Tide Business Account Review

Tide is one of the business banking providers that has emerged over the past few years as a “challenge” to the more established high-street banks. Instead of physical branches and in-person banking services, Tide focuses on creating a user-friendly digital experience for its business customers online and through its app.

The tools and services that come with a Tide account can help sole traders and a range of businesses to manage their finances. There are several accounts to choose from with varying features and pricing structures, so you can select the one that best matches your business requirements. Find out more about the features of the different plans offered by Tide, and see how they compare to other business banking providers.

Pros and cons of Tide

Pros of Tide business banking

• quick set-up
• no monthly fee if you choose the basic, free account
• can categorise spending, make payments and send invoices
• able to upgrade to paid accounts as your business grows
• integrates with many major accounting software programmes
• FCA regulated and has FSCS protection (if your account is provided through ClearBank)

Cons of Tide business banking

• no physical branches, so no in-person support
• need to pay fees for ATM withdrawals and cash deposits, and to make and receive payments if you have Tide’s free account
• not able to accept cheques
• no overdraft facility
• not currently transferring money to non-UK accounts (with some exceptions)

What features does Tide offer customers?

A Tide business account comes with many services and features. Some are essential components of a business bank account, while others are additional features that can make it easier for businesses to manage their finances.

The main features of a Tide business account include:

• Tide business Mastercard, which you can use in the UK and abroad.
• Up to 50 expense cards for other members of your business.
• Ability to set spending limits on each card.
• Use the Tide app to freeze, unfreeze and cancel cards, and order free replacements.
• Make and receive payments (to and from UK accounts) and schedule payments.
• Set up standing orders and direct debits.
• Label and categorise your income and expenditure.
• Upload receipts and match them to transactions.
• Create and send invoices, which you can customise with your logo and a personal message.
• Download and export account statements.
• Withdraw cash from ATMs.
• Deposit cash through the Post Office (for a fee) or at a PayPoint (for a fee worth 3% of your deposit). There are limits on how much you can deposit.
• Integrate with accounting software platforms, such as Sage, Xero, FreeAgent, ClearBooks, QuickBooks and Crunch.
• Each registered business can open up to four business accounts.
• A range of perks, such as a free business phone number and discounts on various sites and services.

If you have a paid account, you’ll have access to more features such as:

• 24/7 legal helpline.
• Phone support (9am to 6pm on working days) and priority support through the app.
• A dedicated account manager. Cashback account only.
• 0.5% cashback when you use your Tide card on eligible transactions or purchases. Cashback account only.

As well as its business banking services, Tide can register your business as a limited company for free on Companies House. Tide will pay the £12 registration fee, which you would normally need to pay, and you should receive the certificate of incorporation within a few hours. You can register your business and open a Tide business account at the same time.

How does Tide compare to other digital banks?

The table below compares the free business accounts offered by Tide and other digital banking platforms.

Source: NerdWallet, November 2022

» COMPARE: Free business bank accounts

What do Tide customer reviews say?

Tide has received many positive reviews on different review sites. Tide has a 4.4 star rating on Trustpilot, based on over 14,000 reviews, with 72% marking it as ‘5-star’.

It also has a 4.8 star rating on the Apple Store, based on over 63,600 reviews, and a 3.5 star rating on Google Play based on over 15,100 reviews.

This information was correct as of 2 December 2022.

Conclusion

Overall, Tide can be a handy way for businesses to manage their bank accounts online. It offers a quick set-up and a range of features, which allow you to make payments, send invoices, and check your expenses from your smartphone.

If you like the idea of running your business finances online and through an app, then Tide may be a platform to consider. If, however, you prefer to do some of your banking in-person, then Tide won’t be the best option as it is fully digital.

Tide’s free account offers a good range of features and integrations, which might be appealing for new businesses that don’t want to commit to paying a monthly fee for a bank account. You would need to pay fees for certain functions, but these are relatively small.

However, you should consider your business operations and how you use your account, such as how much cash you deal with and how many transactions you typically make, as the fees for different functions can quickly add up.

Tide Business Accounts FAQs

Services offered by this provider may change over time. Always check Ts&Cs.