Tide business accounts review
Tide is a UK-based digital business banking provider designed for sole traders, freelancers, and SMEs. It offers fast account setup, expense management, and accounting integrations, making it a strong alternative to traditional banks.
Key features of Tide
1. Business current accounts
- Quick digital onboarding: Open an account within minutes.
- No monthly fees on the free plan: Various pricing plans available.
- FSCS protection not available: Tide is an e-money institution, not a bank.
- Sort code and account number: Provides standard UK banking functionalities.
- Physical and virtual Tide debit cards: Supports Apple Pay and Google Pay.
2. Payments and expense management
- Faster Payments, BACS, and CHAPS: Supports seamless UK transactions.
- Direct debits and standing orders: Automate recurring payments.
- Automated expense categorisation: Tracks spending in real-time.
- Multi-user access: Delegate account access with custom permissions.
3. Accounting and tax tools
- Integration with accounting software: Works with Xero, QuickBooks, and FreeAgent.
- Invoice creation and tracking: Generate and manage invoices within the app.
- Automated tax calculation: Helps estimate VAT and self-assessment tax.
4. Business credit and finance options
- Tide Credit Builder: Helps businesses improve their credit scores.
- Cashflow insights and credit recommendations: Personalised financial guidance.
- Invoice financing: Unlock cash from unpaid invoices.
Tide fees and pricing
1. Business current account plans
| Plan | Monthly Fee | Free UK Transfers | ATM Withdrawals | Additional Features |
|---|---|---|---|---|
| Free | £0 | 20 | £1 per withdrawal | Basic banking features |
| Plus | £9.99 | 100 | £1 per withdrawal | Priority support, expense management |
| Pro | £18.99 | Unlimited | £1 per withdrawal | Advanced accounting tools, multi-user access |
| Cashback | £49.99 | Unlimited | £1 per withdrawal | 0.5% cashback, premium support |
2. Additional fees
- Cash deposits: £2.50 via the Post Office, 3% via PayPoint.
- International payments: Not currently supported.
- ATM withdrawals: £1 per transaction.
Pros and cons of Tide
Pros
- Fast account setup with minimal paperwork.
- No monthly fees on the free plan.
- Built-in invoicing and tax tools.
- Seamless integration with accounting software.
- Business credit-building features.
Cons
- No FSCS protection (not a fully licensed bank).
- Limited customer support on free plans.
- No international payments.
- Fees for cash deposits and ATM withdrawals.
How Tide compares to competitors
| Feature | Tide | Starling Business | Revolut Business | Monzo Business |
|---|---|---|---|---|
| Free UK transfers | Limited | Unlimited | Limited | Limited |
| Multi-user access | Yes (paid plans) | Yes | Yes | No |
| FSCS protection | No | Yes (£85,000) | No | Yes (£85,000) |
| Invoice management | Yes | No | Yes | Yes |
| Business lending | Yes | Yes | Limited | Yes |
| Ideal for | Freelancers, startups | SMEs, digital businesses | International businesses | UK-based freelancers |
Who should use Tide?
- Freelancers and self-employed professionals: Affordable, digital-first banking with invoicing tools.
- Startups and small businesses: Cost-effective banking with scalable pricing plans.
- Businesses needing accounting integrations: Easy sync with major bookkeeping software.
- Companies focused on UK transactions: No international payment support limits global reach.
Our verdict
Tide is a modern, digital-first business banking solution that provides fast account setup, expense management, and essential financial tools for freelancers and SMEs. Its low-cost plans, invoicing features, and credit-building options make it an ideal choice for UK-based small businesses.
However, its lack of FSCS protection, international payments, and customer support limitations on free plans may not suit businesses needing comprehensive financial services. For those looking for an easy-to-use, cost-effective banking platform, Tide remains a strong option in the UK market.