Tide business account review

Tide aims to give business owners their time back, by simplifying expenses.

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Tide

Tide

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Tide is a fintech app which offers business accounts to small businesses and freelancers, hoping to relieve them of some of the financial stress that comes with a growing company. Tide’s business accounts come with a number of features that address some of the most stressful aspects of working for yourself and offer all of this for free.
  • 24/7 customer support
  • Categorised spending
  • FCA regulated
  • Quick set-up
  • No monthly fees
  • Easy to manage accounts and track payments within the app
  • Ability to set up direct debits and standing orders
  • Can receive online bank statements
  • No branches - all done via the web
  • Doesn't accept cheque deposits
  • No personal accounts
  • No international
  • Transfers or interest offered
Account fee £0
UK ATM Charge £1
Account software integration platforms Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow, Sage
UK transfer charge £0.20
Additional cards 35 additional cards
Additional card fee Free
Credit check No - Tide performs an electronic check but no credit check

What is Tide?

Tide is a fintech app which offers business accounts to small businesses and freelancers, hoping to relieve them of some of the financial stress that comes with a growing company.

Tide’s business accounts come with a number of features that address some of the most stressful aspects of working for yourself and offer all of this for free. Tide has been featured as one of our best business bank accounts for small business, sole traders & freelancers.

How does the Tide business account work?

Like many other fintech online-only business apps, the majority of Tide’s features are found on your smartphone. The card you’re sent in the post is the only physical aspect of your Tide account.

The Tide app offers a number of resources to help freelancers nurture their businesses and organises them into a series of easily accessible pages.

The app at its core is simple and streamlined, with some more advanced and decorative features present to help exaggerate its convenience. The pages of features include:

  • Accounts: The introductory screen for your Tide app. Here your paired accounts are featured, along with their balances, card details and a description of their uses.
  • Easy accounting: Each card has a record of its transactions. File these transactions under a selection of different categories, e.g. travel, insurance, health, food.
  • Invoice: Manage invoices, see a description of the job and its pricing, see which invoices are active or paid and create new invoices. Invoices can be issued in minutes.
  • Pay: You get issued a virtual card immediately upon registration, then you will be posted a physical card with which to make payments.
  • Help: Issue enquiries and requests to the Tide team. This page also displays several questions frequently asked by users.
  • More: Manage your personal and security details and learn about more Tide services including accountancy software, direct debits and customisable invoice templates.

How can Tide help your business? CEO Oliver Prill answers

Using Tide abroad

Your Tide card has the same fees whether you use it in the UK or abroad. This means that any transactions or withdrawals you make while you’re overseas will only be subject to exchange rates, and no extra charges.

The only international hurdle you will face will come from bank transfers, which as of yet are not possible with the standard Tide account.

Tide fees and limits

One of Tide’s other big selling points is it’s competitive, and at some points non-existent, fees. The main charges come in the form of:

  • A 20p charge on all transfers in or out of your Tide account. Tide-to-Tide transfers cost nothing.
  • ATM withdrawals also cost £1.
  • Post Office deposits come with a fee of £1. PayPoint deposits are charged for 3% of the transaction value.
  • Card transactions cost nothing.
  • International fees are exactly the same but with the currency exchange rate on top.
Tide
Tide
Account feeFree
FSCS protected
UK ATM charge£1
Account software integration
Accounts software integration platformsXero, QuickBooks, FreeAgent, ReckonOne, Kashflow, Sage
Additional cards35 additional cards
Additional card feeFree
Requires credit check
Credit check
Credit check detailsNo - Tide performs an electronic check but no credit check
Key benefitsRegister your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu
Overdraft
Freeze card from app or online banking
Instant notifications
Interest rate0%
Current account switch guarantee

Doing business overseas with Tide

Tide
Tide
Overseas transaction chargeFree
Overseas ATM charge£1
International transfer chargeNo international transfers

The new company registration service from Tide

Tide now offers a service that allows new customers to register a limited company at the same time as opening a Tide business account. Tide pays the £12 incorporation fee on the customer’s behalf, with the certificate of incorporation arriving from Companies House in around 3-6 hours.

The streamlined process means both applications can be carried out at the same time, with business owners able to choose their limited company’s name at the time of sign-up. Tide is only able to process applications from single company shareholders, although it notes that you can add additional shareholders and directors to your limited company at a later date by contacting Companies House directly.

Is Tide safe?

Unlike some of the other fintech current accounts, Tide doesn’t lend, invest or move your money around, meaning its always accessible and always yours. Not only do you have to authenticate your account using a password, you also have to authorise all payments through your phone. Tide also requests a selfie every time you log onto a new device to make sure it’s actually you.

Tide customer reviews

Out of 5, Tide has a rating of 4.7 from more than 21,000 reviews in the App Store, whereas over on Google Play it has a score of 3.6 from around 2,500 reviews.

On consumer review platform Trustpilot, Tide has recorded 3.7 out of 5 stars and a rating of Average, based on more than 5,000 reviews. The quick account opening process and easy-to-use mobile banking app were a hit with the Tide users providing feedback on Trustpilot, although some complained about slow response times when contacting customer support.

Pros and cons of Tide

Pros

  • Pair your other bank cards to the app and see their balance, details and a spending record for each one.
  • Sort your transactions into a number of categories.
  • Competitive fees and charges.
  • Connect your account with external accounting technology.
  • Invoice directly from your Tide app.
  • Safe and secure.
  • Registered with the FCA and PRA.

Cons

  • No international money transfers.
  • App can be clunky on certain phones.
  • Lack of face-to-face contact can turn people away from mobile banking.
  • No personal current accounts.
  • A traditional bank account is still necessary for many of your financial needs.

Our verdict

Tide is specifically built for small businesses, which means you’ll get a lot of features to help you manage your finances and keep on top of everything even if you don’t have a big accounting team. It’s also easy to use and set up.

The fees are pretty reasonable, all things considered (especially if you don’t often need to withdraw cash). However, keep in mind that if you use your account a lot and make several transfers and withdrawals a week, you might be better off with an account that only charges a fixed monthly fee. Also, the downside of Tide’s expertise in business current accounts is that you don’t get any other products such as credit cards or personal current accounts.

All in all, Tide is a sound option for a small business owners. It’s comparatively cheap, has plenty of useful features, can be used both from the app and from desktop, and it helps you track your spending and manage your business finances, saving you from spending an age studying your current account statement.

Tide

Open an account with Tide

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes
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Compare Tide against its competitors

Data updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Cashplus Business Bank Account
Free
£0.20
First 10 payments sent each month FREE
FreeAgent, Xero, Sage, Kashflow, Quickbooks, Clearbooks
2.99%

On invitation
App, Online
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow, Sage
Free
App, Online
Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu
Starling Business Account
Free
Free
Xero, FreeAgent
Free

Min. 18 months trading to apply
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
Mettle
Free
Free
Free agent, Xero
Unable to make international payments
App
Comes with a suite of free accounting software to integrate with
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
Get your first month FREE
CardOneMoney
£12.50
Free in first 3 months
No monthly account fee for the first three months*

From £0.30
NA
£10
(international transfer out)
App, Online, Telephone
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8 Responses

    Default Gravatar
    SimonJune 20, 2019

    Can a Tide account be set up with two people having access to the business account

      Avatarfinder Customer Care
      nikkiangcoJune 21, 2019Staff

      Hi Simon,

      Thanks for getting in touch! Tide account is not available for multiple users but you can Team Cards. It is an app available to iOS users where you’ll be able to order a Tide Mastercard for up to 35 team members per account. Team Cards will be managed through a single app belonging to the main account holder. They’ll be able to fully manage access for the team – freezing and cancelling cards, and sharing and holding PIN codes. And they’ll be able to see who has spent what, straight through the app.

      You can find more information about this when you visit the Tide App.

      Hope this helps!

      Best,
      Nikki

    Default Gravatar
    BarryMarch 1, 2019

    Hi!
    I’m a Sole trader and need an account like Tide for small day-to-day transactions. I also need to be able to transfer to/from my Santander current account and all with low fees and allow iZettle payment receipts. Can you advise, please?

      Avatarfinder Customer Care
      JoshuaMarch 5, 2019Staff

      Hi Barry,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      The Tide app allows you to do money transfers from your account to another bank account and vice versa. For this reason, moving funds to and fro Santander current account could be possible with Tide.

      Regarding, iZettle payment receipts, while Tide mentioned they simplify issuing and recording receipts, I can’t find specific mention of iZettle on their website. Best is to directly ask Tide’s customer support to learn more about the app.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    PaulFebruary 25, 2019

    Does the app allow me to add files such as photos of receipt or paper invoice?

      Avatarfinder Customer Care
      JoshuaFebruary 27, 2019Staff

      Hi Paul,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Yes, the Tide app allows you to add files like photos of receipts and documents. You can add files by visiting the particular transaction in the app, or by ‘sharing’ a file in your phone storage with Tide.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    SteveDecember 7, 2018

    Is a tide account suitable for receiving credit card payments?

      Avatarfinder Customer Care
      JoshuaDecember 12, 2018Staff

      Hi Steve,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      At the time of this writing, it is not possible to receive credit card payments through your tide account.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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