Tide Business Account Review: Discover if is a good fit for your company and business needs

The smart bank account for your business

Are you a business owner looking for a reliable banking solution? Look no further than Tide Business Banking! Tide is a bank tailored specifically for businesses, offering a range of account options and services that are designed to help your business thrive.

Whether you’re a freelancer, contractor, or small business owner, Tide Business Bank has got you covered. As a customer of Tide Business Banking, you’ll enjoy fast and easy account opening processes, competitive interest rates, and online banking tools that make managing your account a breeze. So if you’re ready to take the next step in growing your business, open a business account with Tide Business Banking today and see the difference for yourself!

What is Tide business banking?

Tide banking is an online-only banking platform that offers a wide range of banking solutions to small business owners. The platform is designed to provide a fast and convenient way for small business owners to manage their finances. Tide banking eliminates the need to visit a physical bank branch, as all banking activities can be performed online through the Tide mobile app.

Is Tide a legitimate bank?

Tide is not classified as a traditional bank, but rather a digital financial platform that provides a comprehensive range of business banking services to customers in the United Kingdom. The company is regulated by the Financial Conduct Authority (FCA) and offers both e-money accounts, which are provided by PrePay Solutions (PPS), as well as business bank accounts, which are provided by ClearBank. Tide’s unique approach allows its members to access a variety of financial products and services, streamlining their financial management and allowing them to save both time and money.

How does Tide business banking work?

Tide business banking works like any other online banking platform. Small business owners can open an account online by providing their business details and personal information. Once the account is open, users can perform various banking activities such as making payments, receiving payments, and managing their finances through the Tide mobile app.

Tide business account key features

Tide business account comes with several key features that make it stand out from its competitors. These features include:

  • Free account opening with no monthly fees
  • Fast and easy account setup process
  • Real-time account balances and transaction history
  • Ability to create and send invoices
  • Integration with accounting software such as Xero and QuickBooks and others
  • Free Tide Mastercard for business expenses
  • Ability to freeze and unfreeze your card if lost or stolen
  • 24/7 customer support via phone, email, and chat
  • Improve your credit business score
  • Opportunity to apply for business loans

Tide business account eligibility

To be eligible for a Tide business account, you must be a UK resident with a registered business in the UK. The account is ideal for small business owners (Limited Company), freelancers, and sole traders who want a fast and convenient way to manage their finances.

What about Tide Business Account for content creators (YouTubers)?

Tide business account is an excellent option for content creators such as YouTubers who require a fast and convenient way to manage their finances. The account offers features such as real-time balances and transaction history, invoicing, and integration with accounting software, which are ideal for content creators who need to manage their income and expenses.

Requirements for opening a Tide business account

To open a Tide business account, you will need to provide the following information:

Business name and registration number
Business address and contact details
Personal details of the account holder
Photo ID such as a passport or driving license.
The smart bank account for your business

How to apply for a Tide business account

To apply for a Tide business account, you can visit the Tide website or download the Tide mobile app. The account opening process is quick and easy and can be completed online within minutes.

How much does a Tide business account cost?

Tide business account is free to open, and there are no monthly fees. However, there are charges for certain services such as international payments, cash withdrawals, and card replacement.

Tide Business Account Plans

Free Account Plan
Tide’s Free account plan is ideal for small businesses that are just starting out. With no monthly fees, you can enjoy the following benefits:

  • Business current account: Get a UK business current account with no monthly fees.
  • Contactless Mastercard: Receive a contactless Mastercard for your transactions.
  • Tide mobile app: Access your account and manage your finances on the go.
  • Invoicing and payment scheduling: Create and issue invoices and schedule payments to your suppliers.
  • Low fees: Pay low fees for ATM withdrawals, money transfers, and payments.

Plus Account Plan
For businesses that need more features, Tide’s Plus account plan is a great option. For a monthly fee of £9.99, you can enjoy the following benefits:

  • 20 free bank transfers per month: Send and receive up to 20 bank transfers per month for free
  • 1 free expenses card: Get a free expenses card to help manage your business expenses.
  • Exclusive perks: Access exclusive offers and discounts from Tide’s partners.
  • Priority support: Get priority support from Tide’s customer service team.

Pro Account Plan
Tide’s Pro account plan is designed for businesses that need unlimited transfers and additional support. For a monthly fee of £49, you can enjoy the following benefits:

  • Unlimited free transfers: Send and receive unlimited bank transfers for free.
  • 2 free expenses cards: Get up to 2 free expenses cards to help you manage your business expenses.
  • Trademark support: Get support with trademark filing and disputes.
  • Priority support: Get priority support from Tide’s customer service team.

CashBak Account Plan
Tide’s CashBak account plan is ideal for businesses that spend a lot on business expenses and want to earn cashback rewards. For a monthly fee of £49, you can enjoy the following benefits:

  • 3 free expenses cards: Get up to 3 free expenses cards to help you manage your business expenses.
  • 150 free transfers in and out: Send and receive up to 150 bank transfers per month for free.
  • 0.5% cashback: Earn 0.5% cashback on purchases made with selected retailers.
  • Priority support: Get priority support from Tide’s customer service team.

Tide Accounting software integration 

Tide offers integration with various accounting software to make accounting administration easier for business owners. Tide’s accounting integrations allow for automatic feed of transactions to accounting software, reducing the need for manual uploads. Tide integrates with popular accounting software such as Xero, Sage, QuickBooks, FreeAgent, Coconut, KashFlow, Crunch, and others.

Tide’s accounting integrations also allow for automatic push payments to accounting software every 24 hours, making it easier for business owners to manage their finances. Tide’s accounting integrations are easy to set up and authorize, making it a hassle-free process for business owners

Tide Business Account Credit Builder

Tide Business Account Credit Builder is designed to help small businesses grow their creditworthiness and open up options for future business funding. It works by reporting monthly loan repayments to Credit Reference Agencies, helping businesses demonstrate their lending potential.

To use Credit Builder, businesses need to open a free business bank account with Tide and make 12 monthly payments (principal + interest). Tide holds the principal payments in a sub-account and unlocks it after 12 months, so businesses can withdraw the principal paid minus the interest.

Credit Builder costs £240 in total, with an interest rate of 24% fixed. Tide reports the payments to Experian to help grow the business credit score. There are no hidden fees, penalties, late or early repayment fees, and businesses can cancel Credit Builder anytime during the 12 months. If they cancel, Tide refunds the principal paid and keeps the interest up to the cancellation date.

To be eligible for Credit Builder, businesses must be limited companies that have been incorporated for less than 2 years and have had no CCJ raised against them in the last 6 years.

Can I use a Tide debit card when traveling abroad?

Yes, you can use your Tide Mastercard debit card when traveling abroad. However, there is a charge for foreign currency transactions and cash withdrawals.

Tide business account Pros & Cons

Positives

Free account opening with no monthly fees
Fast and easy account setup process
Real-time account balances and transaction history
Integration with accounting software
1 Free Tide Mastercard for business expenses
Negatives

Charges for certain services such as transfer, cash withdrawals and Cash deposits
Limited banking services for large businesses.
The smart bank account for your business
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Christian M
Christian M

Meet Christian - he's a digital entrepreneur with a passion for finance, personal growth, and marketing. He likes discovering new cutting-edge financial products that can help to improve people's lives.