With over 550,000 customers in the UK, Tide serves 10% of the SMB market with their competitive bank accounts. But are they right for your business?

I’ll cover the pros and cons of signing up with Tide in my detailed review. How much does one of their accounts cost per month? What features are included within the different accounts?

The purpose of this review is to help you make a more informed decision on whether Tide offers the best choice for your business.

You can go straight to the setup process on the Tide website by using our brief table below, or read on to learn more from our full guide on the different bank accounts and services that Tide offer.

* Thanks to our partnership with Tide and to get your business off to the best start this year, Tide will give you £50 when you open a business account via the link above! To qualify, all they require is for you to deposit £50 into your new account with them within the first 30 days of opening. This deal is valid from 10/05/2024 – 31/12/2024. Just click ‘See Deal’ and be sure to use the code: ‘EXPERT£50‘ when applying for your business account to get the deal.

Tide Business Bank Accoutn review

How to Choose the Right Tide Bank Account for Your Business?

There are four business current accounts with Tide at the point of writing this article, plus their recently launched savings account. These four accounts include the Free account, the Plus account, the Pro account and the Cashback account.

The Free account provides fewer features, as you would expect. Meanwhile, paid accounts steadily provide more features for businesses as the accounts scale up.

You can use our Tide accounts’ comparison table below to help you with your decision-making process.

FREE PLUSPRO CASHBACK
Monthly costFree£9.99 + VAT£18.99 + VAT£49.99 + VAT
Tide business cardFreeFreeFreeFree
Expense cards for staff £5 / month1 x free card inc.2 x free cards inc.3 free cards inc.
Transfers in and out20p / transfer  20 / month free Unlimited  150 / month free 
ATM withdrawals £1 £1 £1 £1 
Read access for staff members
Scheduled payments
Accounting integrations ✔ 
Hold up to 5 business accounts✔ 
Create and send invoices
Priority in-app support
Phone support✔ ✔ 
24/7 legal helpline
Exclusive member perks
Support with trademark filing/disputes
A dedicated team of account managers
0.5% cashback with Tide card
Get FREEGet PLUSGet PROGet CASHBACK

Pros and Cons of Tide Business Banking

Pros of Tide Banking

  • Tide’s bank app is amongst the best for functionality and ease of use
  • No monthly or annual fees
  • Connects with virtually every accounting software on the market
  • Easy invoice creation
  • Free replacement card if you lose one
  • Up to £150,000 can be applied for in the form of a Tide Business Loan. Approval can be as fast as 24h

Cons of Tide Banking

  • £1 charge for ATM withdrawals
  • 20p charge for transfers between accounts
  • Post Office deposits cost £1
  • 3% charge for cash deposits at Paypoints
50 Cashback when you open a business account

Some Background on Tide Bank

Tide is not actually a bank; they are an award-winning financial business platform. Yet, they are the leading provider of digital business banking services within the UK.

Tide’s ethos is “helping people follow their dreams” which is why they place the average small business owner at the forefront of their focus when creating their financial products and services.

The company, ‘Tide Platform Limited’, was incorporated on 18th May 2015. Since then, it has proven itself to be an efficient, popular and competitively-priced financial platform for British SMEs. It focuses on tech-first and user experience via its APP, and with a zero-monthly fee option and 450,000 businesses already signed up, it’s easy to see why Tide is one of the fastest growing Fintechs in the UK.

Tide prioritises fast account set-up, offers seamless integration with common accountancy software, and the quality of the APP means you can manage your entire business finances from your smartphone. Tide is making a name for itself as a strong player in the business banking field and charges no monthly fees.

What are Tide’s Business Account Features?

All accounts with Tide have the following features:

  • You can be set up on the same day you start
  • New customers can now opt for a virtual office address via Tide
  • Easy VAT registration service also included
  • Auto-categorisation of transactions to help keep track of cash flow.
  • Paperless receipts feature cuts down on clutter in the office and keeps them all in one place
  • Wide integration with accounting platforms such as Sage, Xero, Crunch, FreeAgent, ClearBooks, or QuickBooks
  • Get paid on time by setting up Direct Debit payments with the GoCardless integration
  • Up to 35 expense cards per account for your team, and the ability to set individual spending limits
  • Tide Business Mastercard, which you can also use internationally
  • Freeze a lost card straight from the APP
  • Use any Post Office Branch to deposit cash for free, or at a PayPoint (you’ll be charged 3% of your deposit)
  • After opening any of their accounts you can now apply for a business loan of up to £150,000 and get a decision within just 24 hours.

The following features are exclusive to Tide Paid Accounts (Plus, Pro, or Cashback):

  • Member perks
  • 24/7 Access to advice on any legal issue: business or personal
  • Phone support, plus priority support within the Tide APP
  • Dedicated account manager
  • 0.5% Cashback on eligible purchases
  • Support with trademark filing and disputes

How Easy is it to set up a Business Account with Tide?

The setup process with Tide is very simple, and they claim that it takes less than five minutes from start to finish. Having been through the process ourselves, we can confirm that this is true, and it does take less than five minutes to set up an account with Tide.

Below are the simple steps to get set up with an account:

  1. You first download the app to your phone.
  2. Then you complete the information about your company in the app.
  3. You then scan your ID and take a selfie in the app.
  4. The majority of accounts are approved within minutes, but they may ask for more information at this stage.
  5. That’s it! Tide then arrange for your new bank account card to be sent to you in the post which takes up to a couple of days.

» MORE Read our full article on How to Open a Business Bank Account with Tide

Who can Open a Tide Bank Account?

The eligibility criteria for opening a Tide bank account is below:

  • You should be either a director of a company registered with UK Companies House, or;
  • A sole trader with a valid UK residential address who is registered with HMRC;
  • 18 years, or over;
  • Have a valid UK phone number;
  • As well as hold a device registered to a UK App, or Google Play store.

NB: Certain higher-risk businesses can’t open a Tide account. These include cryptocurrency, investments, casinos, but also charities and non-profits.

Tide Business Banking Rates & Fees

BrandTide Business Accounts
Account Application FeeFree
Cash deposits (through PayPoint)3% of transaction value
Bank transfers£0.20/transfer on FREE account, monthly allowance on PLUS + CASHBACK accounts & Unlimited on PRO account
Overseas card transaction feesFree
FSCS protectedYes, up to £85k (except e-money accounts)
ATM Use (UK)£1
Cash Deposits (Post Office)£2.50 for deposits up to £500 or 0.5% of the total deposit amount for deposits over £500
OverdraftNot currently offered
Sending money abroadSEPA transfers – 0.70 EUR
SWIFT transfers – £5 (or currency equivalent)

What Tide’s Customers Are Already Saying

Tide boasts excellent reviews overall. As of January 2024, they have over 18,500 Trustpilot reviews, of which 73% are 5 stars and 6% are 4 stars. It has a ‘TrustScore’ of 4.3 out of 5 stars.

Over the roughly 17% of reviewers who labelled their experience 1 star, wait times are a common reason, while others had difficulty actually speaking to people.

What’s the Tide Phone App like?

I find the Tide app intuitive and with all of the handy features you’d expect from a top banking app. Create and send payment links, issue invoices, send money from the Payments tab to manage your Direct Debits, schedule payments and manage your approvals.

I liked the fact you can easily tag your transactions into categories, but it doesn’t yet do this automatically (as some banks offer) However, Tide note that they are working on this for a future iteration.

Also, you’ll need to be on iOS 13 and Android 9 or above.

Getting an Expense Card with Tide

Tide’s expense cards are a nice addition: you can issue up to 50 cards per account, with each card costing £5 plus VAT. Each card can have individual spending limits, and there’s no need for expense claims since your team can scan and upload receipts directly. All transactions are automatically categorized in the Tide app, making it easy to track and manage expenses, plus easily integrated with your accounting software. Easily freeze, cancel, or order replacement cards as needed.

Tide Business Accounts FAQs

Do Tide Charge Monthly Banking Fees?

Is Tide Covered by the FSCS?

How Long Does it take to open an account with Tide?

How Many Accounts Can You Have with Tide Business?

Can you deposit cash with Tide Business?

Can you have a business overdraft with Tide?