A Hertfordshire-based challenger Bank has been recognised by Moneyfacts, picking up a major business award.

Redwood Bank scooped the Best Business Variable Rate Deposit Account Provider award at the 2019 Business Moneyfacts Awards, for helping to make the “previous 12 months more positive for businesses”.

The winners were announced during a glittering ceremony at Battersea Evolution in London, hosted by comedian Russell Kane.

The Chief Executive Officer (CEO) and Co-Founder of Redwood Bank, Gary Wilkinson said: “It was a huge honour to pick up a prize at the Business Moneyfacts Awards, particularly as we haven’t been trading for a full two years yet. The Business Moneyfacts Awards is one of the highlights of the finance industry calendar, which makes this accolade so special.

“The Business Moneyfacts awards logo is a widely recognised badge of excellence, and we look forward to showcasing our success to our existing client base and any new potential customers.

“It may only be April, but 2019 is already shaping up to be a pretty fruitful year for Redwood, in terms of industry recognition, as we’ve also picked up a major prize at Global Business Insight Awards. We plan to continue delivering our excellent service and competitive products, which seem to be a winning combination for us.”

Winners of the Moneyfacts awards are determined once rigorous product monitoring has been carried out throughout the preceding year of the ceremony. The broker community is also consulted for their feedback.

Lee Tillcock, Editor of Business Moneyfacts, said: “The Business Moneyfacts Awards has recognised those providers, brokers and trade bodies that helped to make the previous 12 months more positive for businesses. While the last year has proven somewhat unpredictable on a political level, it has been profitable for many businesses and their broker and finance providing partners.

“Although challenges remain, there is little doubt that the levels of choice and a willingness to find real funding solutions both improved throughout the year. The need to continue the good work that has been started is vital and a continued commitment to quality and product choice displayed by the worthy finalists and eventual winners for these awards is of paramount importance.”

Moneyfacts awards are independent and are presented annually for product excellence and outstanding service, covering a range of products from across the financial services industry.

Since it was founded in August 2017, Redwood Bank has invested heavily in technology, people and service, ensuring every customer’s experience is secure, fast and easy.

Last year saw the Bank pick up prizes at the Banking Technology awards and the Savings Champion Awards.

Redwood Bank’s products include individually assessed mortgages for business owners and professional landlords, as well as a range of Best Buy savings accounts, which are offered to charities, clubs and associations, as well as businesses.

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