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Cashplus vs Tide: Which is best for your business?

In this guide, we highlight the key differences between the Cashplus and Tide business accounts so you can decide which one is better for you.

Cashplus 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.

Cashplus vs Tide: Vital features

Cashplus Business Bank AccountTide
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★★★★★
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Free spending abroad
Overdraft rateRepresentative APR 69.9%Not available
Interest when you're in credit0%0%
Branch access
FSCS protected
Product imageCashplus Business Bank AccountTide
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Both the Cashplus and Tide business accounts are managed digitally, as neither provider has a branch network you can use. Both accounts come with a contactless Mastercard – Cashplus’ 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 Cashplus, though Tide’s fees are cheaper.

That said, Cashplus 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 Cashplus business account nor the Tide business account pays interest on credit balances, and while you can apply for an overdraft with Cashplus, overdrafts are not available with Tide.

Both Cashplus and Tide also protect eligible deposits of up to £85,000 per customer under the Financial Services Compensation Scheme (FSCS).

Cashplus 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.

Round 1: Account features

Cashplus Business Bank AccountTide
Cash deposits
Cheque deposits by post
Cheque scanning in the app
Freeze/unfreeze card in the app
Extra cards for employees
Accountancy software integrations
Send money abroad
Marketplace
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Although Cashplus has no branch networks, you can pay cash into any Post Office branch for a 0.3% fee. You cannot pay in cheques. The account also accepts international payments in either sterling or euros, but you cannot send outbound international payments. There is a flat fee of £15 per inbound international payment.

Cashplus account holders can add up to 20 additional cards to give to employees. Each card costs £5.95. The account also offers integrations with accounting apps like Clear Books, FreeAgent, KashFlow, QuickBooks, Sage and Xero. In addition, there is the option to have an overdraft of up to £2,000 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 35 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: Cashplus 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.

Round 2: Account costs

Cashplus Business Bank AccountTide
Monthly account charge£69 per yearFree
Fee for cash deposits0.3% or £2 minimum at Post Offices£1 (at Post Offices), 3% (at PayPoints)
Fee for cheque depositsDoesn't accept chequesDoesn't accept cheques
Fee for payments in or outFirst 3 per month, free, then 99p per payment20p each
Fee for direct debitsFree20p each
Fee for sending money abroad£15 per transactionCan't make international payments
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The Cashplus business account charges an annual fee of £69, which works out to be £5.75 per month. On top of this, you’ll also have to pay a 0.3% fee for cash deposits at the Post Office, and a £2 ATM cash withdrawal charge (£3 overseas). Only the first 3 bank payments in or out of your account are free each month, after which point you’ll pay 99p per payment. However, there are no charges for direct debits. If you receive an international payment into your account, you’ll pay a flat fee of £15.

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 £1 at the Post Office, or 3% at a PayPoint. You cannot make or receive international transfers from your Tide account.

Winner: Costs overall are generally lower with Tide. Not only is there no monthly or annual charge, but ATM withdrawals are cheaper, and payments in and out of the account cost 20p a time, rather than the 99p you’ll pay with Cashplus (after your first 3 payments each month).

Round 3: Spending in the UK

Cashplus Business Bank AccountTide
Free card transactions
Contactless card limit£100£45
Free ATM withdrawals
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Both Tide and Cashplus offer fee-free spending in the UK, but both also charge for ATM cash withdrawals. Tide charges £1 per withdrawal, while Cashplus charges £2 per withdrawal in the UK.

Winner: Tide, for offering cheaper ATM withdrawals in the UK.

Round 4: Using the card abroad

Cashplus Business Bank AccountTide
Free foreign transactionsNoUnlimited
Free foreign ATM withdrawalsNo, £3 eachNo, £1 each
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The Cashplus 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 Cashplus, these can only be used in US dollars or euros.

Round 5: Signing up

Cashplus Business Bank AccountTide
Apply through the app
Quick application
Credit check
Card delivery feeFreeFree
Card delivery timescale3-5 working days2-5 working days
Replacement card fee£5.95Free
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To open the Cashplus account, you will need to download the app. Account opening should only take a matter of minutes, according to Cashplus. No credit check is involved but you will need to provide information such as your business name and address, whether you’re a contractor or freelancer, your company registration number if you’re a limited company, and details about your business, including the industry it operates in and the number of employees. You will need to provide proof of ID such as a passport and proof of address such as a bank statement. Limited companies will also need to confirm the date of birth and home address of any Persons of Significant Control. It’s free to receive your first bank card, but fees apply for replacements.

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.

Round 6: Customer support and account switching

Cashplus Business Bank AccountTide
Customer service via the app
Customer service via a telephone line
CASS switch guarantee
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Customer support with Cashplus 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 Cashplus 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 Cashplus 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 Cashplus in many of the above rounds. Not only does it offer a free account option, it also charges fewer fees overall. That said, Cashplus 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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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