We cover all the accounts that Tide offer and the information contained within this review is accurate at the time of writing this article. The purpose of this review is to help you make a more informed decision on whether Tide is right for your business.
What are the pros and cons of signing up with Tide? How much does one of their accounts cost per month? What features are included within the different accounts? All of this and more will be addressed within our detailed review of Tide bank and the products they offer.
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 01/05/2023 – 31/12/2023. Just click ‘See Deal’ and be sure to use the code: ‘EXPERT£50‘ when applying for your business account to get the deal.
How to Choose the Right Tide Bank Account for Your Business?
There are four business bank accounts with Tide at the point of writing this article. 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. Whereas, the 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.
|Monthly cost||Free||£9.99 + VAT||£18.99 + VAT||£49.99 + VAT|
|Tide business card||Free||Free||Free||Free|
|Expense cards for staff||£5 / month||1 x free card inc.||2 x free cards inc.||3 free cards inc.|
|Transfers in and out||20p / transfer||20 / month free||Unlimited||150 / month free|
|Read access for staff members||✔||✔||✔||✔|
|Hold up to 5 business accounts||✔||✔||✔||✔|
|Create and send invoices||✔||✔||✔||✔|
|Priority in-app 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 FREE||Get PLUS||Get PRO||Get 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
Some Background on Tide Bank
Tide are not actually a bank, they are an award-winning business financial 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 register a new company and open a bank account for free
- 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 24h.
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:
- You first download the app to your phone.
- Then you complete the information about your company in the app.
- You then scan your ID and take a selfie in the app.
- The majority of accounts are approved within minutes, but they may ask for more information at this stage.
- 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
|Brand||Tide Business Accounts|
|Account Application Fee||Free|
|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 fees||Free|
|FSCS protected||Yes, 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|
|Overdraft||Not currently offered|
|Sending money abroad||SEPA transfers – 0.70 EUR|
SWIFT transfers – £5 (or currency equivalent)
What Tide’s Customers Are Already Saying
Tide boasts excellent reviews overall. As of April 2023, they have over 15,700 Trustpilot reviews, of which 72% are 5 stars and 6% are 4 stars. It has a ‘TrustScore’ of 4.3 out of 5 stars.
Over the roughly 18% of reviewers who labelled their experience 1 star, wait times are a common reason, while others had difficulty actually speaking to people.