Challenger Bank provides savings stability amid ‘Covid chaos’
A Challenger Bank has swiftly reacted to historically low interest rates that are “unfairly penalising” business savers.
As England begins its second week into lockdown, Redwood Bank has turned its attention to releasing new products, ensuring British businesses can make their savings work harder for them.
The Bank has launched three new savings accounts, including a One Year Business Savings Bond at 1%, a 35 Day Business Savings Account at 0.70% and a 95 Day Business Savings Account at 0.95%, all of which feature in the best buy tables.
Future negative interest rates remain a concern and a possibility, despite the Bank of England pumping an extra £150bn into the economy. But despite this unprecedented, current low interest rate environment, Redwood expects its newly launched savings products will help businesses to make the most of the cash they have to save.
Gary Wilkinson, CEO and co-founder of Redwood Bank, said: “In a survey we commissioned in May, 63% of business savers said they had not moved their savings as rates were so low it was not worth doing. So, we believe that due to such unrewarding rates savers are being unfairly penalised.
“Redwood Bank has been, and always will be, about supporting British businesses, which is why we want to offer some stability during the chaos of Covid. Businesses are working hard, so why shouldn’t their money work hard for them in return?”
