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Tide Business Account Review [2024]: Features & Fees

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Statrys Score Card
 Tide Business Account
7.75
Features
8
Fees
6
Customer Support
8
Ease of opening an account
9

 Tide Business Account

Our Rating Methodology

Click "More info" to understand how we calculate our Tide Business Account ratings.

What Is Tide?

Tide Platform Limited (Tide) is one of the UK’s digital-only neobanks. It is an Electronic Money Institution authorised by the Financial Conduct Authority (FCA). With headquarters in London, Tide also has offices in Sofia, Hyderabad, and Delhi.

Founded in 2015, Tide provides a wide range of financial products and digital business banking services for small to medium-sized businesses based in the UK. It previously offered e-money accounts. However, Tide currently provides business current accounts that are protected by the Financial Services Compensation Scheme (FSCS) through its partnership with ClearBank Limited.

In addition to banking services, Tide has recently acquired Onfolk to offer payroll solutions tailored to SMEs. These include tools for pensions and employee management, further streamlining business operations.

Is Tide Right for Your Business?

Pros of Tide

Why Tide May Be a Good Option

  • Business bank account with FSCS Protection.
  • Four tiers of business accounts for small business owners to limited companies.
  • Support EUR transfers via SEPA.
  • Access to various funding solutions, including business loans and credit builders.
  • 24/7 customer support through in-app chat.
  • Dedicated fraud response team.

Cons of Tide

Why Tide May Not Be a Good Option

  • Can hold only GBP balance.
  • Only UK-based businesses and sole traders are eligible.
  • Does not support outgoing international SWIFT payments.
  • No physical branches.
Statrys mobile application dashboard showing a total balance in a business account.

Tide Features

Tide provides financial products and services tailored exclusively to meet the needs and challenges faced by UK-based self-employed professionals and small business owners. It does not offer multi-currency accounts, as its primary market is local small businesses. However, Tide account users can benefit from the following features.

Business Accounts

Tide offers free and paid accounts to companies and self-employed individuals. Directors of active registered companies are eligible for a Registered Business Account, while sole traders and freelancers can open a Sole Trader Account. Both types of accounts can choose from the four plans: Free, Tide Plus, Tide Pro, and Tide Cashback. The features available vary depending on the selected account plan.

All Tide account plans include essential features, which are:

  • Send and receive UK bank transfers via Fast Payments, with support for Direct Debits.
  • Access your IBAN and BIC to send and receive fast EUR transfers via the SEPA system.
  • All incoming SEPA transfers will automatically convert to GBP and be credited to your Tide account with a 0.5% FX markup.
  • Receive overseas GBP transfers via the SWIFT network.
  • Get a complimentary Mastercard® expense card to make business purchases via contactless payments and mobile wallets (i.e., Apple Pay and Google Pay).
  • Obtain a virtual debit card to securely make one-off payments and pay for business subscriptions like Google Ads, Amazon Business and more.
  • ATM withdrawals where Mastercard® is accepted.
  • Scheduled payments or standing orders to pay your recurring and one-time payments on time.
  • Create, track and share payment links to receive payments securely.
  • Multi-user read access.
  • Create and send invoices for free.
  • Categorised and itemised business expenses to save time on financial admin tasks.
  • Accounting software integration, including Quickbooks, Xero, Sage, FreeAgent, and more.
  • 24/7 fraud helpline.
  • Deposit cash at any post office and PayPoint branch.
  • Open additional current accounts under your main account to easily manage money for things like marketing, suppliers, or payroll.
  • Eligible deposits up to GBP 85,000 are protected by the UK’s deposit guarantee scheme through a partnership with ClearBank.

Some features are exclusive to paid plans. The table below summarises features available in each Tide business account plan.

Plus

Pro

Cashback

0% fees on foreign currency card transactions or ATM withdrawals

Priority in-app support

24/7 legal helpline, including trademark filing and disputes.

Phone support

Exclusive member perks (e.g., courier service discounts or free business phone number)

Dedicated account managers

0.5% cashback with Tide card

Tide will replace Tide Plus accounts with Tide Smart accounts on 1 December 2024. All Plus account holders will be automatically migrated to the Tide Smart account plan, including additional benefits. For further details, please refer to its FAQ page.

Expense Cards

Customers with every Tide business account are eligible for Mastercard® Expense Cards. You can order this card for up to 50 people per Tide account.

If you are the account manager, you can set monthly and individual spending limits and freeze, unfreeze, and cancel cards in the Tide app. Moreover, each spending is automatically categorised to simplify financial management. Tide Cashback account holders can also benefit from 0.5% cashback when paying with Tide cards.

Tide does not provide business credit cards.

Other Services

Tide also offers additional services, including:

  • Mobile Cheque Deposit: Sole traders can deposit GBP cheques via their mobile phones. Tide mentioned that this feature will soon be available for limited companies.
  • Tide Card Reader:  Accept card payments anywhere with built-in 4G or Wi-Fi. No monthly fees—just a one-time upfront cost for the device.
  • Business Savings Account: Earn 4.07% AER with no deposit cap and limits on withdrawals.
  • Business Funding Options: A range of funding products to support your business growth, including loans, asset finance, merchant cash advances, start-up loans, and invoice finance.
  • Credit Builder: Improve your Experian business credit score by making monthly payments into a locked Tide account and get all the money minus interest back in 12 months. 
  • UK Company Registration Service: Register a UK limited company with Companies House and get a London virtual office address and a corporate account to operate your business. This service is only available for a single shareholder.

Tide’s Feature Rating is 8/10

Tide's features are well-tailored for UK-based companies and sole traders, offering a variety of account plans to suit the needs of businesses of all sizes. The company registration service, credit builder programme, saving accounts, loans, and card readers make Tide a convenient one-stop option for business banking services. However, the limited capabilities for international transactions and foreign currency hedging tools are a slight drawback for businesses with international operations.

Fees Charged by Tide

Applying for a Tide business account is free, while the monthly fee depends on your chosen account plan.

The table below details the fees charged by Tide for each business account plan. 

Type

Fee

Monthly Fee

(excl. VAT)

Free: Free

Plus: GBP 9.99

Pro: 18.99

Cashback: 49.99

Extra Mastercard® Expense Cards

Free: GBP 5/ month

Plus: 1 free card included

Pro: 2 free cards included

Cashback: 3 free cards included

Bank transfers in and out of accounts

Free: GBP 0.20

Plus: Free 20 transactions/ month

Pro and Cashback: Unlimited free

Transfers between Tide accounts

Free

ATM cash withdrawals

GBP 1

FX rate and fee

Based on the interbank exchange rate + 0.5% markup

Tide charges a GBP 2.50 minimum fee for Post Office cash deposits and a 3% fee for PayPoint cash deposits.

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Note: Once migrated to the Tide Smart account, Plus account users will be charged GBP 12.49 per month (excluding VAT).

Tide’s Fee Rating is 6/10

Tide’s pricing structure is straightforward and offers flexibility for businesses of various sizes and needs. Its services are affordable compared to traditional high street banks. However, even though there are no monthly fees for the free account, the transfer and cash handling fees could add up and become a concern for businesses on a tighter budget. Overall, the cost-effectiveness of Tide’s services depends on the specific needs and transaction frequencies of different companies.

Tide Customer Support

Similar to other digital business banking service providers, Tide offers an in-app messenger service as a primary way to contact customer support. You can also email hello@tide.co for general queries or call 020 3893 2915 from 9 a.m. to 6 p.m. on weekdays (GMT) for questions about the application process. 

In cases of fraud, scams, or lost cards, you can contact the Fraud Rapid Response team 24/7 by calling 159 if you are in the UK. This service is available for customers of all Tide account plans.

Tide’s Customer Support Rating is 8/10

Tide provides satisfactory customer support, especially with its dedicated fraud response team. Its multiple support channels, including in-app chat, email, and phone support, eliminate the need for time-consuming visits to physical bank branches.

Eligibility Requirements for Opening a Tide Business Account

Your company must be registered with UK Companies House to open a Tide business account. If you are a sole trader, freelancer, or self-employed, you must be registered with HMRC and can provide proof of address in the UK.  You can apply for Tide accounts from anywhere as long as you have a UK residential address and a valid UK phone number. 

You must be over 18 years old to apply for a Tide account.

Businesses funded by regular donations are not eligible to open a Tide business account. Tide also does not provide business accounts for businesses in some high-risk industries, for example:

  • Cryptocurrencies
  • Real estate investments
  • Money services, including foreign exchange and money transfers 
  • Sale of unlicensed pharmaceuticals and cannabidiol (CBD) products
  • Non-profit organisations, including charities, CICs, and CIOs

For a complete list of prohibited industries, please refer to Tide’s FAQs page or contact Tide to check your eligibility. 

The application process to open a business account is completely online. It can be completed on the Tide app or Tide website, but you will need to verify your identity on a mobile phone. The account approval typically takes 48 hours.

The Ease of Opening an Account for Tide is 9/10

Tide offers a convenient business account opening process, especially for UK-based businesses and sole traders. Its digital application process and quick approval time are significant strengths. Additionally, the efficient mobile phone identification verification adds to its appeal. Although there are restrictions for certain industries, these are reasonable, given the nature of those businesses. Overall, the speed and simplicity of the process make Tide a great choice for eligible businesses.

Statrys mobile application dashboard showing a total balance in a business account.

FAQs

Is the Tide business account safe?

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Tide offers business current accounts through ClearBank, meaning deposits up to GBP 85,000 are protected under the Financial Services Compensation Scheme (FSCS).

What are the benefits of a Tide business account?

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Can I send international transactions with Tide?

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What is a Tide Smart business account?

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Disclaimer

More info

Statrys does not directly compete with Tide because we do not provide business accounts in the UK except for the BVI. Still, we're committed to providing an unbiased, thorough review to help you make an informed choice. Click More info to read the full disclaimer on our review.

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