Redwood Bank has introduced a new one-year fixed rate savings bond.
The one-year business savings bond offers 1.71% AER, with a starting balance of £10,000 and a maximum balance of £1m.
It is specifically developed for British businesses, charities, clubs, associations, societies and parish/local councils and allows multiple top-ups within the first 14 days.
Gary Wilkinson, co-founder and CEO at Redwood Bank, said: “Our business mortgages are proving very popular which, in turn, means we can offer an attractive rate to our savers.
“The simplicity of account opening, combined with the excellent rate, means our one-year business savings bond will be an attractive option, enticing and enabling many businesses, charities and other organisations to benefit from a top, guaranteed return on their savings.
“Everything we do is about supporting British businesses, helping them navigate the ever-changing financial and business landscape.
“Our new account provides security, peace of mind, a guaranteed return at a top rate, which is exactly what our customers have told us they’re looking for in a new bond.”
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