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:
Weapons and armaments
Precious metal trading
Sale of used vehicles and heavy machinery
Unlicensed scrap metal trading
Unlicensed pharmaceutical trading
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 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.