Tide Business Account Review 2024

Tide offers a range of business banking solutions for small and medium-sized businesses, including several business current accounts. 

While all Tide business accounts give you access to the essential banking features, there are some key differences that you need to be aware of before applying.

In this Tide business account review, I will compare all four accounts to give you the tools to decide the best option for your business.

So, let’s get started…

£150 when you sign up with Tide – Ends 31/1/2025

Tide Free Business Account

Monthly Fee

£0

Bank Transfers

20p

Card Purchases

£0

Overdraft

No

FSCS Protection

Yes

Our Rating

Access your account online or via Tide’s app

Open Account

On Tide’s Website

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Pros & Cons

Pros

• Transparent pricing
• Can easily upgrade your Tide account to access more features as your business grows.
• Various features such as invoicing, payment scheduling, payment links and direct debit management.
• Seamlessly connects to popular accounting software like Xero, Sage, FreeAgent, and QuickBooks
• Opening a Tide account is quick and straightforward, with most applications approved in minutes.
• The mobile app provides a user-friendly interface
• Additional business tools like a card reader and payment solutions

Cons

• Telephone support only available for Plus, Pro and Cashback Account holders on working days
• Can’t deposit cheques
• Depositing cash incurs fees through PayPoint or the Post Office
• Reliance on mobile app-based management

Eligibility Criteria

– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.

*Thanks to our partnership with Tide and to get your business off to the best start this year, Tide will give you £150 cashback when you open a business account via the link above! To qualify, all they require is for you to deposit £50 into your new account with them within the first 30 days of opening. This deal ends on 31/1/2025.

Tide Business Accounts at a Glance

Feature	Free	Plus	Pro	Cashback
Monthly cost	Free	£9.99 + VAT	£18.99 + VAT	£49.99 + VAT
Tide business card	Free	Free	Free	Free
Expense cards for staff	£5 / month	1 x free card inc.	2 x free cards inc.	3 free cards inc.
Transfers in and out	20p / transfer	20 / month free  (then 20p/transfer)	Unlimited	Unlimited
ATM withdrawals	£1	£1	£1	£1
Cashback	✖	✖	✖	0.5% (when using your business card)
Cash deposits	✔	✔	✔	✔
Cheque deposits	✖	✖	✖	✖
Read access for staff members	✔	✔	✔	✔
Scheduled payments	✔	✔	✔	✔
Accounting integrations	✔	✔	✔	✔
Hold up to 5 business accounts	✔	✔	✔	✔
Create and send invoices	✔	✔	✔	✔
Priority in-app support	✖	✔	✔	✔
Phone support	✖	✔	✔	✔
24/7 legal helpline	✖	✔	✔	✔
Exclusive member perks	✖	✔	✔	✔
Support with trademark filing/disputes	✖	✔	✔	✔
A dedicated team of account managers	✖	✖	✖	✔
	Get FREE	Get PLUS	Get PRO	Get CASHBACK

Who is Tide?

Founded in 2016, Tide is a leading UK business financial platform, with more than 500,000 limited companies, sole traders and freelancers, and over 10% of UK SMEs using its services as of 2023. 

Although Tide isn’t a bank, it provides a range of business bank accounts through its partnership with ClearBank, offering a convenient and flexible solution for small and medium-sized enterprises (SMEs).

In addition to its business accounts, Tide offers other complementary services, including a business savings account, business loans, a card reader and payment solutions.

Who Should Open a Tide Business Account? 

Tide business accounts may be best suited to the following types of businesses:

• Prefer digital banking: Tide is managed online, so users should be comfortable with digital banking. 
• Small businesses: Tide’s Free Business Account is perfect for smaller businesses. It offers essential finance features without monthly fees.
• Freelancers and sole traders: Tide’s Business Account provides invoicing tools, payment links, and direct debit management, ideal for freelancers and sole traders.
• Growing businesses: With seamless account upgrades to Tide Plus, Pro, or Cashback accounts, growing businesses can access enhanced features and benefits as they scale, ensuring flexibility and support aligned with their expanding requirements.
• Card-only businesses: You can deposit cash at the Post Office or PayPoint locations, but these services are subject to limits and additional fees. 

Tide business accounts may be less suited to the following types of businesses:

• Large enterprises: Tide’s offerings may not fully meet the complex financial needs of large enterprises with extensive transaction volumes and specialised requirements.
• Businesses requiring extensive customer support: While Tide offers various support channels, businesses heavily reliant on extensive customer support, particularly via telephone, may find the options too limited.
• Businesses with high monthly transaction volumes: Tide’s Free Account limitations on transfers may not be suitable for companies with high monthly transaction volumes, as they incur a £0.20 fee per transfer in and out of your account.
• Businesses that accept cheques: As of May 2024, you can’t deposit cheques into your Tide business account.

Tide Business Account Features

Tide offers four business account tiers: Free, Plus, Pro, and Cashback, each designed to cater to the needs of freelancers, sole traders, and SMEs. Below, we outline the shared features available across all accounts, followed by the differences in features between tiers.

Account-Specific Features Comparison

Feature	Free Account	Plus Account	Pro Account	Cashback Account
Expense Cards	Available (£5/card)	1 free card, more at £5	2 free cards, more at £5	3 free cards, more at £5
Legal Helpline	Not included	24/7 access	24/7 access	24/7 access
Priority Support	Not included	Included	Included	Included
Dedicated Account Manager	Not included	Not included	Not included	Included
Cashback Rewards	Not included	Not included	Not included	0.5% cashback on spending
Trademark and Legal Support	Not included	Included	Enhanced	Enhanced

Shared Features Across All Accounts

No matter which account you choose, Tide equips you with powerful tools to make running your business easier:

• Tide Business Mastercard: Every account comes with a Mastercard for online, in-store, and international transactions. You can link it to Google Pay or Apple Pay for seamless digital payments.

• Invoicing Tools: Tide’s invoicing feature lets you create, send, and track professional invoices with automated reminders for late payments. It’s a simple way to keep your cash flow on track.
  Did you know? 35% of Tide users actively use this tool to improve payment collection and avoid delays.

• Expense Cards: If you have a team, you’ll love Tide’s Expense Cards. You can assign cards to team members, set individual spending limits, and monitor their transactions in real time, all from your app.

• Direct Debit and Scheduled Payments: Whether it’s paying suppliers or setting up payroll, Tide helps you automate recurring payments. Set them up once, and Tide will handle the rest.

• Cashflow Insights: Running a business means planning for the future. Tide’s Cashflow Insights tool analyses your spending patterns and predicts future cash flow, so you can make informed decisions before issues arise.
  Stat check: 35% of members use this feature to help reduce insolvency risks by 15%.

• Accounting Integrations: Tide integrates seamlessly with major accounting platforms like QuickBooks, Xero, Sage, and FreeAgent. This integration syncs your transactions automatically, reducing manual data entry and minimising errors.
  Stat Check: 40% of Tide users save significant time on bookkeeping thanks to these integrations.

• GoCardless Integration: For businesses that rely on direct debits, Tide integrates with GoCardless, making it easier to collect recurring payments from your customers. This integration ensures timely payments and reduces manual chasing of overdue invoices.

• PayPal Integration: With PayPal integration, businesses can accept payments directly from PayPal accounts, ideal for international customers or those who prefer using PayPal for online transactions.

• Invoice Protection: Worried about unpaid invoices? Tide offers optional insurance to protect your business against customer defaults.
  Stat check: In 2023, 60% of claims were successfully processed, giving businesses peace of mind.

• Multi-Business Management: Have more than one business? Tide lets you manage up to five accounts under one login, keeping everything in one place.

• Payment Links: Make it easier for customers to pay you with shareable payment links.

• Card Reader: Accept in-person payments with Tide’s easy-to-use card reader, perfect for retail or service-based businesses.

Business Tools and Additional Services

Tide isn’t just about business banking—it offers a range of tools and services designed to make managing your business easier and help you grow. Here’s a closer look at what Tide has to offer beyond basic banking:

Company Registration

Setting up your business couldn’t be easier with Tide. For just £14.99, you get full support with the registration process, including VAT and PAYE registration and help with the necessary paperwork.

Did you know? Over 500,000 businesses have been registered through Tide, saving an average of £85 on setup costs. This service is perfect for new entrepreneurs who want a simple, affordable way to get their business off the ground.

Business Loans

Tide offers quick and easy access to business loans with no collateral required. These loans are perfect for businesses looking for funding to grow or manage cash flow, and with soft credit checks, they won’t affect your credit score.

Stats to note: Tide has provided over £100 million in loans, with an 85% approval rate. This makes it a solid option for businesses that need flexible financing but don’t have the assets for traditional loans.

Tide Instant Saver Account

Tide also offers a business savings account, the Tide Instant Saver Account, which is highly popular for its attractive interest rates on deposited cash:

• 4.07% AER (variable) interest on balances up to £75,000, calculated daily and paid monthly.

• Instant access to funds with no penalties, ensuring liquidity for your business needs.

• Free transfers between your Tide business current account and savings account.

Did You Know? 30% of Tide members actively use the Tide Instant Saver, with deposits growing by roughly 25% annually.

This account is ideal for businesses looking to earn on their reserves without sacrificing flexibility.

New customers who join Tide from 1/10/2024 will receive a 0.75% boost on top of the standard interest rate until 31/3/2025, increasing their rate to 4.07%. You will also get £100 cashback, making a Tide Savings Account an attractive option.

For more detailed information, please refer to my comprehensive review of the Tide Instant Saver Account.

Member Perks and Benefits

When you upgrade to a Plus, Pro, or Cashback account with Tide, you unlock a range of exclusive perks designed to help your business save time, money, and resources. Here’s a look at the added benefits:

• Exclusive Discounts: As a Plus, Pro, or Cashback account holder, you’ll enjoy discounts on several services that can help streamline your business operations:
  1. RAC Roadside Assistance: Get 10% off RAC breakdown cover, keeping your vehicles running smoothly.
  2. The Big Yellow Self Storage: Save 10% on storage solutions—ideal for businesses that need extra space for inventory or equipment.
  3. Gophr Delivery Services: Save 10% on delivery services, making logistics more affordable and efficient.

• Priority Support: Need help? Plus, Pro and Cashback account holders get priority in-app support. This means faster response times when you have a question or issue. If you’re on a Pro or Cashback account, you also get access to phone support during business hours, so you can speak directly to a Tide expert when you need it most.

• Legal and Trademark Support: Running a business often means dealing with legal issues, and that’s where Tide has you covered. Plus and above, account holders can access 24/7 legal support, providing advice on various business matters, including contracts, intellectual property, and more. You’ll also get help with trademark filing to protect your business’s name and logo, ensuring your intellectual property is safe.

• Dedicated Account Manager: If you have a Pro or Cashback account, you’ll have access to a dedicated account manager. This means you’ll have a personal point of contact who understands your business’s needs and can help guide you through any banking challenges, offering bespoke support tailored to your business’s growth.

Tide Business Account Pricing

Tide offers clear and transparent pricing tailored to suit businesses of all sizes. Whether you’re just starting or scaling up, Tide has an account to fit your needs. Let’s start by comparing the costs across Tide’s account tiers.

Account-Specific Fee Comparison

Here’s how fees differ between Tide’s four business accounts:

Fee Category	Free Account	Plus Account	Pro Account	Cashback Account
Monthly Fee	Free	£9.99 + VAT	£18.99 + VAT	£49.99 + VAT
Bank Transfers	20p per transfer	20 free/month, then 20p	Unlimited free transfers	Unlimited free transfers
Expense Cards	£5/card/month	1 free card, extras £5	2 free cards, extras £5	3 free cards, extras £5
Cashback Rewards	Not available	Not available	Not available	0.5% cashback on spending

Fees Consistent Across All Accounts

Some costs apply no matter which account you choose:

• Inactivity Fees: Tide doesn’t charge for inactive accounts.
• ATM Withdrawals: £1 per withdrawal, both in the UK and abroad.
• Cash Deposits:
• Post Office: £2.50 for deposits up to £500, or 0.5% for amounts above £500.
• PayPoint: 3% of the deposit value.
• Card Replacement: £5 per card.
• International Transactions: No additional fees; Mastercard’s exchange rate applies without markups.

How Does a Tide Business Account Work?

Tide business accounts can be opened in minutes and are mainly managed online.

The best way to manage your account is through the Tide mobile app, available on the Apple App Store for iOS 13.7 or later devices and the Google Play Store for Android 9 or later.

Unfortunately, you won’t be able to download the Tide mobile app if you have a Windows phone or Huawei device that runs or updates to EMUI OS and App App Gallery, which will be an issue if you don’t have a compatible device. 

Whilst you can access your account online, you’ll still need to use your mobile app to log in. 

If you want to log in through the Tide website, it’s better to use a web browser on your mobile device or on devices and laptops that have built-in authentication hardware, like a fingerprint reader. Tide supports Chrome, Microsoft Edge, Safari and Firefox browsers. 

The only in-person service available is depositing cash at any Post Office or PayPoint location. 

You can deposit up to £25,000 each month or £300,000 a year at any Post Office location. Alternatively, you can use PayPoint locations to deposit between £10 and £500 per day.

It’s also worth noting that, as of May 2024, you can’t deposit cheques into your account. However, Tide plans to launch this feature later.

Is a Tide Business Account Safe?

At Tide, your business’s security is a top priority. They’ve put in place a range of features designed to keep your account, data, and transactions safe. Here’s a breakdown of how they ensure your peace of mind:

• FSCS Protection: Tide accounts are provided through ClearBank, which is a member of the Financial Services Compensation Scheme (FSCS). This means your eligible deposits are protected up to £85,000. So, in the unlikely event that something happens to Tide, your funds are still safe and secure.

• Two-Factor Authentication (2FA): To add an extra layer of protection, Tide uses two-factor authentication (2FA). This means that when you log in or make certain transactions, you must verify your identity with a second method (like a one-time passcode sent to your phone). It’s an easy way to protect your account from unauthorized access.

• Card Freezing: If you lose your Tide business Mastercard or think it’s been compromised, you can freeze your card instantly using the Tide app. This ensures that no one can make unauthorized transactions while you deal with the situation. You can unfreeze your card anytime or even request a replacement.

• Transaction Limits: By default, Tide applies transaction limits to protect you from large, unexpected transactions. If these limits don’t work for you, you can easily adjust them with a quick chat with Tide’s support team. It’s all about giving you control while keeping your account secure.

• Account Monitoring and Fraud Alerts: Tide’s team always looks for suspicious activity. With 24/7 account monitoring, if anything unusual is detected, you’ll receive real-time fraud alerts. You’ll be the first to know if something’s off so you can take immediate action.

• Confirmation of Payee (CoP): To prevent any accidental or fraudulent payments, Tide uses Confirmation of Payee (CoP). This service checks that the name of the person or business you’re paying matches the account they’re using, so you can be confident the money is going to the right place.

• ISO 27001 Certification: Tide is ISO 27001 certified, meaning its security practices meet internationally recognized standards. This certification shows that Tide’s systems are regularly audited and maintained to ensure they’re up to the task of keeping your information secure.

• Data Encryption: Tide uses 128-bit encryption to protect all sensitive data. This ensures that any information you share—whether making a payment or updating your account details—is safely transmitted and protected from unauthorized access.

• Biometric Login: Tide offers biometric login for a secure and convenient way to access your account. You can use fingerprint or facial recognition to log in, ensuring that only you can access your business’s finances.

Tide Business Account Customer Support

Tide offers a range of customer service options depending on your account type.

All customers can use the in-app messenger service for 24/7 help or e-mail hello@tide.co with general queries.

As mentioned earlier, Plus, Pro and Cashback account holders can also access phone support between 9 am and 6 pm Monday to Friday, excluding holidays.

These customers get priority support in the Tide app and can use a 24/7 legal advice helpline for personal and business queries. 

Tide Business Account Customer Reviews

Tide receives ‘great’ customer feedback, with an average Trustpilot score of 4.0 out of 5 based on 20,802 at the time of writing this review. 

72% of these reviews gave Tide full marks, praising its ease of use, efficient account setup and value for money. Customers commented on the helpfulness of Tide’s customer service, especially when setting up their accounts and explaining the mobile app’s functionality. 

However, some customers have experienced difficulties, citing glitchy performance, slow response times and difficulty using features like invoicing. Several users stated their accounts had been frozen without adequate explanations or resolutions, affecting their business operations.

Tide’s mobile app is rated highly, earning an average score of 4.8 out of 5 based on 68,200 reviews on the Apple App Store and 3.6 out of 5 based on 18,100 reviews on the Google Play Store. 

Users comment on the app’s user-friendly interface, comprehensive features and efficiency in managing business finances. However, some have reported problems with the verification process, app glitches and poor customer service response times. 

Tide Business Account Eligibility Criteria

You’re eligible to apply for a Tide business account if:

• You are over 18 years old
• You are either:
  • A director of an active company incorporated in the UK and registered with Companies House.
  • A sole trader or freelancer based in the UK with a valid UK residential address and registration with HMRC.
• You have a valid UK mobile number.
• You have a device that can access the UK Apple App Store or the Google Play Store.

You can apply from abroad if you are a company director registered with Companies House, but you may need to comply with additional checks to process your application.

Ineligible businesses

You’re not able to apply for a Tide business account if your business is involved in the following activities or industries:

• Financial Services: Insurance companies, brokers, money services (foreign exchange, loans, money transfers), and banking services (current accounts, loans & digital wallets).
• Trading: Crypto and virtual currencies, investments (real estate, securities), and pawnbroking.
• Restricted Goods: Unlicensed pharmaceuticals, cannabidiol (CBD) products, weapons, explosives, armaments, and used vehicles/heavy machinery.
• Hazardous Materials: The extraction of precious metals/stones, unlicensed waste management, and unlicensed trading/processing of scrap metal.
• Gambling: Casinos, betting, and prize draws.
• Adult Entertainment: Escort services and other adult industry services.
• Other Restrictions: Non-profit organisations (charities, CICs, CIOs), bidding fee auctions, unlicenced animal breeding and businesses operating as partnerships, LLPs, PLCs, or trusts.

How to Apply for a Tide Business Account

Applying for a Tide Business Account is simple, with most accounts approved in minutes.

If you want to open a Tide Plus, Pro or Cashback Account, you’ll need to first apply for a Free Business Account and then upgrade your account once it has been opened.  

To apply for a Tide Free Business Account, you should:

1. Download the Tide app from either the Google Play Store or the Apple App Store.
2. Once the app is installed, provide Tide with information about your company and the nature of your business. 
3. You will be asked to upload a photo of a valid photo ID like a passport or driving licence and take a selfie for verification checks. 
4. Tide will perform electronic checks through a 3rd party service to comply with UK anti-money laundering regulations. These checks are typically completed quickly and don’t impact your credit score.
5. Tide may request additional information if further information is needed to complete the verification process.
6. Tide will confirm your account has been opened when your application is approved. 
7. If you wish to upgrade your account to a Plus, Pro or Cashback account, you can do so by navigating to the Profile Settings section in the app and selecting your chosen account.
8. Your Tide business card should be received within 2 to 4 working days.

Learn More

Read my full article on How to Open a Business Bank Account with Tide

Alternatives to a Tide Business Account

Account	Tide Free Business Account	Starling Business Account	Revolut Basic Business Account	Monzo Lite
Trustpilot Rating	4.1/5	4.3/5	4.1/5	3.9/5
Monthly Fee	£0.00	£0.00	£0.000	£0.00
Transaction Fees	20p per bank transfer	£0.00	5 free UK transfers a month	£0.00
Management	App & online	App & online	App & online	App and online
Features	Invoicing, payment links, direct debit management, spending categorisation, cash deposits, and accounting integrations	Saving Spaces, scheduled payments, cheque and cash deposits, analytics, spending categorisation, receipt capture and accounting integrations	Recurring and scheduled payments, holding 25+ currencies, expense management, payment links, invoicing, QR codes and accounting integrations	Payment links, Instant Access Savings Pot, Pots to separate money, budget and categorised spending, digital receipts, scheduled payments, cash and cheque deposits
Customer Service	24/7 in-app & e-mail support	24/7 in-app, phone & e-mail support	24/7 in-app support	24/7 in-app support
Learn More	Visit Tide	Visit Starling	Visit Revolut	Visit Monzo

Conclusion

Tide’s business accounts are an attractive option for businesses seeking transparent pricing and essential finance features. 

With its clear fee structure and user-friendly mobile app, Tide offers a hassle-free banking experience suitable for small businesses and sole traders. 

Tide offers a range of business accounts at different price points, catering to a wide range of businesses. 

However, Tide doesn’t currently accept cheque deposits, which may be an issue for some businesses. Whilst online-only account management is convenient for most, it could be a problem for less tech-savvy business users. 

Tide Business Accounts FAQs