Redwood Bank
General Information
Overview
Redwood was founded by Jonathan Rowland and Gary Wilkinson and is owned by a company controlled by Jonathan and David Rowland in which Warrington Borough Council have a 35% stake. Redwood was the first cloud based UK Bank and is focused on the UK’s small and medium sized businesses. It focuses its lending in Hertfordshire, Buckinghamshire, Bedfordshire and Warrington
Banking Licence
Redwood have their own banking licence which isn’t shared with any other banks
Registration Numbers
Companies House Number: 09872265
Financial Conduct Authority: 755924
Based: Letchworth Garden City, with additional offices in Warrington
Date Launched: August 2017
FSCS Protected? Yes
Branches: Redwood does not have any branches
People of Interest
Head of Savings
Stuart Davidson
Chief Executive
Gary Wilkinson
Saving Information
No. of Savers
Unknown
Amount of Deposits
£379.6m as at 31st December 2020
Loan Book
£323.9m as at 31st December 2020
Account Opening and Management
How Do I Open a Savings Account
Internet
How Do I Manage a Savings Account
Internet
Lending Activities
Redwood has three lending divisions:
- Mortgages for Businesses – to allow owners to purchase or refinance their existing premises
- Mortgages for Professional Landlords – to help experienced landlords with existing commercial, residential (and mixed-use) portfolios to purchase or refinance property
- Mortgages for Property Refurbishment - to help experienced property investors and landlords to secure an investment mortgage which allows for the refurbishment project at the start of the loan.
Reviews
Feefo Reviews
No reviews on Feefo
Trustpilot Reviews
Savings Guru Verdict
Redwood have been a mainstay of our business notice best buys since their launch in August 2017, offering consistently competitive rates, and have subsequently added 1 Year Fixed Rate Bonds for business too. Their deposits have grown 64% during the 2020 financial year and we expect them to continue to grow.
During the falling interest rate market, Redwood have reduced rates on their old notice accounts for existing customers, but have maintained them at levels above best buys for new savers
Contact Information for Redwood Bank
Contact Details
Address: The Nexus Building, Broadway, Letchworth Garden City, SG6 3TA
Telephone: 0330 053 6067
Website: www.redwoodbank.co.uk
Email: hello@redwoodbank.co.uk
Open: Monday to Friday, 9am – 5pm.