Tide business account review

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

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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 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

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.

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.
Tide
Tide
Account feeFree
FSCS protected
UK ATM charge£1
Account software integration
Accounts software integration platformsXero, QuickBooks, FreeAgent, ReckonOne, Kashflow and 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 benefitsFree spending abroad and at home in any currency, instant payment alerts, automatic categorisation
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

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 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.

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Compare Tide against it competitors

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
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)
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free spending abroad and at home in any currency, instant payment alerts, automatic categorisation
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
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
Cashplus business
£69
First year's annual fee refunded.
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First year's annual fee refunded.
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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

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