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06 August 2018

‘Business savers win’ as Hertfordshire challenger bank launches top fixed rate savings account

A challenger bank has topped the guaranteed fixed rate savings table with the launch of their new one-year bond.

Hertfordshire-based Redwood Bank has unveiled its first One-Year Business Savings Account, paying a competitive 1.71 per cent AER, becoming the top-paying one-year savings account, and offering a guaranteed return for businesses and charities.

This generous rate puts Redwood Bank in a market leading position in the one-year fixed bond market.

The account is specifically developed for British businesses, charities, clubs, associations and societies nationwide, and can be opened online or by post.

Redwood's account has a starting balance of £10,000, with a maximum balance of £1 million, and allows multiple top-ups within the first 14 days.

Co-Founder and Chief Executive Officer (CEO) of Redwood Bank, Gary Wilkinson, said: "We're pleased to offer British businesses a new top guaranteed one-year bond. Our business mortgages are proving very popular which, in turn, means we can offer an attractive rate to our savers.

"British businesses deserve better, and our research shows that this is the highest one-year business bond savings account rate, offering a guaranteed return, that has been on the market for over three years. Business savers win with our new account.

"The simplicity of account opening, combined with the excellent rate, means our One-Year Business Savings Account will be an attractive option, enticing and enabling many businesses, charities and other organisations to benefit from a top guaranteed return on their savings.

"Everything we do is about supporting British businesses, helping them navigate the ever changing financial and business landscape. Our new account provides security, peace of mind, a guaranteed return at a top rate, which is exactly what our customers have told us they're looking for in a new bond."

The new Business Fixed Rate Bonds table by Moneyfacts (as at 1 August 2018)

Redwood Bank launched in August 2017, becoming Britain's newest business bank, offering a real alternative for small and medium-sized businesses. As well as its competitive range of savings accounts, it offers secured SME mortgages for business owners and experienced commercial and residential property investors.

Its new One-Year Business Bond joins an existing set of market-leading savings accounts, including a 35 Day Business Savings Account paying 1.00 per cent AER and a 95 Day Savings Account paying 1.35 per cent AER.

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.

For further information, visit www.redwoodbank.co.uk/savings

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