Tide Bank for Businesses: Review (2022)

Learn more about Tide's features and pricing in our comprehensive review

September 25, 2022


General Information

Tide is an app-first fintech providing digital banking solutions to freelancers and SMEs based in the UK. Since its launch in 2015, it has been making waves as an innovative alternative to high street bank by making money admin easier for small business owners. Tide was one of the first among fintechs to focus on businesses only, offering a wide range of features such as accounting integrations, invoicing and much more.

Tide logo

Tide: Quick Facts

Year Founded 2,015
Headquarters London, UK
Customers 350'000+
Official Website tide.co
Business Banking Free plan available
Personal Banking
Sign-up Bonus -
Employee Access Not available

In their press releases, Tide founders mention that the most important feature of their bank accounts is providing companies that use it complete security that exceeds the one traditional banks have in place. For example, by partnering with UK’s newest clearing bank ClearBank, Tide offers its customers the safety of a true bank account with deposits backed by FSCS for up to £85,000. What more is there to the challenger bank? Read our Tide bank review and decide for yourself if the offering of this London-based fintech suits your business banking needs.

Countries supported by Tide

Tide is available for business banking to companies registered in the following countries:

🇬🇧

UK

Tide comes with a very neat and clean app.

Tide: Business Bank Accounts Available

From Free to Cashback, a grand total of three different plans are available, with Tide catering to businesses of all sizes and types, ranging from sole proprietorships and freelancers all the way to enterprises with thousands of employees. You will find our Tide bank plan comparison below, listing all the differences between various subscriptions available.

Free

No monthly cost

The Free plan is the entry account you can get with Tide. The plan comes with a free Tide business card, read access for team members, as well as other business features including accounting software integrations. All the essential banking features for your business are available in this plan, meeting the needs of many freelancers or small businesses that are just starting out.

Plus

£ 9.99 per month

The Plus plan offers the core package of Tide's business account benefits. In addition to everything in the Free plan, business users get a free monthly quota on transfers, 1 free expense card, priority in-app support and more. As Tide pointed out also, this is the plan that is the best option for most businesses.

Cashback

£ 49.99 per month

The Cashback plan is the top-tier product from Tide. As the name suggests, you can take advantage of cashback from all payments at 0.5% with your Tide business card. In addition you will have access to a team of account managers to assist your business banking. This plans suits slightly larger businesses with high card transaction needs.

Bank accounts for business banking by Tide vary quite significantly both in the range of features available, business types they target, and, of course, in price. Find a detailed breakdown of all Tide plans offered to businesses in our comparison table below.

Tide: Business Accounts Comparison Table

Tide logo
Free Plus Cashback
Price, monthly £ 0.00 £ 9.99 £ 49.99
Commitment Cancel monthly Cancel monthly
Sign-up Bonus
Official Website tide.co
Accounts
IBANs GB, DE, DK GB, DE, DK GB, DE, DK
Sub-accounts Included 4 4 4
Shared Access
Employee Accounts ✔️ ✔️ ✔️
Mobile Payments
Apple Pay ✔️ ✔️ ✔️
Google Pay
Samsung Pay
Other Methods - - -
Cards
Cards Available Mastercard Mastercard Mastercard
Cards Included 1 2 4
Maestro/VPay
Debit Cards ✔️
Credit Cards
Virtual Cards ✔️ ✔️ ✔️
Extra Card £ 5.00 p/m - £ 5.00 p/m
Replacement Fee - - -
Free Replacements - - -
Metal Card
Wooden Cards
Payment Methods
iDeal
SOFORT
Bancontact
Various Fees
SWIFT (Receive) £ 0.20 £ 0.20 £ 0.20
Foreign Exchange Fee - - -
Currency Limit, fee-free - - -
ATM Withdrawals
Daily Limit £ 500 £ 500 £ 500
Free Withdrawals, p/m - - -
After, p/withdrawal £ 1.00 £ 1.00 £ 1.00
Withdrawal Fee Abroad £ 1.00 £ 1.00 £ 1.00
Interest Rate
Current Accounts 0.0% 0.0% 0.0%
Savings Accounts 0.0% 0.0% 0.0%
Transaction & Deposit Limits
Deposit Limit £ 100,000 £ 1,000,000 £ 1,000,000
Deposit Protection Up to £85'000
Monthly Spend Limit - - -
Other Financial Products
Overdraft
Stocks & ETFs
Cryptocurrencies
Cheques
Cashback 0.5% cashback with your Tide card
Insurance
Lounges
Expense Categorization ✔️ ✔️ ✔️
Purchase Protection
Round-up Savings
Cash Flow Control ✔️ ✔️ ✔️
Deals & Discounts ✔️ ✔️
Other Benefits Accounting integrations Priority and phone support Dedicated account managers
Learn More
Go to tide.co
Tide is a great choice for UK business owners.

Notable Benefits: Tide

Tide Read Access

Tide allows customers to provide a unique "read-only" access for your team. This allows you to provide your accountant a complete overview of your financial activity without compromising your account's security.

Accounting Integrations

Tide makes it very easy to integrate your bank account with a wide range of popular bookkeeping software. You can forget endless Excel sheets and clunky transaction history logs by directly connecting your bank account to Xero, QuickBooks, Sage, KashFlow, FreeAgent and Reckon.

Company expense cards

At Tide, you can order up to 50 employee expense cards for your team members and stay in complete control of your company's cash flow and expenses. Combined with an ability to create dedicated sub-accounts for specific purposes, managing expenses becomes a breeze.

24/7 Customer Support

Tide's customer support agents are available 24 hours a day, every day of the year. Support representatives are always available via the in-app chat and email and there is a dedicated phone number you can call in case you lose a card or have it stolen.

Credit Builder

Tide's credit builder offers anyone to build up their company's credit history in 12 months for under £50 in total. You can also check your credit rating at any time using your Tide mobile app. Tide Credit Builder is specifically tailored to assist SMEs in growing their score, which allows recently formed companies and internationals moving to the UK to quickly get up and running and expand options for future business funding available to them.

Cards provided by Tide look great as well.

Tide: Pros & Cons

Advantages

  • Plus sign
    Bank account without a monthly price: Tide’s free account is probably sufficient for freelancers, you can get all the essential tools to manage your business finances on the go and avoid all the waiting in line and waiting for paperwork at a high street bank. It’s simple and nicely packaged with most, if not all, of what you’ll need.
  • Plus sign
    Made with company needs in mind: Tide is a business-only Fintech app, so all the features they offer are probably going to be interesting for you even if they aren’t at the moment, so will their upcoming features. You can expect consistent improvements on products that work for business owners.
  • Plus sign
    Flexibility for super-entrepreneurs: Running one hassle isn’t enough of thrill? With Tide you can have up to 5 business accounts and manage them easily from your Tide app. If you’re that Tide would really help you cut down the time you’d spend on sorting our your money.

Disadvantages

  • Minus sign
    Not yet for sharing: Are you running a business with some partners in crime? It is currently not possible for multiple directors to log in and manage the same business account.
  • Minus sign
    Not yet worldwide: At the moment, Tide doesn’t support easy international transfers or foreign currency account, if transferring abroad and receiving international payments are what you would need frequently, now might not be the best time to switch just yet.
  • Minus sign
    Some banking products are not available: There are still some products which bigger SMEs might need that Tide doesn’t yet offer, for example, loans and business credit cards.

Tide: Frequently Asked Questions

Does Tide offer real bank accounts suitable for operating a business?

Tide offers UK-based bank accounts provided by ClearBank. ClearBank Ltd. has received the authorization of the Prudential Regulation Authority that is regulated by the Financial Conduct Authority (Financial Services Register number: 754568). User deposits in Tide bank accounts are protected by FSCS. All the regulatory bodies involved ensure that the user deposits are protected no matter what. On top of that, all user deposits (of up to £85,000 per customer) are fully safeguarded by the Financial Services Compensation Scheme (FSCS) backed by the UK goverment.

Does Tide bank have a desktop client?

Yes, Tide allows users to bank online using both the mobile apps as well as using a fully-fledged desktop app for added convenience of a bigger screen. Access to this client is included in every Tide plan at no extra cost.

Does Tide provide an API?

Yes - you will find an extensive documentation on setting up both the sandbox and production environments on Tide's developer portal.

Tide has an array of smart business features.

Tide: Competitors

Does the feature set of Tide lack something you are explicitly looking for? Perhaps, you are looking for a company account in a different price range? Or do you want to find a more powerful solution for your needs? Below, we will provide you with three Tide alternatives other users found relevant.

Qonto

Qonto is an up-and-coming French neobank for businesses that is equally suited for freelancers, micro-businesses, SMEs and startups. Diverse in its product portfolio and capable of satisfying business needs of any caliber, Qonto now offers a one-month free trial for new users.

HQ: Paris, FR
Founded in: 2,016
Users: 150'000+
Deposit protection: Up to €100'000
Website: qonto.com
Personal plans:
 
Business plans: ✔️
Starting at €9.00 per month
Currencies: EUR
Shared accounts:
Student accounts:
Support: Phone, chat, email
Sign-up bonus: 30 days free trial
HQ: Paris, FR
Founded in: 2,016
Users: 150'000+
Deposit protection: Up to €100'000
Support: Phone, chat, email
Sign-up bonus: 30 days free trial
Website: qonto.com
Personal plans:
Business plans: ✔️
Starting at €9.00 per month
Shared accounts:
Student accounts:
Currencies: EUR

Anytime

Anytime acts as a modernized version of a traditional bank and aims to become a top pick for both professional or personal banking purposes. Great for freelancers who want their funds consolidated, but conveniently divided into business and personal funds.

HQ: Brussels, BE
Founded in: 2,014
Users: Undisclosed
Deposit protection: Up to €85'000
Website: anyti.me
Personal plans:
 
Business plans: ✔️
Starting at €9.50 per month
Currencies: EUR
Shared accounts:
Student accounts:
Support: Phone, chat, email
Sign-up bonus: 30 days free trial
HQ: Brussels, BE
Founded in: 2,014
Users: Undisclosed
Deposit protection: Up to €85'000
Support: Phone, chat, email
Sign-up bonus: 30 days free trial
Website: anyti.me
Personal plans:
Business plans: ✔️
Starting at €9.50 per month
Shared accounts:
Student accounts:
Currencies: EUR

Wise

Formerly known as TransferWise, Wise is a go-to choice for money transfers abroad and international payments in any currency. With millions of loyal users, and a rich product development roadmap for years to come, Wise is a solid choice for a near-borderless experience.

HQ: London, UK
Founded in: 2,010
Users: 10'000'000+
Deposit protection: N/A
Website: wise.com
Personal plans: ✔️
Free personal plan available
 
Business plans: ✔️
Free business plan available
Currencies: 54 currencies
Shared accounts:
Student accounts: ✔️
Support: Phone, chat, email
Sign-up bonus: N/A
HQ: London, UK
Founded in: 2,010
Users: 10'000'000+
Deposit protection: N/A
Support: Phone, chat, email
Sign-up bonus: N/A
Website: wise.com
Personal plans: ✔️
Free personal plan available
Business plans: ✔️
Free business plan available
Shared accounts:
Student accounts: ✔️
Currencies: 54 currencies
Tide comes with a Mastercard debit card.

The Verdict: Is Tide a good choice for business banking?

Tide is a solid option if you run a business in the UK, you will with no doubt find some efficiency gains if you’re currently with a traditional business bank and are struggling from the time it takes to make a tiny update to your bank account. However, if you’re looking for some more sophisticated financial products for your business, Tide is not there just yet. Business owners should consider the following option: having your Tide account supplement your main bank account, especially with the entry account you would not need to pay any monthly fees. That way, you would enjoy all the benefits available at this neobank, while still having access to all the banking products you need.

While the bank is still growing and the product is under active development, it is still an attractive enough product that is sure to satisfy your entrepreneurial business needs - especially now that Tide offers FSCS protection on new accounts - having partnered with ClearBank, a fully licensed bank. Besides, Tide is a 100% digital banking app, which means it allows new customers to open an account in less than five minutes using their mobile phone from the comfort of their home. Do you think it sounds attractive enough to check it out? Follow the links below and get "hands-on" with the product today!


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