Tide business accounts can help a range of businesses manage their finances online, including freelancers, small businesses and companies scaling up their operations. Currently, Tide offers a business account with no monthly fee, as well as three paid options: Tide Smart, Tide Pro and Tide Cashback. These come with a variety of features, depending on your chosen plan.
Offering a potentially quick set-up and a range of features, Tide allows you to schedule payments, create and send invoices, and manage your expenses from your smartphone.
Tide Business Account – Free
Free
Free
20p
£50 Voucher when you open a Tide business bank account
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
NerdWallet's Review Summary
Tide offers a lot of variety in its business accounts, which include Free, Plus, Pro and Cashback options. Tide’s Free account gives customers access to accounting software integration, free invoicing a free company card and much more. In addition, its quick set-up times and well-reviewed app make Tide a potentially attractive option.
For more details, read NerdWallet’s Tide Business Account Review.
Tide Key features:
- Protected: Eligible deposits of up to £85,000 in new Tide accounts are protected by the Financial Services Compensation Scheme (FSCS).
- All-hours customer support: Tide customers can enjoy 24/7 access to customer services.
- Business lending: Tide offers business lending options, including a government-backed loan for start ups, as well as a business creditbuilder feature to help with future borrowing.
NerdWallet's Pros & Cons
Pros:
- A business account with no monthly fee is available.
- You can access your account digitally via an app on Android or iOs and on the Tide website.
- Tide offers bank accounts provided by ClearBank that are eligible for protection through the Financial Services Compensation Scheme (FSCS).
Cons:
- E-money accounts (for some existing customers) from Tide are not protected by FSCS, though Tide is in the process of moving Tide accounts from PPS e-money accounts to ClearBank FSCS-protected bank accounts.
- It is not currently possible to deposit cheques into a Tide account.
- Business partnerships and charities cannot open a Tide account.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- Free and paid accountsTide offers business accounts with and without a monthly fee, plus possible transaction fees.
- Access to business loansIf you are eligible, small business financing such as business loans is available through Tide.
- FCA regulation and FSCS protectionTide is a digital business account provider regulated by the Financial Conduct Authority (FCA). Tide bank accounts are provided by ClearBank and are protected by the Financial Services Compensation Scheme (FSCS) for eligible deposits up to £85,000.
- Account extrasAccount holders can create and send invoices for free.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
Tide business account full review
Tide was founded in 2015 and has been offering business banking since 2017. A digital fintech platform, it aims to make opening and managing a business account faster and more user-friendly compared to traditional banks, with its use of mobile technology.
Tide offers sole traders, freelancers and limited companies a range of business accounts, including a free account and more advanced paid accounts that allow businesses to upgrade as and when they need to. All accounts include one free expenses card and can hold up to five business accounts. They also offer accounting software integration, including QuickBooks, Sage and Xero, scheduled payments, free invoicing, and charge £1 for ATM withdrawals.
Free business bank account
Tide’s free business account has no monthly fee and offers expenses cards for £5 a month. Transfers in and out cost 20p each. It does not include access to any of the support services, exclusive member perks and other features offered by Tide’s paid accounts.
Smart business bank account
The Smart plan costs £12.49 + VAT each month, comes with 25 free transfers per month and includes one expense card. This account also offers priority support via its app, customer support over the phone, a 24/7 legal helpline, support with trademarking and disputes, and exclusive member perks.
Pro business bank account
The Pro plan has a monthly fee of £18.99 + VAT and offers all of the same features as the Smart account. It comes with unlimited free transfers plus two expense cards.
Cashback business bank account
The Tide Cashback account costs £49.99 + VAT per month. It includes unlimited free transfers plus three expense cards, a dedicated team of account managers and 0.5% cashback on purchases made with your Tide debit card.
Tide business account features: at a glance
| Free account | Smart account | |
|---|---|---|
| Monthly fee | £0 | £12.49 (+ VAT) |
| Transaction fees | 20p | 25 free transfers per month. Yes for 26-plus monthly transactions |
| Account management | Online or via the app | Online, via the app, over the phone |
| FSCS protection | Yes for Tide accounts provided by ClearBank | Yes for Tide accounts provided by ClearBank |
| Set-up time | Two days | Two days |
| Cash deposits | Yes (via Post Office and PayPoint) | Yes (via Post Office and PayPoint) |
| Cheque deposits | No | No |
| Access to other banking services | Yes | Yes |
| International payments | Yes (in EUR within the Single Euro Payments Area) | Yes (in EUR within the Single Euro Payments Area) |
| Customer service | App and online support Email support: [email protected] 24/7 support is available in cases of fraud, theft or lost cards. | App and online support Email support: [email protected] Phone support (available 9am to 6pm on weekdays not including bank holidays) 24/7 support is available in cases of fraud, theft or lost cards. |
| Multiple user access | No | No |
| Create and send invoices | Yes | Yes |
| Integration with accounting software tools | Yes (QuickBooks, Sage, Xero and more) | Yes (QuickBooks, Sage, Xero and more) |
Where Tide business account stands out
No monthly fees: Tide’s Free business account has no monthly fee.
Range of accounts: Tide offers four different accounts, so you can choose the level of account based on costs and the features that are right for your business.
Customer support: Paid accounts have access to a priority phone number as well as a 24/7 legal helpline.
FSCS protection: Tide’s business bank accounts, provided by ClearBank to new customers, are covered by the Financial Services Compensation Scheme (FSCS). It’s worth noting that if you’re a sole trader and have a personal, savings and business account with Tide, the £85,000 limit for FSCS protection will be the total you can claim across all your accounts.
Transactions: Tide’s Pro and Cashback accounts include unlimited free transactions.
Expense cards: Tide’s paid accounts include one or more free expense cards depending on which account you choose. This card can help control company spending and businesses can also set individual spending limits on the app.
Where Tide business account falls short
Existing e-money accounts not FSCS protected: If you are an existing customer with an e-money account, your funds will not be protected by FSCS. However, your money is safeguarded under the Electronic Money Regulations, which means that Tide needs to keep the money in your account separate from the funds it uses to run its business.
No branch access: Tide is a digital-only business banking provider. It has no high-street branches, so it might not suit your business if you would prefer to speak to someone face-to-face to manage your account.
Cheque deposits: Tide does not currently support cheque deposits.
Partnerships, charities and non-profits: Tide does not offer accounts to business partnerships, charities and non-profits.
Tide business account customer reviews
Tide has received generally positive reviews on different review sites.
- Trustpilot: 4 out of 5 rating, based on nearly 22,000 reviews
- Apple App Store: 4.8 out of 5 rating, based on over 72,100 reviews
- Google Play: 4.6 out of 5, based on over 20,000 reviews.
This information is correct as of 4 December 2024.
Tide business account eligibility
To be eligible to open a Tide business account, you must:
- be at least 18 years old
- have a valid UK phone number
- own an Apple or Android device
If you’re a sole trader or freelancer, you’ll need to prove you have a UK residential address. If you run a limited company, it must be registered with Companies House and you need to be a director to apply.
Tide currently will not open business accounts for charities or business partnerships.
There are also a number of industries that Tide does not support, including but not limited to:
- cryptocurrencies
- investments
- gambling
- weaponry
- adult entertainment
You can find out more information about prohibited industries on Tide’s website.
How to apply for a Tide business account
You can open a Tide business account online. When you apply, you’ll need to download the Tide app on your smartphone.
To apply for a Tide business account, you need to:
- Choose the right business account and apply via the app or the Tide website, though you will need to have your mobile phone to hand so you can verify your identity.
- Provide personal details, including name, address, and contact information, as well as information about your business, including the type of company, what it does and shareholder details.
- Scan and submit proof of ID, which can be from most European national IDs, including passports and driving licences, and it will ask you to send a picture of yourself to prove your identity.
- Wait for approval. Tide won’t conduct any hard credit checks when you apply to open an account. However, it will run checks on your identity that will appear on your credit file but won’t affect your credit score. If all goes to plan, Tide aims to help businesses open an account in minutes – though it may take longer if your business is more complex.
Review methodology
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Services offered by this provider may change over time. Always check Ts&Cs.