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Tide business bank account – for freelancers and contractors

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 and break away from traditional brick-and-mortar banking.

Tide is a great example of what the next generation of controlling your finances looks like. 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 bank by any means, but it does give you much more control over your money. It’s an online business current account that makes it much easier, faster and more streamlined to access than traditional bank accounts. It’s growing in popularity every day, with over 350,000 small businesses, freelancers, contractors and sole traders using Tide to handle their finances.

It’s a great way to manage all of your transactions without the need to work with a bank. It uses a handy application that allows you to get full access to all of your finances, transactions and other processes.

What is the Tide business bank account?

The Tide business bank account, also known as the e-money business current account, is a type of business bank account that can be accessed directly from a smartphone application or web browser. It can link up with any UK-registered business, and any business owner can set up and open a Tide business account with no strings attached. There are no credit checks so your credit history won’t impact registration and it’s an incredibly fast setup.

It typically takes less than five minutes to register, obtain a business account number and get started with Tide.

Although often called a ‘challenger bank’, Tide isn’t actually a bank at all. It’s a service facilitated by a financial technology organisation known as Prepay Solutions. The company is fully regulated to act as an electronic money issuer through the Financial Conduct Authority. That means your finances are in safe hands with Tide and that all of your money is stored in a secure account.

The requirements for registration are limited – as long as you have a registered business before applying and can pass an identity check, you’ll be eligible to open an account through Tide. You can even apply for an account with Tide if you’re outside of the UK – as long as you’re a director of a company that’s registered in the UK.

The features and fees of Tide business bank accounts

With over 250,000 active customers using Tide, it’s a growing digital banking solution that many businesses are considering. There are some really handy features that are included in the Tide business bank account, including a debit Mastercard that includes contactless payment methods.

There aren’t any annual or monthly fees, and applying for an account is also completely free of charge. It’s worth noting that there are other fees associated with the Tide business bank accounts but they are minimal. For example, any cash withdrawals via the debit Mastercard comes with a £1 fee. Any electronic transactions going in or leaving the account come with a 20p fee. There is also an associated fee for any cash deposits that use Paypoint or the Post Office. For Paypoint, the fee is 3 % and the Post Office fee is £1.

There’s also the Tide Plus account, which gives you more accessibility and support. For a fee of £11.99 per month, you receive a Tide Plus debit Mastercard, in-app support and a manned telephone helpdesk. It also comes with 20 free bank transfers per month, so if you’re active with bank transfers it could be a good option for you.

The benefits of Tide business bank accounts

Below are some of the core benefits that using a Tide business bank account offers:

• No credit checks upon registration

• Available for all types of businesses including limited companies, sole traders and partnerships

• Suitable for charity organisations

• Great option for startup companies as there is no requirement for a business plan

• International currency account accessibility

• Companies have the option to open up to 4 current accounts

• Maximum balance for accounts is £100,000 for limited companies and £25,000 for sole traders

• High transaction limits of £10,000 per month or £500 per day

• Access to credit of up to £150,000 for business loans

Drawbacks of Tide business bank accounts

The Tide business bank account is an excellent way to manage your finances. However, for the sake of objectivity, we should mention that it does have a few drawbacks such as:

• No international payment functionality

• The only way to access accounts is online

• No in-built overdraft facility

• No way to deposit cheques

Apply today and get £50 cashback – with no catches!

Simply click here to get started. As a Contract Eye visitor – you will automatically qualify for £50 cashback. No catches whatsoever. Plus free transfers for 12 months.

Our Partner Contractor Accountants


Last updated: 23rd July 2022