With the rise of digital and online banking, traditional bank accounts are quickly becoming obsolete.
The advent of online banking has given us the ability to interact with our finances in a much more streamlined and accessible way, breaking away from traditional brick-and-mortar banking.
In this article, we’re going to learn more about Tide and find out what the Tide business bank account is.
If you want to find out more right away and get £50 just by opening a Tide account, click here.
What is Tide?
Tide isn’t a traditional high street bank, but it gives you more control over your business finances.
It’s an online business current account that is generally quicker and easier to access than many traditional bank accounts.
Over 1.5 million small businesses, freelancers, contractors and sole traders now use Tide globally to handle their finances.
It uses a mobile app and online dashboard that give you access to your account, transactions and payment tools in one place.
What is the Tide business bank account?
The Tide business bank account, also known as an e-money business current account, can be accessed directly via a smartphone app or a web browser.
It can be used by most UK-registered businesses, and business owners can apply for a Tide account online without visiting a branch.
There are no traditional credit checks during the application process, although identity and regulatory checks are required. Setup is typically very fast.
In many cases, registering, receiving account details and getting started with Tide takes just a few minutes.
Although often described as a challenger bank, Tide is not a bank. It is authorised by the Financial Conduct Authority as an electronic money institution.
Client funds are safeguarded in accordance with FCA rules, meaning customer money is held separately from Tide’s own operating funds.
As long as you have a registered business and can pass the required identity checks, you should be eligible to apply.
You can also apply for a Tide account if you are based outside the UK, provided you are a director of a UK-registered company.
The features and fees of Tide business bank accounts
With hundreds of thousands of active UK customers, Tide is now a well-established digital business banking option.
Core features include a business debit Mastercard with contactless payments, online transfers, direct debits and accounting software integrations.
Tide offers several pricing plans:
- Free plan with no monthly fee
- Smart plan at £12.49 + VAT per month
- Pro plan with higher allowances
- Max plan at £22.99 + VAT per month
Opening an account is free. Transaction fees apply depending on the plan you choose.
For example, electronic transfers on the Free plan typically incur a 20p fee per transaction.
Cash withdrawals using the Tide debit card usually incur a £1 fee.
Cash deposits via the Post Office are charged at £2.50 for deposits up to £500, with percentage-based fees for larger deposits depending on your plan. PayPoint deposits are charged as a percentage of the deposited amount.
The benefits of Tide business bank accounts
- There are no traditional credit checks during the application
- Integration with popular contractor accounting software, including FreeAgent and Xero
- Available for limited companies, sole traders and partnerships
- Accounts can be opened by charities and non-profit organisations
- Option to open a Tide business savings account alongside your current account
- No requirement for a business plan, making it suitable for startups
- Support for international payments, including EUR transfers via SEPA and USD payments to the US via ACH
- Ability to open multiple business accounts under one login, subject to eligibility
- Maximum balance limits apply depending on business type
- Access to business lending products via Tide’s lending partners, subject to approval
Drawbacks of the Tide business bank account
The Tide business bank account can be a practical option for contractors, but it does have some limitations to be aware of.
- No physical branches, as the account is managed entirely online
- No traditional overdraft facility on the Free plan
- International payments are limited compared to some high street banks
- Cheque deposits are digital only and must be submitted through the app
Apply for a Tide business account and get £50 cashback
If you decide Tide is a good fit for your business, you can apply here.
Contract Eye visitors may be eligible for £50 cashback when opening a new Tide business account via our partner link.
Apply today and get £50 cashback – with no catches!
Simply click here to get started. As a Contract Eye visitor, you automatically qualify for £50 cashback.
To open a free Tide business account, simply click on our partner page.
