Of all the new generation of banks that have emerged over the past few years, Tide has developed an attractive offering for limited company owners.
In this guide, we look at the key features of the Tide account, including:
- Introduction to Tide
- Key features of the Tide account
- How to open an account – in 5 minutes
- Four different pricing tiers
- Pros and cons of the Tide business account
- Enjoy 4.07% AER (Variable) via the Tide business savings account, which you can open simultaneously.
If you want to skip the guide and open a Tide account right away – click here.
As an IT Contracting visitor, you qualify for £50 cashback.
A new generation of business bank providers
Classic complaints we hear from our visitors about high street banks include poor customer service, high monthly fees, high, ‘old fashioned’ account opening processes, and bad technology.
Fortunately, the new generation of business banks has eradicated the need to use a High Street bank for your business.
And for professionals who need a bank account set up in minutes, Tide is a good solution.
It doesn’t need to replace your current (high street) bank account. If you like, you can keep your existing account in place and simply have a secondary account with Tide.
Here are the key features of the Tide Banking business current account.
Genuinely free business banking
- There is no monthly fee if you opt for the free account.
- You can make free payments between Tide accounts.
- Get £50 cashback when you fund your new bank account.
- Option to open a savings account simultaneously and earn 4.07% AER (variable) on unlimited deposits until 31/03/2025. Scroll down for more details.
- Simply click on our partner page to get started and qualify for these extra benefits.
Tide – key features
- Get a UK sort code and account number within minutes.
- Set up direct debits and standing orders.
- Free Mastercard use – in the UK and overseas.
- You can order up to 35 additional cards if you have team members working for you.
- Register your company for just £14.99 and open your Tide business account, at the same time (if needed).
- Central London virtual office address service (for a fee)
- Enjoy Tide’s easy expense management – making VAT returns simple.
- Support is available in-app 24/7, 365 days a year.
- You can access your account from any platform – mobile, desktop or tablet.
- You can deposit cash via Tide’s partnership with the Post Office and PayPoint.
- Your deposits are protected by the government’s FSCS £85,000 guarantee.
- Open a free business savings account at the same time – earn 4.07% AER variable interest!
Accounting Integration
Tide integrates seamlessly with some of the most popular online accounting software, including FreeAgent, Xero, Sage, QuickBooks, and Kashflow. From our experience, this is essential for professional contractors.
Open an account in 5 minutes!
If time is at a premium (and it often is), you can be up and running in as little as 5 minutes. This is the perfect solution if you need to provide your business bank details to a client rapidly.
These are the simple steps you need to take:
- Fill in your basic details (name, phone number, email, company name).
- Tide will send you an SMS, with a link to download the Tide mobile app.
- You scan your ID on your phone, and take a selfie (for verification purposes).
- Provide a few details about your company, e.g. how many directors there are.
- Most business bank accounts will be approved within minutes.
- Your account will be ready straight away, and your bank card will be delivered within a few days.
To get started, simply click here to visit our Tide partner page. The Tide team will know you’ve found them via our site, and provide priority on-boarding service for our visitors + £50 when you fund your new account.
Four different pricing tiers – free, pro
Alongside the free account, Tide also offers three other tiers with a monthly fee.
If you have a few monthly transactions and only need in-app support, the free account is a good option.
If you have a larger number of transactions per month, want phone support, or a number of ‘perks’, it may be worth your while to invest in one of the paid tiers.
- The free account has no monthly fees. You pay 20p per transaction. You have access to in-app support.
- The plus account costs £9.99/month. You get 20 free monthly transactions, and priority in-app support.
- The pro account costs £19.99/month. You get unlimited monthly transactions, priority in-app and phone support.
- The cashplus account costs £49.99/month. You receive the same benefits as pro, plus 0.5% cashback.
Pros and Cons of the Tide business account
Pros
- Very quick to set up an account.
- No monthly fee – low cost if you have a relatively small number of monthly transactions.
- Your money is ringfenced by the FSCS guarantee.
- It integrates with widely used accounting software, such as FreeAgent.
- No additional fees if you use your Mastercard overseas.
Cons
- Tide has no physical branches.
- You can’t pay in cheques at the moment.
- You have to pay a fee if you deposit cash.
- There is no overdraft facility.
- Although the basic account is ‘free’, you still pay 20p for transactions.
What about the Tide business savings account?
When you become a Tide current account customer, you can set up a business savings account simultaneously.
It takes a few seconds. Tap on ‘Instant Saver Account’ in the Tide app and follow the steps to open your Tide Saver Account.
There are no extra fees; you can withdraw funds whenever you like.
Final Considerations
Importantly, Tide is powered by PrePay Solutions, an FCA-regulated company partly owned by Mastercard. If you open an account, your funds are held in a ring-fenced, regulated account (i.e., your money is never lent out or invested).
Banking – Further Reading
If you’d like to compare Tide with other business current accounts, view our bank account comparison table.