The Tide Business Bank Account stands out as a premier option for UK SMEs in 2025, celebrated for its digital simplicity and the lack of monthly fees on the basic account.
Tide’s Business Account perfectly suits businesses aiming to streamline their financial operations effectively. It features robust invoicing tools and seamlessly integrates with widely used accounting software, significantly enhancing your company’s productivity.
This review delves into the essential features of the Tide Business Bank Account, offering detailed insights to help you assess its compatibility with your business’s financial needs.
Tide Free Business Account
Tide Business Pro Account
Tide Business Max Account
*Thanks to our partnership with Tide, and to get your business off to the best start this year, Tide will give you £100 cashback when you open a business account via the link above! To qualify, all they require is for you to use code BCA100.
Tide Business Account: Our Verdict
The Tide Business Account stands out as a robust choice for UK small businesses that adopt a digital-first banking strategy.
It facilitates easy setup and offers a comprehensive suite of financial management tools alongside appealing savings opportunities. The integration with popular accounting software like Xero and QuickBooks significantly boosts its attractiveness by easing tax compliance and enhancing the efficiency of bookkeeping processes.
However, potential drawbacks include the transaction fees associated with the free plan and restricted international payment options, which may not suffice for businesses experiencing high transaction volumes or those operating on a global scale.
Moreover, the absence of physical branches and the reliance solely on digital customer support might not appeal to those who prefer traditional, face-to-face banking interactions.
Tide Business Account At A Glance
| Feature | Details |
|---|---|
| Account Type | Digital-only business current account |
| Best For | Freelancers, sole traders, startups, and SMEs prioritising admin automation and speed |
| Monthly Fees | Free, or from £12.49 + VAT for paid plans |
| New Customer Offer | £100 cashback when you open a business account via the link below using code BCA100 |
| FSCS Protection | Yes – up to £85,000 (ClearBank accounts) |
| Account Setup Time | Minutes – fully online |
| Cards Included | Free Tide Mastercard |
| Expense Cards | From £5/month (1–3 included on paid plans) |
| Local Transaction Fees | Free or £0.20 per transfer (depends on plan) |
| Cash Deposits | Post Office: Minimum £2.50 fee; PayPoint: 3% fee |
| International Use | EUR SEPA payments only; SWIFT available with £5 fee Free FX fees on paid plans; 1.75–2.75% on Free plan |
| Accounting Integrations | Yes – Xero, QuickBooks, FreeAgent, and others |
| Mobile App Features | Real-time notifications, card controls, cheque deposit, invoicing |
| Customer Support | 24/7 in-app chat; phone support for paid plans only |
| Extras | Company formation (£14.99), payroll, loans, credit score builder, legal helpline |
| Security | 2FA, ISO 27001, encryption, fraud monitoring |
| Learn More | Visit Tide |
Tide Business Bank Account Pros & Cons
- Rapid Account Opening: The Tide Business Bank Account offers a quick and straightforward application process, often completed within minutes. This is particularly beneficial for businesses needing to become operational immediately.
- Integrated Financial Management: Featuring comprehensive invoicing and expense management tools, this account significantly eases administrative burdens, allowing businesses to focus more on growth and less on paperwork.
- Flexible Pricing Options: Tide provides a no-cost basic account with options to upgrade to premium plans. These plans include enhanced features and potential savings, catering to the evolving needs of growing businesses.
- Robust Security: To ensure the safety of your business funds, Tide employs FSCS protection along with two-factor authentication, offering peace of mind with high-level security measures.
- Transaction Fees on Free Plan: Although the basic account is free, it includes charges for certain transactions such as transfers and ATM withdrawals. These fees can add up for businesses that engage in frequent transactions.
- Restricted International Payments: While the account supports EUR SEPA transfers, its options for international payments are limited. This may be a significant drawback for businesses that require broader global payment solutions.
- Exclusively Digital: The absence of physical branches might disadvantage those who prefer face-to-face banking interactions, limiting the appeal to users comfortable with digital-only services.
Ideal Users of Tide Business Account: Who Benefits Most?
The Tide Business Account is ideal for UK freelancers, sole traders, and small businesses that prioritise digital efficiency and cost-effectiveness. It is particularly beneficial for those who value streamlined operations and modern financial management tools.
- Freelancers and Sole Traders: This account offers free basic services and seamless integration with accounting software like Xero and QuickBooks for individuals juggling multiple roles. Such features significantly ease the burden of financial management, making it easier to track expenses and income efficiently.
- Small Businesses: Tide is particularly advantageous for businesses that require efficient expense management and invoicing tools. Features like digital cheque deposits and mobile financial management are well-suited for companies with straightforward banking needs, enhancing their operational efficiency.
- Rapidly Scaling SMEs: Tide provides tiered pricing plans for growing businesses that include unlimited transfers and enhanced support. This makes it a flexible option for expanding operations, catering specifically to the dynamic needs of scaling enterprises.
However, Tide may not suit:
- Heavy Cheque Users: Businesses heavily reliant on cheques may find the digital-only deposit process restrictive. This limitation could be a significant drawback for companies accustomed to traditional branch-based banking.
- Those Needing Branch Access: Companies requiring in-person banking services or frequent cash transactions may face challenges with Tide’s digital-only model. This could impact businesses that need physical interactions for their banking needs.
- Businesses with Diverse International Payment Needs: While Tide facilitates EUR SEPA transfers, it may not fully meet the needs of businesses requiring multi-currency transactions outside the Eurozone. This could be a limitation for companies engaged in extensive international trade.
What Are the Key Features and Benefits of the Tide Business Account?
The Tide Business Account offers a comprehensive suite of tools designed to enhance financial management for UK businesses.
Invoicing and Payment Links:
- The Tide app allows you to create and send professional invoices effortlessly.
- Generate secure payment links to ensure timely client payments.
- Automatically track invoice statuses and send reminders for overdue payments, reducing manual follow-up.
Accounting Software Integration:
- Seamlessly integrates with popular accounting software like Xero, QuickBooks, and FreeAgent.
- Features include automatic transaction categorisation and real-time bank feeds, streamlining bookkeeping.
- Complies with Making Tax Digital (MTD) requirements, facilitating easier tax submissions.
Staff Expense Cards:
- Provides Employee Expense Cards with predefined spending limits.
- Offers real-time tracking of staff expenditures via the app.
- Higher-tier plans offer free cards, optimising team expense management without extra costs.
Multi-Account Management:
- Manage multiple business accounts from a unified interface, ideal for businesses with diverse operations.
- Enables efficient switching between accounts to manage various financial streams effectively.
Tide Pricing Structure
Tide’s pricing structure accommodates various stages of business growth, offering a Free Account and several paid tiers. The Free Account enables businesses to commence operations without initial costs, charging £0.20 per local transfer and £1 per ATM withdrawal.
Tide’s paid plans include:
- Smart Plan: Priced at £12.49 + VAT per month, this plan includes 25 free transfers.
- Pro Plan: Available at £24.99 + VAT per month, it offers unlimited free transfers.
- Max Plan: At £69.99 + VAT per month, this plan also provides unlimited transfers and additional benefits.
The table below offers a clear comparison of key features across the different plans:
| Service | Free Account | Smart Plan | Pro Plan | Max Plan |
|---|---|---|---|---|
| Monthly Fee (+ VAT) | £0 | £12.49 | £24.99 | £69.99 |
| Local Transfers (in/out) | £0.20 each | 25 free | Unlimited | Unlimited |
| ATM Withdrawals | £1 | £1 each | £1 each | £1 each |
| International Card Payments | 2.75% FX fee | 0% FX fee | 0% FX fee | 0% FX fee |
| Cash Deposits | 0.99%, with a minimum fee of £2.50, at the Post Office, or 3% using PayPoint | 0.5% with a minimum fee of £2.50, at the Post Office or 3% using PayPoint | 0.5% with a minimum fee of £2.50, at the Post Office or 3% using PayPoint | 0.5% with a minimum fee of £2.50, at the Post Office or 3% using PayPoint |
| Learn More | Visit Tide | Visit Tide | Visit Tide | Visit Tide |
While the Free Account is well-suited for startups, the transaction fees can become burdensome as business operations expand, making the paid plans more economically viable for growing businesses. Additionally, cash deposit fees (up to 3%) and charges for international payments should be considered, particularly for companies engaged in substantial cash or international transactions.
Tide’s tiered pricing model encourages upgrades by aligning costs with business growth and offering reduced transaction fees. A strategic assessment of transaction volumes and business needs is required to select the most cost-effective plan.
Tide Business Account YouTube Review
If you’re tired of reading and want to watch our video on Tide’s Business Bank Accounts and their offerings, watch our YouTube video below!
Ease of Use
The Tide Business Account app is designed with intuitive navigation, ensuring a seamless user experience. Business owners can typically set up their account in under 10 minutes, a testament to the app’s straightforward interface and clear, step-by-step instructions.
This app features a clean and organised layout that facilitates quick access to essential banking functions such as transaction history, expense management, and invoicing. This streamlined navigation significantly reduces users’ time searching for these tools, enhancing overall efficiency.
User feedback consistently highlights the app’s simplicity and effectiveness in managing business finances. Features like real-time transaction notifications and the ability to upload receipts for expense tracking are highly valued for their convenience and the immediate updates they provide on account activity.
How Secure Is Your Money with Tide?
Tide prioritises security, employing rigorous measures to safeguard your money and personal information. Here are the key security features provided:
- FSCS Protection: Your deposits are secure up to £85,000 thanks to Tide’s partnership with ClearBank, which the Financial Services Compensation Scheme covers.
- Encryption and Two-Factor Authentication (2FA): Tide enhances security through advanced encryption and mandatory two-factor authentication for all new payees and transactions, ensuring robust protection of your funds.
- Fraud Monitoring: Tide’s proactive fraud monitoring systems, developed in collaboration with leading fraud prevention agencies, effectively detect and prevent financial crime.
- Data Privacy: Tide is ISO 27001 certified and complies with UK GDPR, affirming its commitment to high data security standards.
These stringent security measures make managing your business finances with Tide efficient and highly secure, offering significant peace of mind.
How Does Tide’s Customer Service and Support Work?
Tide offers a comprehensive customer support system, available 24/7 via an in-app chat feature for immediate assistance. Customers can also utilise email support for less urgent queries or to provide feedback.
- Free Plan: Provides access to both in-app chat and email support.
- Smart and Pro Plans: Include the above services plus telephone support, which is available weekdays from 9 a.m. to 6 p.m
- Max Plan: Features dedicated member support, including priority telephone assistance.
Each paid plan enhances the service by offering priority support, guaranteeing faster response times and a more personalised customer experience.
Tide Business Account Customer Reviews
User feedback on the Tide Business Account reveals many experiences, highlighting its strengths and weaknesses. Many users commend the account on platforms like Trustpilot and various app stores for its rapid onboarding process. It is particularly beneficial for small business owners and freelancers eager to set up accounts swiftly, a crucial factor for those requiring a quick operational start.
However, a significant concern noted is account freezes, with several users reporting unexpected suspensions that disrupt business activities. This underscores the importance of robust customer support in promptly addressing and resolving such issues.
Key insights from user reviews are:
- Swift and streamlined account setup.
- User-friendly mobile app.
- Comprehensive suite of financial management tools.
- Incidences of account freezes impacting business operations.
- Limited options for making international payments.
- Mainly digital customer support, with minimal phone help available for users on the free plan.
What Are the Eligibility Requirements for Opening a Tide Business Account?
To open a Tide Business Account, you must meet specific eligibility criteria tailored to UK-based businesses and regulatory compliance. These requirements ensure that all account holders adhere to UK legal standards and Tide’s operational policies. Here are the key requirements you need to fulfil:
- UK Residency: Applicants must have a permanent residence in the United Kingdom. This ensures that the account is used primarily for UK-based business activities.
- Registered Business Type: Your business must be officially registered in the UK. This includes various business structures such as sole traders, limited companies, and partnerships.
- Valid Identification: You need a current passport or a UK driving licence to verify your identity. This step is crucial for preventing fraud and meeting KYC (Know Your Customer) regulations.
- Age Requirement: Applicants must be at least 18 years old. This legal requirement ensures that the account holder can enter into a contractual agreement.
Tide excludes certain industries from eligibility due to regulatory and risk concerns. These industries typically include gambling, adult entertainment, and certain financial services. If your business operates within these sectors, looking into alternative banking solutions that can cater to your specific needs would be advisable.
How to Apply for a Tide Business Account: Step-by-Step Guide
- Download the Tide App: The mobile app is available on the Apple App Store or Google Play Store, which typically takes just a few minutes to download. This is your first step towards streamlined business banking.
- Create an Account: Open the app, select the option to create a new business account, and enter your email address and a secure password. This step is crucial for setting up your access to various financial tools.
- Verify Your Identity: Provide a valid form of identification, such as a passport or driving licence, and follow the app’s instructions to capture clear ID images. This verification process usually takes about 5 minutes and is essential for ensuring the security of your account.
- Business Details: Enter your company name, address, and business type. Accuracy in your details is essential to prevent processing delays. This information helps tailor the banking experience to your specific business needs.
- Submit Your Application: Complete and submit the application form for review. Tide typically processes applications within a few minutes, making it a quick and efficient.
- Receive Confirmation: Once approved, you will receive an email confirmation and can start using your Tide Business Account immediately. This final step opens the door to various features designed to facilitate the smooth management of your business finances.
Comparing Tide Business Bank Account with Competitors
Understanding how the Tide Business Bank Account measures up against leading competitors like Starling Bank and Revolut is essential for making an informed choice. Here’s a concise breakdown of key features and fees:
| Feature | Tide | Starling Bank | Revolut |
|---|---|---|---|
| Monthly Fee | Free basic account | Free | From £10 per month |
| Local Transfers | Free allowance for paid plans. £0.20 per transfer after. | Unlimited free | Free allowance based on tier, then £0.20 per transfer after. |
| International Payments | 2.75% for free accounts or 0% for paid plans | No fee for GBP/EUR/USD | Free allowance for Grow, Scale and Enterprise plans. then £5 per transfer. |
| ATM Withdrawals | £1 per withdrawal | Free up to £300/month | 2% |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 | No, as it uses e-money |
| Learn More | Visit Tide | Visit Starling | Visit Revolut |
Tide’s free account is robust, yet transaction fees may accumulate for businesses with frequent transactions. Starling Bank offers compelling advantages for companies engaged in regular international transactions, with its unlimited free local transfers and no significant currency exchange fees.
Unlike Tide and Starling, Revolut doesn’t offer a free plan but enhances its appeal with additional features and lower fees. Your choice should align with your business’s specific transaction frequency and international payment needs.
Methodology
To research and write this Tide business account review, we followed the process below:
- Research: We gathered information from reputable sources such as the official Tide website, financial publications, and customer review platforms.
- Review Criteria: When reviewing Tide’s business accounts, we considered various factors that are crucial to businesses, including monthly fees, transaction fees, accessibility, features, accounting software integrations, customer service quality, and customer reviews.
- Alternative Provider Selection: We considered factors such as market prominence, user base, and diversity of services offered when choosing alternative providers offering similar business accounts. Providers were chosen based on their popularity within the UK business banking sector and their ability to provide various account options suitable for different business needs.
- Continuous Updates: We aim to provide readers with reliable and up-to-date insights into business banking services in the UK. We will regularly update this article to reflect changes in Tide’s offerings, pricing, policies, or alternative business account providers’ policies. We will monitor industry developments closely and promptly incorporate any updates or new information that may impact the comparison.
Tide Business Account FAQs
Can I open multiple accounts with Tide?
Currently, Tide permits only one business account per user. However, you can efficiently manage multiple businesses through this single account by utilising the app’s comprehensive features.
How do I deposit cheques with Tide?
Cheques can be conveniently deposited digitally via the Tide app. Simply upload clear pictures of the cheque; the funds will typically be available within two business days.
Does Tide support international transactions?
Tide supports international transactions, including EUR SEPA transfers and SWIFT payments. However, these transactions incur fees and FX markups, which may affect businesses with frequent international dealings.
Is it possible to integrate Tide with accounting software?
Tide integrates seamlessly with major accounting platforms such as Xero, QuickBooks, and FreeAgent. This integration automates bank feeds, significantly streamlining the bookkeeping process for your business.
What security measures does Tide employ?
Tide prioritises your security by implementing robust measures such as two-factor authentication, FSCS protection for eligible deposits, and ISO 27001 certification, ensuring your data and funds are well-protected.
Can I get a loan through Tide?
Tide collaborates with Funding Options to offer tailored business loans to suit your specific needs. These loans feature a soft eligibility check that does not impact your credit score, making them a convenient option for business financing.
