Tide and Revolut both offer branchless business accounts. But which account is the best for you? Below, we examine the various features of these 2 mobile-only business accounts so you can find out.
On the face of it, the Tide and Revolut business accounts appear fairly similar. Both are digital-only business accounts, and neither offer an overdraft or pay interest on in-credit balances. What’s more, you can spend on your card (blue for Tide, black for Revolut) overseas for free.
Neither Tide nor Revolut has a UK banking licence. However, the key difference is that while money held in a Revolut business account is not protected under the Financial Services Compensation Scheme (FSCS), Tide’s accounts are provided by ClearBank, which means they are covered by the FSCS up to £85,000 per person.
That said, Revolut is authorised to operate in the UK as an electronic money institution and is required to safeguard its customers’ funds in ring-fenced accounts at licenced UK banks. So your money will still be safe even if Revolut went bust.
Neither provider has branches, but you can pay in cash deposits with Tide at Post Office counters or PayPoint locations (fees apply).
Unlike Tide, cash cannot be paid into the Revolut business account. Neither account accepts cheque payments.
Another difference is that you won’t be able to send money abroad through the Tide account, but this is easily possible with Revolut. In fact, depending on the Revolut plan you choose, you may have a set number of fee-free international transfers each month.
Both accounts let you add extra cards for employees, freeze and unfreeze your cards via the app and provide accountancy software integrations, connecting to Xero, QuickBooks and Sage to make it easier to manage your business finances.
Winner: Tie. It’s difficult to choose here as it depends on what’s more important to you. If you need to make cash deposits, Tide is the clear winner. But if you want to transfer funds abroad, Revolut will be the best choice.
Both Tide and Revolut offer business accounts with no monthly fee. Revolut doesn’t accept cash deposits. With Tide, you’ll pay a 0.5% fee at Post Office counters and 3% at PayPoints.
Revolut doesn’t charge for electronic transfers or direct debit payments, while Tide charges 20p a time. It’s not possible to make international transfers with Tide, but Revolut charges £5 per transfer (for the free account).
Winner: Revolut as it doesn’t charge for direct debits or for payments into and out of the account.
In the UK, it’s free to use your Tide or Revolut card for spending purposes, but Revolut has a higher contactless limit of £100 compared to Tide’s £45 limit.
If you use your card to make cash withdrawals, Tide charges £1 a time, while Revolut charges 2% of the amount withdrawn.
Winner: Revolut – it’s so close, but Revolut takes the top spot simply for having a higher contactless limit.
You can use your Tide or Revolut card to make fee-free transactions overseas, but cash withdrawals incur a fee with both providers. Again, this is £1 for Tide and 2% for Revolut.
Winner: Tie. Both providers offer fee-free spending abroad but charge for cash withdrawals.
It’s quick and easy to sign up for a business account with either Tide or Revolut through their respective apps. No credit checks are carried out, but you will need to provide proof of ID and take a selfie video.
With Revolut, you’ll need to provide a few personal details, such as your name, address and date of birth, plus some details about your business. This includes your company’s registered name, incorporation number and trading name. You will also need to provide details of what your business does and where.
The process is pretty similar with Tide – again, you’ll need to provide some personal details as well as the name of your company and the industry you work in.
You can sign up for an account with either provider in a matter of minutes, and your card will arrive within a few days. What’s more, if you need to register as a limited company, Tide will help you do this at the same time as opening your account and even pay the incorporation fee on your behalf.
Winner: Tide – it’s close, but Tide wins for helping businesses register as a limited company at the same time.
Account holders can message both customer service teams through the respective apps. It’s also possible to email Tide at hello@tide.co and Revolut at support@revolut.com. Revolut offers an automated telephone line if you need to block your card, while you can email Tide to ask for a call back if you want to speak to someone directly.
What’s more, if you already have a business account with another bank, you can use the Current Account Switch Service (CASS) to move to Tide. To do this, you’ll need to download the Tide app and then tap “Accounts”. Tap “Switch your bank account to Tide” and then “Next”. Follow the instructions and wait for 7 days until your switch is completed.
Revolut doesn’t take part in the CASS scheme, so you won’t be able to use this process to switch your business account.
Winner: Tide because it’s signed up to the CASS scheme and offers the option of a call back from the customer service team.
Overall winner: Revolut
Both the Revolut and Tide business accounts have a lot to offer, and choosing between them isn’t easy. Ultimately, it could depend on the type of business you run and what you want from your business account.
However, if we had to pick just one, we’d go for Revolut thanks to its option to send money abroad as well as fee-free transfers in the UK. However, if you don’t want to send money overseas, or you’re setting up a limited company and want some help getting started, Tide still makes a great choice, particularly if you don’t carry out a huge number of transactions each month.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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