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…

£50 cashback with promo code EXPERT£50

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 £50 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 is valid from 10/05/2024 – 31/12/2024.

Just click ‘See Deal’ and be sure to use the code: ‘EXPERT£50‘ when applying for your business account to get the deal.

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.

https://www.youtube.com/watch?v=ml1S1F5Jxis

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, offering 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: Whilst you can deposit cash at the Post Office or PayPoint locations, 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

There are four different Tide business current accounts to choose from and even a business savings account. Let’s take a closer look below:

Tide Free account

Tide offers two types of free business accounts, one for sole traders and one for registered businesses, both providing the same comprehensive features.

With this account, you’ll receive a free Tide Mastercard business card, which can be used for ATM withdrawals, chip & PIN transactions internationally, and magstripe transactions in specific locations. You can add your card to Google or Apple Pay and order expense cards for your team at £5 per month.

Despite being a free account, it includes useful financial tools such as invoicing, payment links, scheduling, read-only team access, and Direct Debit management.

It integrates seamlessly with popular accounting software like Xero, Sage, FreeAgent, and QuickBooks, allowing automatic expense labelling and easy transaction export.

While there’s no overdraft facility, you may apply for a Tide business loan if eligible.

The one drawback is the lack of phone support, though assistance is available via in-app messaging.

Tide Plus account

The Tide Plus Account builds on the Free Business Account by adding features such as one free expense card for your team, which helps manage team spending without additional cost.

It also provides priority support through both the app and phone between 9 am and 6 pm Monday to Friday (excluding bank holidays), a key feature that is not available with the Free account.

Additionally, you gain access to a 24/7 legal advance helpline to obtain support with intellectual property and trademark applications. 

On top of all this, Tide has partnered with several businesses, including the RAC, The Big Yellow Self Storage Company and Gophr, to offer Plus and above membership customers exclusive discounts.

These upgrades make Tide Plus suitable for businesses that need more assistance and support compared to the Free account.

Tide Pro account

The Tide Pro Account is similar to the Plus account, but enhances its offering by providing two free expense cards for your team and the ability to make unlimited transfers.

It also introduces legal and trademark filing support, providing extra business protection not available in the Free or Plus accounts.

These features make Tide Pro ideal for businesses with higher transaction volumes or legal needs.

Tide Cashback account

The Tide Cashback Account builds on the Pro account by offering 0.5% cashback on all spending and an additional card, giving you three free expense cards.

Additionally, it provides access to a dedicated account management team from 9 am to 6 pm Monday to Friday (excluding bank holidays), delivering more personalised support than the other accounts.

This makes it the top choice for businesses looking to maximise rewards and receive premium service.

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.

This account allows businesses to grow their savings efficiently at a rate of 3.29% AER (variable).

New customers that join Tide from 1st October 2024, will receive a 0.75% boost on top of the standard interest rate until 31st March 2025, increasing your 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.

Tide Business Account Pricing

Tide’s accounts operate on a transparent pricing structure.

For the Tide Plus, Pro, and Cashback accounts, billing runs from the 1st to the last day of the month, with membership fees taken on the 4th.

Tide doesn’t charge for transactions made in currencies other than GBP, using Mastercard’s exchange rate without an additional markup. For EUR SEPA transactions, the daily interbank exchange rate is applied along with a 0.5% currency conversion markup.

Cash deposit fees depend on the method: depositing at PayPoint incurs a 3% fee, while deposits at the Post Office are charged at £2.50 for amounts up to £500, or 0.5% for larger deposits.ATM withdrawals cost £1 per transaction across all accounts.

Payments between Tide accounts are always free, and scheduled payments, Direct Debit management, and exporting transactions come at no extra cost.

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 does plan to launch this feature at a later date.

Is a Tide business account safe?

Tide uses various measures to maintain the safety and security of its users’ funds and sensitive information.

• Regulatory Oversight: Tide is regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations for e-money and payment services. It offers business bank accounts in partnership with ClearBank, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA.
• FSCS Protection: Deposits up to £85,000 held in bank accounts provided by ClearBank are protected by the Financial Services Compensation Scheme (FSCS).
• Data Security: Tide has been ISO/IEC 27001 certified since 2020 and follows information security standards and best practices to protect personal data from unauthorised access or breaches.
• Confirmation of Payee: Each time you make a payment, the account holder’s name is checked against the bank account using CoP to ensure money is sent to the correct account and reduce the risk of fraud. 
• Account Monitoring: Tide monitors accounts 24/7 for suspicious activity.
• Transaction Limits: Default restrictions on transaction sizes and account balances to limit the impact of fraud. 
• Verification: New payees and payments must be verified using your mobile to prevent unauthorised transactions. 
• Card Freezing: You can freeze or unfreeze your card anytime through the Tide App in case of loss or theft.

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