Is Virgin Money or Redwood Bank better for your small business?
Below we look at both Virgin Money 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.
Virgin Money vs Redwood Bank Trustpilot Reviews
| Virgin Money | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 1.4 | 2.9 |
| Percent 5-Star Reviews | 5% | 46% |
| Percent 1- Star Reviews | 89% | 39% |
| Total Number of Reviews | 6,799 | 13 |
https://www.trustpilot.com/review/uk.virginmoney.com
https://www.trustpilot.com/review/redwoodbank.co.uk
Virgin Money vs Redwood Bank App Reviews
| Virgin Money | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.6 | No Rating |
| Number of iPhone Reviews | 125,000 | No Reviews |
| Android Review Score (out of 5) | 4 | No Rating |
| Number of Android Reviews | 23,400 | No Reviews |
https://apps.apple.com/gb/app/virgin-money-mobile-banking/id1482269155
https://www.apple.com/uk/app-store/
Virgin Money vs Redwood Bank Account Fees & Charges
| Virgin Money | Redwood Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 25 Months | NA |
| Cheapest Monthly Account Fee | No | £10 |
| Most Expensive Monthly Account Fee | No | £15 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 90p per £100 | 70p per £100 |
| Cheques (in/out) | 30p per cheque | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | £20 | No |
Virgin Money vs Redwood Bank Business Savings Rates
| Virgin Money | Redwood Bank | |
| Types of Business Savings Accounts | Instant access accounts, Notice accounts, Fixed term deposit accounts | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.35% | 3.75% |
| Maximum Savings Rate (AER) | 5.15% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Virgin Money vs Redwood Bank Account Opening Times
| Virgin Money | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 47 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Virgin Money vs Redwood Bank Features & Account Types
| Virgin Money | 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 England and Scotland only | Letchworth Garden City, and Warrington |
Virgin Money vs Redwood Bank Customer Support Options
| Virgin Money | 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 |
Virgin Money vs Redwood Bank Foreign Currency Accounts
| Virgin Money | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: | No | No |
Other Business Services From Virgin Money and Redwood Bank
| Virgin Money | 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 | Yes | No |
Virgin Money vs Redwood Bank Banking Basics
| Virgin Money | Redwood Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 121873 | 755924 |
| Website | Virgin Money Website | Redwood Bank Website |
Common Comparison Questions
Does Virgin Money or Redwood Bank have better customer reviews?
Virgin Money scores 1.4 out of 5 based 6,799 Trustpilot reviews. Of these reviews 5% are 5-star and 89% 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 Virgin Money or Redwood Bank have a better App?
Virgin Money’s iPhone App is rated 4.6 out of 5 based on 125,000 reviews. And it’s Android App is rated 4 out of 5 based on 23,400 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 Virgin Money or Redwood Bank have better business savings rates?
Virgin Money offers the following types of business savings accounts: Instant access accounts, Notice accounts, Fixed term deposit accounts with interest rates ranging from 1.35% to 5.15%. (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.