Review: Tide Business Bank Account – Is it any good?

Accounts, Fees and Features

Tide was formed in 2015 and is amongst the initial companies to offer a mobile and web based business bank account.

Tide offers simple but effective Business accounts that are best for Start-ups to medium sized companies. If you are looking for a Business account, that you would like to open quickly, then Tide could be a good option.

It is FSCS protected, so you do have security on your money from the UK government.

Content

  • Business Accounts
  • Business Loans
  • Mobile and Web Access
  • Paying in cash deposits
  • Register a Limited Company for Free
  • Pros and Cons
  • Fees
  • FSCS
  • Our conclusion

Business Accounts

There are 3 Business Accounts available with Tide. These are: Free Business account, Tide Plus account and Tide Cashback account.

Free Business Account

With the Free Business account, you will get a free Tide business card. But, unlike with the Tide Plus account and Tide Cashback account, you do not get any free Expense card for your team.

Tide Plus Account

If your business starts to grow and you are scaling up, then the Tide Plus Account might be a good option. Tide Plus account cost £9.99 a month but offers you 20 free transfers a month and you will get access to Legal helpline and the Tide team.

Tide Cashback account

With a Tide Cashback account you can get 0.5% cashback when you spend with your Tide Card (terms apply). The monthly charge for the account is £49.99.

To open a Tide Business account, go here: Tide Business Accounts.

Mobile and Web Access

It’s easy to manage your Tide account 24/7 with a mobile app and web access. You can do all your transactions over on the app or through the web such as setting up standing orders, paying invoices and checking balance.

Paying in cash deposits

You can pay in cash deposits into your account at any Post Office for £1 per deposit. You can also deposit cash at any PayPoint locations by paying a fee of 3% of the cash amount being deposited.

Register a Limited Company for Free

With Tide you can register a limited company for free (worth £12 incorporation fee). And, to make it extra simple, you can open a Business account at the same time.

Pros and Cons

Pros

  • App and web based business account.
  • Free business account available with no monthly fee.
  • Free Limited Company registration available worth £12.
  • Upload and auto-match receipts.
  • Create multiple accounts per company. Hold up to 5 accounts.
  • Accounting software integration.
  • Support available through the app chat.
  • Make cash deposits at Post Office or PayPoint locations.

Cons

  • Cash withdrawals from ATM costs £1.
  • No free UK transfers.

Fees

Here are some applicable fees.

Free PlusCashback
Monthly FeesFree£9.99£49.99
Expense card for your team£5 per month1 card free3 card free
Depositing
£1 at the Post Office or 3% at PayPoint £1 at the Post Office or 3% at PayPoint £1 at the Post Office or 3% at PayPoint
ATM withdrawal (UK)£1 £1 £1
Transfers in & out20p per transfer20 per month free150 per month free

FSCS

Your money is protected by the FSCS in the UK. So, if the bank cannot meet its financial obligations the FSCS will compensate you.

Our Conclusion

Tide gives a number of business accounts including a free account. You can register your limited company for free and open an account at the same time. This makes things simple for new businesses.

Tide do charge you for withdrawing and depositing cash.

However, Tide is a simple account to open and you get to manage your account via the app and web. You can also intergrade it with accounting software.

To open a Tide Business account, go here: Tide Business Accounts.

Additional Information

If you are interested, check out: Best Bank Accounts for Bad Credit.

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Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.

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