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 and 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
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.
How does Tide’s business account work?
Like many other fintech 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: With the virtual card you are issued immediately upon registration you can pay using contactless. Once you have a physical card this feature is used to authorise your 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.
Credit: Tide offers up to £1,500 as a loan, helping you in those moments when your company needs a small injection of cash.
Tide also offers credit cards, allowing you to borrow a bit extra at competitive rates. As mentioned above, Tide also aim to offer savings accounts too.
How can Tide help your business? CEO Oliver Prill answers
Using Tide abroad
Your Tide account 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, no extra charges. The only international hurdle you will face will come from transfers, which as of yet have not been implemented.
Tide fees and limits
One of Tide’s other big selling points is it’s competitive, and at 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.
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 request a selfie every time you long onto a new device to make sure it’s actually you.
Pros and cons of Tide
Pros
Recommended by a number of consumer advice services.
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.
The 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 plently 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 a lifetime studying your current account statement.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Tide has a few approaches to making money, these include:
Interchange fee: Every time you make a transaction, Tide takes a small fee for processing the payment.
Fees and limits: Any time you transfer, withdraw or deposit money Tide earns small returns. While they don’t amount to much on their own, together they are a noticeable sum.
Credit loans: Tide sets an interest rate on any credit loans they make, meaning they will receive more money back than when they loaned it out.
Easy, transfer money into your Tide account for free via bank transfer, or deposit it through the post office or a PayPoint for a small charge.
For our top picks, we've evaluated a number of business bank accounts against a range of metrics to select accounts for specific needs. Keep in mind that our top picks may not always be the best for you, and it's wise to compare for yourself to find one that works for you. Read our full methodology here to find out more.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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.
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?
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.
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.
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Can a Tide account be set up with two people having access to the business account
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
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?
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
Does the app allow me to add files such as photos of receipt or paper invoice?
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
Is a tide account suitable for receiving credit card payments?
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