Specialist Letchworth bank celebrates £500m savings milestone in support of businesses 

A specialist business bank is celebrating a £500m milestone as it continues to support small businesses in achieving the best returns on their cash. 

Redwood Bank has passed the landmark figure in the customer deposits it holds, with a 13 per cent growth since December 2022. 

Stuart Davidson, Director of Products and Strategy, said: "Businesses come to us because they know we will help them make their money work hard for them. 

"Redwood had another year of consistent growth in customer deposits, and we are anticipating further growth in 2024." 

Redwood, which is hoping to win the Business Moneyfacts Best Business Variable Rate Deposit Account Provider for a sixth successive year, recognises that there is high customer demand for longer-term savings products. 

"This became even more apparent with the base rate rises. Businesses are keen to make the most of their savings while the rates are favourable." 

"We are strongly positioned to serve this market with our products. It is clear that customers appreciate a bank that is competitive and keeps things simple for them. 

"I am incredibly proud of our achievement, which demonstrates our understanding of the market and the desire for businesses to work with a bank that understands their needs." 

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