Zempler and Tide both offer business bank accounts that can be managed via mobile app. Many of the features of these accounts are similar – they both offer Mastercard contactless cards and they can both be linked to accountancy software. However, there are also some important differences, as we explain.
Both the Zempler and Tide business accounts are managed digitally, as neither provider has a branch network you can use. Both accounts come with a contactless Mastercard – Zempler’s card is black, while Tide’s free business account plan has a blue card. You can spend on the cards in the UK and abroad, but only Tide’s card offers fee-free foreign spending. ATM charges apply for both Tide and Zempler, though Tide’s fees are cheaper.
That said, Zempler also gives account holders the option of adding a euro or US dollar currency card to their bank account at no extra cost. There are no foreign transaction fees or ATM withdrawal fees for using these cards abroad when they are used in the correct currency. You can transfer money onto your card via online banking.
Neither the Zempler business account nor the Tide business account pays interest on credit balances, and while you can apply for an overdraft with Zempler, overdrafts are not available with Tide.
Both Zempler and Tide also protect eligible deposits of up to £85,000 per customer under the Financial Services Compensation Scheme (FSCS).
Zempler became a bank in February 2021, while Tide is upgrading all accounts from an emoney account provided by PrePay Solutions to a bank account provided by ClearBank which has a UK banking licence and is FSCS protected.
Although Zempler has no branch networks, you can pay cash into any Post Office branch for a 0.5% fee. You cannot pay in cheques. The account also accepts international payments in either sterling or euros, but you cannot send outbound international payments.
Zempler offers integrations with accounting apps like Xero, Quickbooks & Sage. In addition, there is the option to have an overdraft of up to £3,000 on the account.
Meanwhile, the Tide account allows users to pay in up to £500 a day in cash at a Post Office branch or a PayPoint. There is a £1 fee for each Post Office deposit and a 3% fee at PayPoint. You can’t pay in cheques either physically or digitally and you cannot send or receive international payments.
Tide accounts can only be accessed by the named account holder, but you can choose to order up to 50 Expense Cards per account and give your colleagues “read access” to the account. Expense Cards cost £5 a month, although the Plus plan offers 1 free Expense Card and the Cashback plan offers 3 free Expense Cards. The account also offers integrations with accounting software packages including Xero, QuickBooks, FreeAgent, Crunch, Clear Books, Kashflow and Sage. There is no overdraft option.
Winner: Zempler just takes the top spot thanks to its ability to receive international payments and the fact it offers an overdraft. Tide users can neither receive nor send payments abroad, and they cannot opt for an overdraft either.
The Zempler Go business account doesn’t have a monthly fee, but you’ll need to pay a 0.5% fee for cash deposits at the Post Office, and a £2 ATM cash withdrawal charge (£3 overseas). Only the first 3 bank payments out of your account are free each month, after which point you’ll pay 30p per payment. There’s also a £9.95 card issuing fee. However, inbound payments are free and there are no charges for direct debits.
In comparison, Tide’s basic business account doesn’t charge a monthly or annual fee and ATM withdrawals are also lower at £1 a time. There are no fees for direct debits, but it costs 20p to send or receive UK payments to or from your account. Paying cash into your account costs £2.50 at the Post Office, or 3% at a PayPoint. You cannot make or receive international transfers from your Tide account.
Winner: Costs are pretty even between the two, but Tide just wins out. While neither have a monthly or annual fee, Tide’s ATM withdrawals are cheaper, and payments in and out of the account cost 20p a time. While inbound payments with Zempler are free, outbound payments are 30p each with Zempler (after your first 3 payments each month). Plus Zempler has a £9.95 card issuing fee.
Both Tide and Zempler offer fee-free spending in the UK, but both also charge for ATM cash withdrawals. Tide charges £1 per withdrawal, while Zempler charges £2 per withdrawal in the UK.
Winner: Tide, for offering cheaper ATM withdrawals in the UK.
The Zempler card charges for both foreign transactions and foreign cash withdrawals. A 2.99% fee applies for spending abroad, while a £3 fee applies to cash withdrawals. However, you do have the option of adding a euro or US dollar currency card to your account for free. There are no foreign transaction fees or ATM withdrawal fees for using these cards abroad when they are used in the correct currency.
In comparison, Tide offers fee-free spending abroad, and a lower cash withdrawal fee of £1.
Winner: Tide, simply for the fact that you can use the card you’re sent with the account to make fee-free foreign transactions. Even though you can apply for separate currency cards with Zempler, these can only be used in US dollars or euros.
To open the Zempler account, you can apply online. Account opening should only take a matter of minutes, according to Zempler. No credit check is involved and for the vast majority of applications, you won’t need to provide additional ID or verification as this is done electronically during the application process. If for some reason you can’t be fully electronically ID’d, you’ll need to provide proof of ID such as a passport and proof of address like a bank statement or utility bill. There’s also a £9.95 card issuing fee.
You will also need to download the app to open a Tide business account. Tide states that accounts can be opened in less than 10 minutes in many cases. No credit check will be carried out but you will need to show proof of identity such as a driving licence or passport. You may also be asked to provide evidence that your business is established such as your business website address, invoices and bank statements. It’s free to receive your bank card and to order replacements.
Winner: It’s close, but Tide edges it due to charging no fees for replacement cards. Other than that, the account opening process is very similar.
Customer support with Zempler is slightly limited, the best way to contact the bank is to phone the customer service helpline. Alternatively, the website boasts a range of frequently asked questions that may be able to help answer any queries.
With Tide, users can message the customer service team through the app or send Tide an email and provide their phone number to receive a call back. There is also an automated telephone service to report a lost or stolen card.
Neither Zempler nor Tide offer current account switching via the Current Account Switch Service (CASS).
Winner: Tide, for offering more options for contacting the provider, including in-app support.
Overall winner: Is Zempler better than Tide?
Although both business accounts have a lot to offer, if we were to pick just one, it would have to be Tide. The provider beats Zempler in many of the above rounds. It has lower fees overall and a slightly cheaper and easier account opening process. That said, Zempler wins points for accepting international payments and offering an overdraft, so if these are important account features for your business, it may be the better choice.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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