Is Wise or Redwood Bank better for your small business?
Below we look at both Wise 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.
Wise vs Redwood Bank Trustpilot Reviews
| Wise | Redwood Bank | |
| Trustpilot Review Score (out of 5) | 4.2 | 2.9 |
| Percent 5-Star Reviews | 83% | 46% |
| Percent 1- Star Reviews | 7% | 39% |
| Total Number of Reviews | 207,506 | 13 |
https://www.trustpilot.com/review/wise.com
https://www.trustpilot.com/review/redwoodbank.co.uk
Wise vs Redwood Bank App Reviews
| Wise | Redwood Bank | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 85,400 | No Reviews |
| Android Review Score (out of 5) | 4.8 | No Rating |
| Number of Android Reviews | 762,000 | No Reviews |
https://apps.apple.com/gb/app/wise/id612261027
https://www.apple.com/uk/app-store/
Wise vs Redwood Bank Account Fees & Charges
| Wise | Redwood Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | Free | £10 |
| Most Expensive Monthly Account Fee | Free | £15 |
| Electronic Payment Cost (in/out) | 0.42% | Free |
| Cash Payments Cost (in/out) | 2% / 1.75% | 70p per £100 |
| Cheques (in/out) | Unknown | £1 |
| CHAPS Payments Cost | £25 | £25 |
| SEPA Payments Cost | No | No |
Wise vs Redwood Bank Business Savings Rates
| Wise | Redwood Bank | |
| Types of Business Savings Accounts | BlackRock ICS Sterling Government Liquidity Fund | Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 4.67% | 3.75% |
| Maximum Savings Rate (AER) | 4.67% | 4.70% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Wise vs Redwood Bank Account Opening Times
| Wise | Redwood Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 2 Working days | Few minutes |
| Do They Check Your Credit? | No | No |
| Current Account Switch Service | No | No |
Wise vs Redwood Bank Features & Account Types
| Wise | Redwood Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | No | Yes |
| Business Credit Card | No | No |
| Business Overdraft | No | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | No | No |
| Card Type | Visa/Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | None, online only | Letchworth Garden City, and Warrington |
Wise vs Redwood Bank Customer Support Options
| Wise | 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 |
Wise vs Redwood Bank Foreign Currency Accounts
| Wise | Redwood Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Wise and Redwood Bank
| Wise | Redwood Bank | |
| Business Loans | No | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | Yes | No |
Wise vs Redwood Bank Banking Basics
| Wise | Redwood Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | No, unless money is held in assets | Yes, up to £85,000 |
| FCA Number | 900507 | 755924 |
| Website | Wise Website | Redwood Bank Website |
Common Comparison Questions
Does Wise or Redwood Bank have better customer reviews?
Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of these reviews 83% are 5-star and 7% 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 Wise or Redwood Bank have a better App?
Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 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 Wise or Redwood Bank have better business savings rates?
Wise offers the following types of business savings accounts: BlackRock ICS Sterling Government Liquidity Fund with interest rates ranging from 4.67% to 4.67%. (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.