Tide Business Bank Account review
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
20th September 2021
5 minute read
Established in 2015, Tide is a bank designed for small and medium-sized businesses to manage their money on-the-go via their smartphone app. Check out the balance of your business bank account, create invoices and tag expenditures with labels to manage your accounts effectively.
They stand out amongst their peers for offering a free business bank account with minimal charges for transfers and also offering business loans straight from the app for those looking to grow or expand their fledgling business.
We’ve put together a detailed review of Tide to help you decide whether they offer the right features for you as a start up business owner, sole trader, freelancer or otherwise.
If you’re looking for an alternative to established business bank accounts and would like a trustworthy and feature-packed challenger, Tide is the bank for you. Seamless integration with existing accounting software and the ability to access and manage your account from your smartphone makes them a strong rival to established competitors
Money Guru Rating: 4.7/5
- Pros and cons
- Eligibility criteria
- App features
- Spending abroad
- Fees and charges
Pros and Cons
Offers app-based business bank account
No monthly or annual fees
Create invoices from the app
Access your account online
Accounting software integration
Auto categories to keep finances organised
Multiple accounts to isolate certain expenses
Free Transfers between Tide accounts
Free replacement cards
Transfers between accounts cost £0.20
Cash withdrawals cost £1
Cash deposits cost £1 at the Post Office
Cash deposits have a 3% fee at PayPoints
Whilst many traditional business bank accounts will have a monthly fee as standard, Tide is a little different. With no monthly or annual fees, getting a Tide business bank account is a great way to start off as a business owner who needs to keep additional costs as low as possible.
Since Tide is app-based, you won’t have the option of going into a branch, but you will still be able to access everything through your smartphone, tablet or computer. With innovative features such as accounting software integration and invoice creation, you can easily track your expenses on-the-go, which is ideal for a small business looking to grow.
- Business Bank Account – the standard business bank account from Tide does not require a monthly fee, but does have fees for things like transfers. It will also integrate with accounting software allowing you to export your accounts when required
- Tide Plus – this premium option comes with 20 free bank transfers and 20p thereafter, along with access to dedicated phone and legal support, all for £11.99 per month
- Tide Premium – this option will allow you to make 150 free bank transfers and a credit line of £1000 as standard. However, it will cost £49.99 (plus VAT) per month and you will have to be invited by Tide
- Business Loans – you can also apply for business loans within the app as Tide have partnered with iwoca. You can borrow up to £150,000, depending on the information you provide
- Aged 18 or above
- Have a valid UK phone number and address
- Have a compatible smart device to download the app
- UK Companies House information or be a sole trader based in the UK
Download the Tide app to have instant access to your business bank account balance, monitoring expenditure and making transfers without having to visit a fixed branch. Use existing security features on your device to keep your account locked and freeze and unfreeze your card at the touch of a button.
Create and pay invoices is perfect for freelancers and business owners with regular customers such as hairdressers, marketing consultants and tradespeople. You can create and pay invoices straight from the app, meaning that you can cut down the admin and concentrate on your business.
Tag expenses allows you to quickly label expenses and categorise them for future reference. This is ideal for keeping your account organised and ensuring you can keep on top of overheads on a monthly basis.
Access your account using your desktop to get a broader view of your business account, allowing you to export your account history or check your expenditures in much more detail.
Accounting integration means that whether you use Xero, Sage or anything in between, you can integrate your existing accounting software to ensure you can keep track of your long-term financial history.
Your Tide business account is secured using a standard username and password, though it will also link with smartphone-specific security features such as Face ID or Touch ID. If you have technical issues with your smart-device you can also access it through your web browser on a computer instead.
Freeze and unfreeze your card on the go if you have lost it, or simply want to keep your account safe while you aren’t using it. Wanting to spend but can’t remember the PIN? Get a card PIN reminder through the app on your smartphone to jog your memory. If your card has been lost or stolen and you have frozen the account, you can also reorder a lost card for free via the app.
You do have the ability to spend abroad using your card, and you can do so without worrying about non-sterling transaction fees, since it is a Mastercard.
Whilst you can spend abroad on the card without incurring transation fees, if you decide to withdraw cash from an ATM you will usually have to pay a £1 fee for doing so. Make sure that you always choose to be charged in the local currency when spending on your card, as this can help you avoid conversion fees that are set by the retailer.
Fees and charges
The account is completely free, unlike many other business bank accounts that require a monthly or annual subscription fee to use your account. However, there are several fees that apply during transfers and when dealing with cash that you should be aware of.
Standard bank transfers will cost you 20 pence every time it is completed, whilst cash withdrawals or deposits through the Post Office will cost you £1. Cash deposits through Paypoint, on the other hand, will cost you 3% of the total value.
If you require additional support, there are plenty of questions answered on the Tide website that will cover everything from looking after your account to applicable fees.
You can also contact the member support team by sending them a message on the Tide app, or through email. If you leave your contact number, the team will also call you back to talk through any issues you might have experienced.
Summary - 4.7/5
If you’re looking for an alternative to established business bank accounts and would like a trustworthy and feature-packed challenger, Tide is the bank for you.
Seamless integration with existing accounting software and the ability to access and manage your account from your smartphone makes them a strong rival to established competitors. You could even say that their focus on business banking and business loans means that they have more time to focus on you as a customer.
Since the standard account is free and cheap to run in terms of transfer fees, it’s ideal for small businesses or sole traders looking to grow quickly. There are also premium options for businesses looking to scale-up in the near future.
Do you like the sound of signing up to Tide business banking? Head over to our business account tables using the button below to apply.