Tide review September 2019

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

Last updated:

Tide

Tide is a fintech app looking to make waves in the growing field of challenger banking. Rather than offering accounts for everyday spending, Tide specialises in business current accounts, providing a specialised service to help businesses grow. With its unique approach Tide has gained a lot of positive attention from technology and consumer critics.

What is Tide?

Tide offers business current 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

Open an account with Tide

  • Free business Mastercard
  • No foreign transaction fees
  • In-app support
  • Invoice directly from your Tide app
Promoted

How does Tide 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.

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 its 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.

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 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 a great asset, its utility belt of tools helps you nurture the growth of your business and manage your finances, all while being free to download and with only a small collection of fees and charges.

Compare Tide against its competitors

Updated September 18th, 2019
Name Product Fees and charges Delivery speed
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
None
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Updated September 18th, 2019
Name Product Foreign ATM withdrawals Foreign transactions fee Card cost Delivery speed
Free
No fees
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
£200 free monthly
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
1.7% of amount drawn
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Withdrawals of £200/$200/€200 or more – free
smaller withdrawals – a charge of £1.50 per withdrawal

No transaction fees (if you spend in one of the 18 wallet currencies)
Free
Between 3-5 working days in the UK, or within 10 days if you live outside the UK

Compare up to 4 providers

Updated September 18th, 2019
Name Product Fees and charges Interest Savings goals
N26
Free
None
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create different spending goals and protect money from daily spending
None
No interest
Not a feature

Compare up to 4 providers

Updated September 18th, 2019
Name Product Direct debits UK ATM withdrawals Payments Freeze your card
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
£200 free monthly
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes - future Direct Debits shown as alerts
Free
Pay via bank transfer or using PayPal or Google Nearby
Yes: touch of a button in app
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£200 free monthly
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

FAQs

Back to top
Starling
Starling

What is it?

Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
N26
N26

What is it?

App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Revolut (Standard)

What is it?

App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Monese (Starter)
Monese (Starter)

What is it?

A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

8 Responses

  1. 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

  2. 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

  3. 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

  4. 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

Go to site