While money can't buy you love, a new One Year Business Savings Bond launched on Valentine's Day hopes to make customers fall head over heels with Redwood Bank.

The challenger bank’s newest product has been propelled onto the market with a very competitive rate of 1.62 per cent, automatically placing it towards the top of the Best Buy tables.

Fixed for a year, the rate guarantees a substantial return, providing that at least £10,000 is paid in on opening.

One Year Savings bonds are ideal for businesses, charities and other organisations who do not need to make any withdrawals over a 12 month period, and with up to four authorised users having access, it means the account can be managed in a flexible manner.

Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “As a business focused bank, we work hard to reward our business savers and believe our 1.62 per cent rate will do just that. Savings bonds are a good way to make your money work that little bit harder if you can afford to tie up your cash for 12 months.

“We believe this is a perfect time to launch our brand new, One Year Business Savings Bond. With customer satisfaction levels at more than 90 per cent, we already know that our customers love what we do, so we’ve just given them another good reason to continue to invest with us.”

Applications for the account can be made either online or by post and once open, interest will be earned from day one. It can be managed either online, on the phone or by e-mail or post.

Interest is calculated daily and can be paid into the account either monthly or annually, depending on the account holder’s preference.  

Redwood Bank is the UK’s first business challenger bank to be completely born in the cloud.

Other products Redwood Bank provide include individually assessed mortgages for business owners and professional landlords.

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