Tide Business Account Review

In today's fast-paced world, the fintech industry has been a game-changer for small and medium-sized businesses. Online banking alternatives, like business financial platforms, empower entrepreneurs with greater control and flexibility over their finances – paving the way for their businesses to thrive.

Tide is one such platform that offers a plethora of features tailored to help business owners manage their funds effectively. From hassle-free invoicing to seamless payments, Tide’s business account serves as an all-in-one solution designed for entrepreneurs eager to take charge of their finances.

If you're a UK entrepreneur or CEO contemplating whether Tide suits your needs, read on as we dive deep into an extensive review of this versatile account. We'll cover its features, pros and cons – so you can make an informed decision. Keep reading to find out how Tide is purpose-built to help your business flourish.

Pros

• Effortless opening and management. Setting up a Tide business account is quick – taking just minutes – and can be done entirely online. Users can conveniently manage their accounts through the Tide mobile app or website.
• No account holding fees: Business owners aren't required to pay any fees to maintain an account with Tide, nor do they need to worry about minimum balance requirements.
• Multiple accounts: With Tide, users have the flexibility to open several accounts and manage them all from one platform.
• Automated invoicing: Sending invoices becomes hassle-free as customers can create and dispatch them directly from the Tide app
• Legal assistance: Tide offers round-the-clock legal support in addition to help with trademark filing and disputes.
• Company registration: Tide will help you register your company as well as open a business account

Cons

• Money handling fees: Although there are no account holding fees, users may incur money handling charges for certain transactions.
• Tiered customer service: Base-tier customers only have access to in-app customer service; higher tiers receive priority both in-app and over phone calls - which means base-tier account holders might not get prompt responses.
• No cheques: Unlike conventional banks, currently, Tide doesn't offer cheques as a deposit method.

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Tide is a versatile business financial platform crafted to cater businesses of all sizes, offering e-money and business bank accounts for ultimate customer convenience.

Initially known as Starfish Platform, Tide was established in 2015 by George Bevis. Today, it stands among the UK's leading fintech companies, offering a comprehensive suite of services that simplify financial management for business owners.

Calling itself the "leading provider of digital business banking services in the UK," Tide partners with ClearBank and PrePay Solutions (PPS) to deliver its financial services.

At its core, Tide's mission revolves around helping customers "get back to doing what they love" by taking care of the technical and financial aspects of their businesses.

Tide Business Account

The Tide Account offers a range of features designed to make it easier for entrepreneurs and small business owners to manage their financial transactions.

Customers can open an account online in just minutes, with no deposit or withdrawal fees, no minimum balance requirements, and the ability to manage multiple accounts under one platform. The app also provides automated invoicing, legal assistance, and more for its Pro account holders.

If you're considering a Tide business account, there are specific eligibility criteria to keep in mind. The basic accounts (and their higher tiers) cater to any UK resident who is 18 or older, involved with a business, and has a valid UK residential address.

While Tide primarily serves UK-based businesses, exceptions do exist for companies not located in the country. If you possess European identification documents and your company is registered with the UK Companies House, you might be eligible for a Tide business account.

There are also additional requirements based on your status within the represented company.

Eligibility criteria depend on your business type, so here are the most common criteria for various businesses to get approved with Tide:

Sole traders

Self-employed individuals such as freelancers, consultants and contractors will find Tide's services incredibly valuable. To qualify as sole traders, they need to be registered with the UK tax authority (HMRC).

Limited companies

UK-registered limited companies can open an account with Tide by providing documentation like company registration papers, accounts filings and director's information (only directors may open an account).

However, certain organisations/industries are ineligible for opening an account at Tide – including but not limited to:

• Community interest companies (CICs) and charitable incorporated organisations (CIOs)

• Cryptocurrency traders

• Traders/proprietors of illegal substances, weapons, and gambling activities

• Financial services

What details do you need to open a business account with Tide?

Getting started with a Tide business account is simple, but be prepared to provide some essential details:

• Name and date of birth

• UK address

• A valid photo ID (e.g., driving license, passport, European National ID card)

• Business registration documents (if applicable)

• Company accounts filings (if applicable)

• Director's information (only directors can open an account)

You might also need to supply bank and tax information to access all of Tide's services.

Will Tide do a credit check?

Good news: opening a business account with Tide doesn't involve any credit checks. However, they perform certain checks for identity verification and ensure compliance with their policies. Don't worry – these electronic checks won't impact your credit score but will show up on your credit report.

How long does it take to open an account?

Tide prides itself on making the process quick and easy. In fact:

• 53% of customers opened their accounts in under 10 minutes

• 70% got set up within an hour

• 81% were ready to go within two days

While there could be special cases depending on how you're applying, expect the process to be swift overall.

Taken together, Tide has an average rating of 4.5/5 across 4 review platforms and 100,800 reviews.

Despite its short existence, Tide has been recognised for its innovative products and services. In 2022, the BVA-BDRC's Business Banking Service Quality survey found that Tide was one of the top-performing banking services in the UK. Tide consistently placed in the Top 4 for:

• Overall service quality

• Online and mobile banking services

• Relationship/account management

Tide has also been recognised by the World Future Awards, specifically being honoured for "Transforming the Business Banking Market."

The Tide business account and its accompanying app come packed with features designed to meet the diverse needs of entrepreneurs.

Base benefits (across all tiers)

Tide business account features

• Low fees: Low charges for depositing, withdrawing, and transferring funds.

• Multiple accounts: Users can open up to five business accounts international transactions and invoicing needs.

• Direct Debit: Collect direct debits quickly and securely with one click, saving time for both account holders and their customers.

• Scheduled payments: Set up direct debits and payments to be sent out automatically.

• Card payments: Accept card payments from customers in store, online or on the go with a Tide Mastercard.

Tide app features

• Automated invoicing: Create, send, and track invoices on the go.

• Integrated payments: Accept credit/debit card payments directly through the app.

• Streamlined expenses tracking: Keep track of expenses with ease, allowing customers to stay organised and in control of their finances.

• Account analytics & insights: View charts and graphs that provide detailed information about their financial transactions in real-time.

• In-app customer service: Get help with any issues or questions via the in-app customer service team.

For users seeking enhanced support, unlimited transfers or other exclusive perks, Tide offers Plus (£9.99p/m), Pro (£18.99p/m), and Cashback (£49.99p/m) plans that include additional benefits such as:

• A dedicated team of account managers

• Support with trademark filing and disputes

• 0.5% cashback with the Tide card

• 24/7 legal helpline and phone support

With seamless integration into various third-party applications; managing financial transactions has never been easier. Currently supported services include:

Quickbooks

Business owners can integrate their Tide business account with QuickBooks and automatically sync data, allowing them to manage all of their finances in one place.

Xero

This integration allows users to connect their Tide account to their Xero dashboard and easily import invoices, payments, and expenses.

Sage

Sage's integration with Tide allows customers to sync the two accounts and control their business' funds from one dashboard.

Tide also supports:

• FreeAgent

• Coconut

• Kashflow

• Crunch

• Reckon

Tide doesn’t charge any fees for opening an account, and there are no minimum balance requirements. Customers may be charged a fee for certain transactions and services.

As a UK-based financial platform, Tide is regulated by the Financial Conduct Authority (FCA) and adheres to its stringent guidelines. While Tide Business Accounts are provided through ClearBank, they benefit from ClearBank's robust safety measures:

• FSCS: Rest assured that customer funds are held at a partner bank with FSCS protection, offering complete coverage of up to £85,000 per account. Tide boasts 128-bit encryption security for all transfers and payments made on its platform.

• 2FA: To safeguard against unauthorised access, Tide employs two-factor authentication (2FA). Upon setting up an account, business owners need to establish a unique passcode and security questions.

• ISO 27001 certified: With ISO 27001 certification under its belt, Tide meets the highest standards of information security. Regular audits ensure customer data remains secure within the system and team at all times.

• Safe limits: To combat fraud and money laundering effectively, Tide implements safe spending limits. Customers may be asked for additional documentation if certain thresholds are reached.

Moreover, an in-house fraud team – accessible via phone or in-app – vigilantly protects customers from potential scams and fraudulent activity.

How is Tide regulated?

Tide operates under the watchful eye of the Financial Conduct Authority (FCA) in the UK. As a result, they must follow strict rules and regulations to ensure their services are safe, secure, and compliant with all relevant laws. This means you can trust Tide to protect your interests by implementing measures like fraud prevention and keeping customer data private.

Read more about Tide's safety and security measures on their website.

When it comes to customer support for business account holders, Tide takes an unconventional approach. Higher-tier accounts enjoy easier or multiple ways of accessing Tide's virtual help desk:

• The Base tier (free) offers customer service through the Tide app.

• Plus and Pro accounts receive priority in-app support as well as phone assistance.

• Cashback account holders have access to both methods plus a dedicated account manager who will help with any issues or questions.

Additionally, there's a customer service email available for all tiers along with an extensive FAQ page on their website:

• In-app: Customer Service tab (all tiers; priority for higher ones)

• Phone number: Request info via app or email (higher tiers only)

Email: [email protected] (all tiers)

Though Tide business accounts don't provide overdrafts, they do cater to small business owners by offering various loan options. To be considered for a Tide business loan, customers must have an existing account and provide essential details about their enterprise along with bank statements from the past year. Some of the loans offered include:

• Start Up Loans

• Business Cash Advance

• Invoice Finance

• Other Partner Products

When it comes to international payments, Tide's offerings may seem limited as they no longer provide International Currency Accounts. For now, new members cannot make international money transfers – all transactions must be in GBP and sent to a UK-based bank account.

Bulk payments

Bulk payments are not supported at this time.

Tide currently does not support cheques but plans on integrating this feature soon. On the other hand, cash deposits are accepted either via Post Office or PayPoint locations.

For Post Office deposits up to £500, there's a £2.50 fee; anything over that amount incurs a 0.5% charge on the total deposit value. When using PayPoint for cash deposits, expect a 3% transaction fee on the overall deposit amount.

If you're searching for a business account that offers international transfers, overdrafts, cheque capabilities, or other services not supported by Tide, it might be worth exploring these alternative banking options:

Wise business account

Wise is a versatile business banking platform packed with features to help you manage your finances effortlessly. Like Tide, Wise doesn't mandate minimum balance requirements nor charge account holding fees. It grants users access to international transfers and payments and supports bulk payments. The app also comes with automated invoicing and expense-tracking functionalities.

Why it's worth considering: With services in over 150+ countries and compatibility with 40+ currencies, Wise surpasses Tide when it comes to global banking capabilities.

Read our Wise Business review.

Starling Bank Business Account

Starling Bank is another fintech-powered business banking platform offering an array of features designed to simplify financial management for users. Starling enables customers to make international payments and transfers while providing cheque support and bulk payment options. Additionally, they offer an automated invoicing service coupled with round-the-clock customer assistance.

Why it's worth considering: Starling Bank's 24/7 customer support and cheque handling make it an excellent choice for those needing immediate help or unable to rely on digital transactions alone.

In summary, the Tide Business Account stands as a fantastic option for small-to-medium-sized entrepreneurs aiming to streamline their finances without the fuss of traditional banks.

With zero deposit or withdrawal charges, no mandatory monthly fees or minimum balance obligations – along with automated invoicing abilities, legal aid resources, plus multi-account management under one roof – Tide delivers a comprehensive solution tailored specifically for entrepreneurs taking charge of their financial affairs.

Moreover, its extensive integrations with leading fintech solutions like Quickbooks, Xero & Sage ensure seamless organisation and control over finances.

Tide's most significant drawbacks revolve around limited global capabilities; currently lacking international transfers/payments support cheques and bulk payments. However, they are collaborating with ClearBank to incorporate these features soon.

UK-focused businesses may find the Tide Business Account's vast offerings outweigh these limitations.

All in all, Tide is an excellent choice for entrepreneurs seeking a user-friendly financial platform, which combines the flexibility and convenience of online banking without traditional banks' complexities.

Check out our other reviews

Researching all the options available to you as a business person is vital to making the right decision. Our expert team has written in-depth reviews of various business accounts and platforms - check them out below:

• Revolut Business Account Review
• Airwallex Business Account Review
• GoCardless Review
• Soldo Platform Review
• Wise Business Account Review
• Starling Business Account Review
• Cashplus Business Account Review