| Unity Trust | Redwood Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | No | No |
Unity Trust vs Redwood Bank Banking Basics
| Unity Trust | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 204570 | 755924 |
| Website | Unity Trust Website | Redwood Bank Website |
Common Comparison Questions
Does Unity Trust or Redwood Bank have better customer reviews?
Unity Trust scores 4 out of 5 based 255 Trustpilot reviews. Of these reviews 61% are 5-star and 14% 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 Unity Trust or Redwood Bank have a better App?
Unity Trust’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 Unity Trust or Redwood Bank have better business savings rates?
Unity Trust offers the following types of business savings accounts: Instant Access, Fixed Term with interest rates ranging from 2.77% to 5.10%. (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.