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Redwood’s business savings go top

Redwood’s business savings go top

Category: Business
Author: Lieke Braadbaart
Date: 14/08/2018

Redwood Bank has increased the rates on its business notice account and bond by up to 0.14%, which sees the notice account now proudly sit in first place, while the business bond takes up third place in the Best Buy chart for its sector. Both have easily earned a high Moneyfacts rating as a result.

The basics…

The 95 Day Business Savings Account (Issue 2) now pays a variable rate of 1.60% on its anniversary, while Business Savings Bond Issue 1 boasts a fixed rate of 1.85% over 12 months, whereby the interest is also paid out on the anniversary of the account opening.

The finer details…

These accounts both require a minimum deposit of £10,000. They can be opened by associations, charities, clubs, friendly societies, limited companies, limited liability partnerships, other partnerships and sole traders (the notice account can also be opened by public limited companies, while the bond is also open to churches). The 95-day notice account allows additions through a nominated account, as well as unlimited access provided the notice period is always observed. The bond, meanwhile, permits additions within 14 days after account application, but no earlier access. The accounts can be opened by post or online, but then also managed over the phone (although the bond cannot be managed by post).

Why we like them…

Their improved rates easily secure these savings accounts their high places in the Moneyfacts.co.uk Best Buys, as well as a high rating.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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