Tide: Business banking (UK)

Review & Pricing

May 27, 2022


General Info

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. 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.

Tide: Quick Summary

Founded 2015
HQ London, UK
Users > 350'000
Official website Tide.co
Available in UK
Support In-app, Phone
Free tier Available
Protection FSCS, up to £85,000
tide has great-looking cards for sure!
Tide surely has stylish cards

Plan comparison for business banking

From Free to Cashback, a grand total of three different plans are available, with Tide catering to businesses of all sizes and types. You will find our Tide bank plan comparison and review below.

Tide Free

No monthly fee

Tide offers an entry-level free account with no monthly charges. It covers all the essentials: you get a free Tide business debt card, a wide range of accounting integration options, read access for your team members and the possibility to manage up to 5 business accounts in one app. You do need to pay for ATM withdrawals, outgoing/incoming transfers and any expense cards you want to give to your team.

Tide Plus

£9,99 p/m

With Tide Plus at £9.99 per month, the main difference is the premium support experience. You can enjoy priority in-app support as well as support by phone, which many business owners do prefer over chat support. You’ll also have access to a 24/7 line for legal advice and some Tide perks with partners in areas such as legal services, mortgages. Last but not the least, you get a free expense card for the team and 20 free transfers per month as well.

Tide Cashback

£49,99 p/m

The top tier Tide plan seems to be aiming for businesses that do deal with a lot of transactions and card payments with a slightly bigger team. Aside from 3 free expense cards for the team and 150 free transfers per month, you’d get a dedicated account manager that could offer more personalised services and help you get the most out of Tide’s services. In addition, as the plan name suggests, you can enjoy 0.5% cashback on all the card payments you make with your Tide business card.

Account comparison table can be found below. Interested? Visit Tide's website and download the app!

Plan Standard Plus Cashback
Account
Price, p/m Free £9,99 £49,99
Accounts One account (UK IBANs)
Interest rate on accounts no
Cards
Debit cards 1 Tide Business card
Expense cards no 1 free 3 free
Lost card 1 free per year, then £9,99
Various Fees
ATMs £1,00 per withdrawal
Cash deposits £1,00 via Post office; 3,0% PayPoint
Additional Cards £5,00
Transfers, fee £0,20 per transaction
Free Transfers no 20 150
International Transfers no

Pros & Cons of tide

Tide has quite a few advantages both over the "traditional" banks as well as when comparing it to other neobanks. However, there are quite a few downsides to banking at Tide. Here are the most important ones.

Advantages

  • The Free account is a nice entry - 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.
  • Business-first - 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.
  • 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.
Contactless payments with tide

Disadvantages

  • 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.
  • 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.
  • Not yet for you to go all-in: there are still some products which bigger SMEs might need that Tide doesn’t yet offer. Such as loans and business credit cards.

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. It could be a great option to have Tide run side by side with your current business bank account, especially with the entry account you would not need to pay any monthly fees.

Tide has a very simple promise and it delivers spectacularly

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