Of all the new generation of banks which have emerged over the past few years, Tide has come up with one of the most attractive offerings for limited company owners. So much so, in fact, that during its first year in business, the bank was responsible for 1 in every 12 new business bank accounts set up in the UK.
A new generation of business bank providers
From our experience of running small companies, and working with similar businesses over the past 20 years, we’d say the main complaints we hear about ‘traditional’ business banks include: poor customer service, unnecessary monthly fees, high transaction costs, ‘old fashioned’ account opening process, and bad technology.
Fortunately, the new generation of business banks has eradicated the need to go to a High Street bank.
And, for professionals who need a bank account set up in literally minutes – Tide is the perfect solution.
Here are the key features of the Tide Banking business current account…
Genuinely free business banking
- There is no annual fee, or monthly fees whatsoever.
- Free transfers for 1 year.
- Free payments between Tide accounts.
- Cash withdrawals – £1.
- Tide will give you £40 when you fund your new bank account. This is exclusive to ITContracting – you need to use code “ITCONTRACTING” when you apply.
What do you get?
- A UK sort-code and account number.
- A contactless Mastercard.
- In-app support 365 days per year.
- Plus all of the features listed below.
Mobile Banking
- Tide provides state of the art online access.
- Instant switching between accounts.
- Easy card management (freeze / unfreeze, re-order a lost card).
- Create and pay invoices.
- Use on desktop and mobile.
- Manage direct debits and standing orders with ease.
- You can even provide read-only access to your accountant.
Accounting Integration
Tide integrates seamlessly with some of the most popular online accounting software – including FreeAgent, Xero, Sage, and Kashflow (pretty essential for professional contractors from our experience).
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. If you need to provide your business bank details to a client asap, then this is the perfect solution.
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 start your application. Please enter ‘ITCONTRACTING’ as your partner code. The Tide team will then know you’ve found them from our site, and provide priority on-boarding service for our visitors + £40 when you fund your new account.
Final Considerations
Importantly, Tide is powered by PrePay Solutions, which is 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 somehow).
Banking – Further Reading
If you’d like to compare Tide with another leading alternative current account, read our summary of Cashplus, or view our bank account comparison table.