As part of the launch of the new business bank, Redwood has introduced a new 95-day business savings account at 1.05% AER variable.

This is available to businesses, charities, clubs, associations and societies.

The bank – which launched in August – offers loans to SMEs and professional landlords secured on residential or commercial investment properties.

Gary Wilkinson, CEO and co-founder at Redwood Bank (pictured above, left), said: “We are both delighted and proud to now be open for business and to have our HQ based here in Letchworth, thereby being able to help organisations in our heartland region of Hertfordshire, Bedfordshire and Buckinghamshire.”

So far, the company has recruited more than 30 people into its Letchworth team and is looking to offer further employment opportunities as it develops and grows.

“I would like to take this opportunity to thank the Letchworth community for welcoming us into your town and we look forward to becoming a permanent fixture going forward,” Gary added.

Alan Millard, chairman of North Hertfordshire District Council, added: “We share Redwood Bank's enthusiasm for Letchworth and we thank them for their investment and commitment to the town.

“Having a challenger bank choose the world's first garden city as the location for its head office shows that Letchworth is earning its stripes as a unique, innovative and inspirational destination for businesses.”