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21 September 2017

Britain’s newest business bank is a first for Hertfordshire

Based in the heart of Letchworth Garden City, Redwood Bank has become the first business bank to have its head office located in Hertfordshire. Recently launched in August, the bank aims to offer a real alternative for small and medium sized organisations looking to make their properties and cash work harder for them.

The bank provides loans to business owners, secured on their commercial property, together with loans to professional landlords, secured on their residential or commercial investment properties. It has also launched competitive, online commercial savings accounts for businesses, clubs, societies, associations and charities. The bank's products are supported by a highly personalised, relationship driven service.

Speaking at Redwood Bank's official launch event in Letchworth this week, Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: "We are both delighted and proud to now be open for business and to have our HQ based here in Letchworth, thereby being able to help organisations in our heartland region of Hertfordshire, Bedfordshire and Buckinghamshire. So far, we have recruited more than thirty people into our Letchworth team and we look forward to offering further employment opportunities as we develop and grow.

"I would like to take this opportunity to thank the Letchworth community for welcoming us into your town and we look forward to becoming a permanent fixture going forward."

Alan Millard, North Hertfordshire District Council Chairman said: "We share Redwood Bank's enthusiasm for Letchworth and we thank them for their investment and commitment to the town. Having a challenger bank choose the world's first Garden City as the location for its head office shows that Letchworth is earning its stripes as a unique, innovative and inspirational destination for businesses".

As part of the launch Redwood Bank introduced a new 95 Day Business Savings Account available to businesses, charities, clubs, associations and societies, paying a very competitive interest rate of 1.05% AER variable. This has been placed straight into the national best buy tables.

Redwood Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, protecting customers' eligible deposits up to a total of £85,000.

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