Tide

Tide in-depth review, useful information and user opinions

Tide Bank
Reader Rating155 Votes
1.5

About Tide

Tide is a new challenger bank headquartered in London. It is a digital-only bank offering business banking services to companies registered in the UK.

The primary focus of the company is to help business owners manage their money more time effectively.

Tide Products and Services

Customers who open a business current account with Tide receive a full UK sort code, account number and business Mastercard. Companies can add up to 35 cards per account for employee usage. IBANs and scheduled payments are due to be added to Tide’s service portfolio soon.

Anyone who is the named director of a company registered with Companies House in the UK can apply for a Tide account. Freelancers can also apply, provided they have a UK address and are registered with HMRC. Account-holders must also be over the age of 18 and have a valid UK phone number.

Customers who are not based in the UK can apply provided their business is registered with Companies House. Registered charities can also apply.

Tide has identified several sectors that it considers ‘high risk’ and does not provide services to companies in these industries. These sectors include:

  • Gambling
  • Weapons and armaments
  • Precious metal trading
  • Sale of used vehicles and heavy machinery
  • Unlicensed scrap metal trading
  • Unlicensed pharmaceutical trading
  • Financial services
  • Escorting
  • Unincorporated or unregistered charities

Tide does not charge a monthly current account fee, but there is a £1 fee per cash withdrawal and 20p per bank transfer. All customers receive the Mastercard wholesale rate.

Tide Security

Tide uses two-factor authentication to keep account information safe, and customers who lose their cards can freeze and unfreeze them instantly using the app. Tide has an e-money licence issued by the Financial Conduct Authority (FCA) and complies with the rules set out by that licence.

Tide Bank Contact Details

Address:

    Why are you visiting CompareBanks.co.uk today?

    144a Clerkenwell Road
    London
    UK

    Telephone: 0333 121 0266

    Email[email protected]

    Tide Bank Review
    Reader Rating155 Votes
    Pros
    Cons
    1.5
    Helping the UK make informed banking decisions
    1. Do not use this company. Early on in the pandemic, I was offered a £1,000 credit facility for a fixed monthly payment (equivalent to Wonga/Payday loans in cost!!). Unfortunately, my drivers license expired in January and my mobile phone broke and I have not able to access my account since March. Fee’s continued to accrue, transactions which should not have been authorised were coming out of the account and I was refused access to my account for 7 months as I was unable to verify my ID, which was impossible as the DVLA was closed and only printing licenses for key workers. Therefore I could not access my account at all.

      I am now being requested that I pay them £1,000, despite this being almost entirely made up of their own fees for a service I was unable to use. They refused to waive any fees and made threats to take legal action if I did not pay this amount in full, despite my company closing down due to Coronavirus. I tried to compromise with them and asked that at least a couple of months of fees be waived (£60 per month), this was also declined by them.

      Do not use this company, they will take whatever they can get, no matter your situation. Their support is non-existant and their staff are incompetent and refuse to take into consideration any other views but their own.

      As of today’s date, I still don’t have access to my account and am unable to assess any of the transactions they ‘claim’ I owe them.

      Note: If tide support reply to this, then they are just trying to make themselves look good, the reality is they have ignored emails for 5+ days at a time, then said I was outside of their ‘time-frame’. The issue was also escalated to a manager, who clearly did not read the entire email thread and made accusations against me which were false, trying to pass blame.

    2. TIDE customer service don`t care about their customers. They may reply quickly ( on a god day) but hardly any solutions to any errors and I had many with them. Appalling attitude yet they think they have integrity and provide good service. AVOID !!!

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