Introduction
Tide was founded with the mission of providing a better business banking experience, going beyond banking by empowering people to achieve what they love. With a customer base of over 400,000 across the UK, ranging from sole traders to freelancers and limited companies, Tide is rapidly becoming a trusted choice for modern business banking.
Free AccountPlans from £9.99/mThough not a bank itself, Tide’s e-money accounts are provided by Prepay Solutions, ensuring customer protection. Tide also collaborates with ClearBank for bank accounts, offering further FSCS protection for eligible deposits up to £85,000.
Banking Features
Open banking empowers Tide users to seamlessly connect their existing bank accounts to the platform, unlocking powerful tools for accounting, invoicing, and cash flow analysis. This secure, regulated process is trusted by over 6 million UK users. From accessing tailored business loans to utilizing built-in accounting software, Open Banking with Tide simplifies money management without the need to switch your current account.
Custom Invoicing
Connect your bank account to create, send, and track customizable invoices directly from the Tide platform. With automatic VAT calculation and payment tracking, managing invoices is effortless.
Expense Cards
With individual cards for up to 50 team members, customized spend limits, and direct receipt upload, it simplifies finance admin and expense tracking.
GoCardless Direct Debit
Tide partners with GoCardless for a simplified Direct Debit solution, ensuring timely invoice payments and reduced admin time. Customers can quickly get set up by approving a Direct Debit mandate. This service covers recurring, repeat, and one-off payments with per-transaction fees.
Credit Builder
Tide’s Credit Builder improves business credit scores in 12 months. Sign up and make 12 monthly payments, boosting your creditworthiness. Withdraw principal paid after 12 months. Gain transparency, control, and the ability to cancel. Ideal for businesses with limited credit history or newly incorporated companies.
Accounting Software Integrations
Clients can benefit from automatic daily payment feeds to select accounting software for hassle-free finance. Integration includes major software like Xero, Sage, FreeAgent, and Quickbooks.
Cashflow Insights
Tide’s cashflow insights empower businesses with real-time financial forecasting. Connect your account for on-the-go checks, 30-day cash flow predictions, credit monitoring, and flexible credit options.
Business Loans
By connecting your business bank account to Tide, you can swiftly check eligibility, compare loans, and apply without impacting your credit score. Approved loans can potentially have funds available within 24 hours.
Expense Cards
Tide’s Expense Cards streamline business expense management. Order cards for team members, set spending limits, and track transactions in-app. Team members can upload receipts, eliminating manual claims. Automatic categorization and accounting software sync simplifies finance admin.
Fuel Cards
Teams can refuel anywhere with set spending limits, removing the need for paper claims. You can monitor real-time fuel expenses, and uploaded receipts simplify expense tracking. Integration with accounting software further streamlines this process.
Accounts and Fees
Tide presents an all-in-one banking solution tailored to freelancers, sole traders, and limited companies.
Includes Direct Debits, Scheduled Payments, and Account Integration.
Accommodates businesses of various sizes with a free, scalable account plan.
More than a bank account, it’s an app filled with features to simplify business finance admin.
Security
Tide places a strong emphasis on platform security and customer protection. With authorisation from the FCA, operated by Tide Platform Limited, users can trust in the reliability of the platform. The bank accounts offered through ClearBank® Ltd are backed by the Financial Services Compensation Scheme (FSCS), ensuring that eligible deposits up to £85,000 are protected.
To enhance transaction security, Tide requires two-factor verification for both transactions and new payees. This additional layer of authentication adds an extra level of protection. Tide’s ISO 27001 certification further demonstrates its commitment to maintaining robust information security protocols.
Support
Their Member Support team is easily accessible through the Tide app or via email at hello@tide.co. Their comprehensive FAQs section provides helpful answers to common queries, ensuring quick resolutions to common issues.
A dedicated agent responds promptly to users’ concerns through their in-app support service. Furthermore, Tide’s automated service for reporting lost or stolen cards demonstrates its commitment to member security.
Pros & Cons
Pros
- Free and user-friendly business bank account
- Deposits up to 85,000 are covered by the UK Government’s deposit guarantee scheme, the FSCS
- Custom invoices, expense and fuel cards streamline expense management for businesses
- Integration with GoCardless for efficient Direct Debit solutions
- Accounting integrations includes Xero, Sage, FreeAgent, Quickbooks and more
- Professional customer service
Cons
- Business accounts only, no in-person banking facilities
- 24/7 support comes at a premium
- No cheque deposit option
Conclusion
Tide, a trusted choice for modern business banking, provides a free and user-friendly business bank account for freelancers, sole traders, and limited companies. With a customer base of over 400,000 across the UK, Tide offers a range of innovative banking solutions.
Tide’s security measures, including FSCS protection, two-factor verification, and ISO 27001 certification, ensure the safety of member funds. Their professional and reliable customer support, accessible through the app or email, provides prompt assistance. With Tide, businesses can enjoy a comprehensive banking solution designed to simplify their financial operations and fuel their growth.