Tide Business Banking

About Tide

Tide is an online business account provider, trusted by more than 450,000 UK businesses. Their offering has been expertly curated for freelancers and limited companies to have a simpler, faster and more convenient banking experience, than that offered by traditional banks.

See our full Tide business account review and see how they compare with other UK business bank account providers.

Tide pros & cons

Pros of Tide

• Free account offered along with extra features on paid accounts
• Offer a business saver with 4.33% AER interest
• Upgrade your subscription at any point
• Register your company for £9.99
• No credit checks required to open, with a quick & simple process
• Easy invoicing straight from the app

Cons of Tide

• No overdrafts facility available
• Does not support cheques
• No international money transfers
• Priority support is a feature on paid accounts

Tide business bank accounts

Tide has four accounts available so as your business grows, and you need more from your current account, Tide can help you every step of the way, they are:

• Tide Free - available to sole traders and limited companies with some limits in place and non-priority customer support, a small price for free banking.
• Tide Plus - dedicated to helping small businesses grow, offering rewards, free monthly transactions and more. For £9.99 + VAT a month you can benefit from priority support (including 24/7 legal advice), a stylish matte black Tide business Mastercard and other member-only discount & bonuses from Tide partners.
• Tide Pro - Tide's suggested account for businesses, you'll get everything that's offered by the Plus account but with more free transfers and expense cards. The account costs £18.99 + VAT and also comes with member discounts, matte black card and unlimited free transfers.
• Tide Cashback - provides everything the Pro account does but with less free transaction limits and cashback on eligible purchases. For £49.99 + VAT a month, you can also get 0.5% cashback every time you spend with your Tide card as well as a dedicated account manager.

Here's a summary of fees for Tide's business bank accounts:

*get 5 months of free bank transfers on us with the code: 5MONTHSFREE.

Security and protection

Tide has two types of accounts, one that is an e-money account provided by PrePay Solutions (PPS) and a full bank account, provided by ClearBank.

Deposits to the ClearBank accounts are protected by the Financial Services Compensation Scheme (FSCS), while the e-money accounts are not. However, PPS have stated that they have the necessary funds to protect Tide's customer's money, should the company default.

You can see which account you have by looking at your sort code, account statement or requesting an Account Verification Letter.

All of Tide's business accounts come with multiple levels of security; accessing the account requires PIN, thumbprint or face ID, payments need to be approved via the app and all cards can be frozen with the push of a button.

Eligibility

To be eligible for a Tide business bank account you must:

• Be a registered limited company for a registered business account
• Be UK based for a sole trader or freelancer account
• Be a UK resident (all owners must be UK residents, if applicable)
• Be 18 or over
• Have an Android or iOS device
• Have a UK phone number

Since Tide is an approved formation agent of Companies House, you can register your business for free, and open an account at the same time.

To register a limited company you will need:

• A unique company name - you can search availability with Tide's free tool
• Registered office address - the physical location of your business**
• Personal information - name, date of birth, nationality, address & occupation

**opt for Tide's simple and private virtual office address service to register your company, if you have no physical address.

Opening an account

Here's how to open a Tide business account:

1. Download Tide's app from the App Store or Google Play
2. Complete their digital application with no credit checks & form your company for free (if applicable) - Tide will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved (usually same day), you can start banking

Tide business savings accounts

Tide offer one business savings account. Their Instant Saver Account which is an instant access account that returns a rate of 4.33% AER variable, on any amount in the account.

You can make unlimited withdrawals with no restrictions and there are no fees for opening or operating.

Here's a summary of Tide's business savings account:

Eligibility

To be eligible for a Tide business savings account you must:

• Be a Tide business bank account holder
• Be a registered limited company for a registered business account
• Be UK based for a sole trader or freelancer account
• Be a UK resident (all owners must be UK residents, if applicable)
• Be 18 or over
• Have an Android or iOS device
• Have a UK phone number

Opening an account

For now you'll have to have a Tide business bank account to be able to open an Instant Saver Account.

See how to open one of Tide's current accounts above.

Tide reviews

Tide has an excellent 4.3 star rating on Trustpilot, from more than 18,300 reviews, with 73% giving them 5 stars.

On the App Store users score Tide 4.7 out of 5 stars, from over 64,800 ratings.

Tide scores lower on Google Play with 3.9 stars from over 16,200 reviews.

Information correct as of 4th January 2024.

Our verdict on Tide

Tide allows for fast, affordable, and professional banking with their online-only business bank accounts. Offering company formation upon registering, useful integrations and savings with a competitive interest rate.

All-in-all, if you're looking for an efficient, hassle-free digital banking solution then a Tide business bank account could be for you. Whether you choose a free account or a paid one, Tide offer many great features to make your everyday business banking as easy as possible, which is why we think they could be a great choice for any business.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Tide: