">
Tide Business Account Review
Tide is an innovative business banking service designed specifically for small businesses. You can compare product details of Tide Business Banking in the table below, or read on for a review of Tide Business Bank accounts.
3 Products Compared
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
20p -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
-
Monthly Fee
£9.99 -
Card Purchases
Free -
Bank Transfers
20 free per month20 free per month, then 20p per transfer -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- 1 free expense card included
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
20p -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
Tide Business Banking Overview
Tide, established in 2015 and offering business banking services since 2017, is a digital fintech platform that aims to simplify and expedite the process of opening and managing a business account.
Tide offers a range of business accounts to suit different needs, including sole traders, freelancers, limited companies, and businesses of varying sizes. These accounts range from a free basic account to more advanced paid options such as Tide Plus, Tide Pro, and Tide Cashback, each with its own set of features and benefits.
Key features across Tide’s accounts include 24/7 customer support, access to business loans for eligible businesses, and integration with popular accounting software like QuickBooks, Sage, and Xero. Additionally, Tide offers expense cards, the ability to schedule payments, send invoices, and manage expenses directly from a smartphone. Accounts provided by ClearBank through Tide are covered by the Financial Services Compensation Scheme (FSCS) for eligible deposits up to £85,000. However, it’s important to note that Tide’s e-money accounts for some existing customers are not protected by the FSCS.
Tide’s setup process is streamlined and user-friendly, with claims of account setup completion in under five minutes. The process involves downloading the Tide app, providing company information, scanning ID, and taking a selfie for verification. Most accounts are approved within minutes, after which a bank account card is sent by post. Eligibility for opening an account with Tide includes being a director of a company registered with the UK Companies House or a sole trader with a valid UK residential address, among other criteria. However, Tide does not support certain high-risk businesses or organizations like charities and non-profits.
Tide Business Accounts FAQs
-
What are the eligibility requirements for opening a Tide business account?
You must be at least 18 years old, have a valid UK phone number, and own an Apple or Android device. Additional requirements apply based on your business type.
-
What is the process for applying for a Tide business account?
Apply online via the Tide app, providing personal and business details, along with ID proof. The process is generally quick, with many accounts opened in minutes.
-
How safe are my funds with Tide?
Tide now operates using ClearBank accounts which are FSCS-protected up to £85,000. Legacy e-money accounts, which they no longer offer but still operate for older customers, are safeguarded but not FSCS-protected.
-
Can I apply for a Tide account from outside the UK?
Yes, if you have a UK residential address and phone number and are a director of a UK-registered company. Additional checks may be required.
Services offered by this provider may change over time. Always check Ts&Cs.