How to Open a Tide Business Account

Learn how to open a Tide business account.

Updated: May 20, 2024
Matt Crabtree

Written By

Matt Crabtree

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If you're starting a business, you will need a business bank account to keep your business finances separate from your personal finances. If you're a freelancer, a small business or a midsize business, consider Tide for banking services.

With a Tide business account, you can benefit from various banking features that will help propel your business finances. In this article, you'll learn how to get a Tide account for your business banking needs.

What Are Tide Business Bank Accounts?

Tide offers a business bank account for companies of all sizes; whether you're a freelancer, a small business or a scaling business, there is a bank account for your needs.

There are four types of Tide business accounts you can apply for:

  • Standard business bank account: A free bank account that allows you to set up direct debits, schedule payments, manage limits and statements and much more. If you've already got accounting software with Xero or QuickBooks, you can integrate them with a Tide bank account. It will cost you 20p for each transfer in and out of the account.
  • Tide Plus account: Upgrade the standard business account to a Plus one. It has additional features such as 20 free monthly transfers, a free Expense Card for a coworker, access to a 24/7 legal helpline, member perks and a matte black card. The Plus account is £9.99 a month plus VAT.
  • Tide Pro account: If you upgrade your business account to the Tide Plus account, you'll get unlimited free transfers, two free Expense Cards for coworkers, access to a dedicated team for support during weekdays from 9 am – 6 pm, contact with a legal team if you need, member perks and a matte black card. A Tide Pro bank account will cost £18.99 per month plus VAT.
  • Tide cashback account: The account allows you to earn 0.5% cashback when you spend with your Tide card. You can make 150 free transfers, three free Expense Cards, access to a dedicated team of account managers, exclusive member perks and more. The Cashback account costs £49.99 per month plus VAT.

All Tide accounts allow you to hold up to five business accounts, which can be helpful for a multi-business entrepreneur. You can access your account with a desktop or Tide app, grant read access to your team, and export CSV files.

With a Tide bank account, you'll get a free business Mastercard to use anywhere in the UK and abroad that accepts Mastercard. If you wish to withdraw cash from an ATM, there is a £1 charge.

Pros and Cons of Tide Business Bank Accounts

Before we dive into the documentation you need to open a Tide account, you must know the pros and cons.

Pros

✔️ Accounting software integration: Control all your business finances and transactions in one place with integration tools for accounting software like Xero and Quickbooks.

✔️ Ideal for small businesses: Tide offers many money management features to help your business grow, including access to start-up loans.

✔️ Sole traders can apply too: If you're a freelancer or sole trader, you can apply for a business bank account. You must prove your identity and have a valid UK phone number and address.

✔️ Secure banking: Tide is regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations, and its new banking accounts provided by ClearBank are protected by the Financial Services Compensation Scheme (FSCS) and authorised by the Prudential Regulation Authority.

✔️ Additional Expense cards: Depending on your business account, you can gain extra Expense cards for your employees with the Plus and Pro plans.

✔️ Cashflow Insights: Free access to Cashflow Insights to help improve your business finances.

Cons

❌️ Monthly fees: Most business bank accounts with Tide have monthly fees attached. However, you can use a free bank account, and opting for a plan upgrade isn't compulsory.

❌️ Specific industries rejected: If you're involved in particular sectors like gambling activities, sale of heavy machinery, escort services, investments and trading, your application faces rejection.

❌️ Restrictions: There is any holding of a third party's funds (clients or customers), including using the funds on behalf of other individuals' Insurance companies. The account has to be used solely by and for the business registering for the account.

What You Need to Open a Tide Bank Account

You'll need to meet requirements and have the correct documentation to open a Tide account for your business, like opening a personal bank account. To simplify and streamline the process, we've made a list of requirements you'll need to meet.

Information and requirements needed to open a Tide business bank account:

  • Be UK-based: You'll need to be a UK-based company and be either a sole trader or a Limited company. You must be a company director registered with UK Companies House to apply to most business bank accounts. You'll need proof of a valid UK residential address if you're a freelancer or sole trader.
  • Aged 18: You must be at least 18 to open a Tide business account and have a valid UK phone number.
  • Basic business information: You must show proof of your business's age and other essential information.

You can become one with UK Companies House if you're not a limited company. Tide has an approved formation agent with a secure Companies House integration. All limited companies must have LTD or Limited after the company name.

Most businesses are accepted for a bank account with Tide. However, there are some industries that Tide does not support. If your company conducts any of the following activities or is part of any of the sectors, you won't be accepted for services from Tide:

  • Adult entertainment: If you offer any adult entertainment, including escort services and other services in the adult industry.
  • Weaponry: Any sale or trade of weapons, armaments, unlicensed trading, and explosives is prohibited.
  • Gambling: Anything gambling-related, including casinos, and prize draws,
  • Investments: Including real estate investments and auctions.
  • Trading assets: Any trading of digital assets like cryptocurrency or money services like loan providers, foreign exchange, and money transfers will also be rejected.
  • Sales of the following: Unlicensed pharmaceuticals sale, import or export of vehicles or heavy machinery, unlicensed waste management, scrap metal or CBD products are also prohibited.

So, if you're part of any of the industries listed above, you risk your application being rejected or your account being shut down.

How to Open a Tide Business Bank Account

Now that you know all about Tide's business accounts and what you need to open one, it's time to explore how to open one.

You can apply for a Tide business bank account in four simple steps:

  1. You can start your application online on the Tide website or via the Tide app.
  2. Submit basic business information. If you're a freelancer, you must show your ID and proof of address. If you're a Limited company, you must be the director and provide business information.
  3. Scan your ID and verify your identity if you're using the app. You'll need to take a picture or scan of your ID, and then you'll provide a photo or video proof of yourself to match you with your ID.
  4. Once you've finished the application, you'll not have to wait long for the approval decision. Business bank accounts are usually approved and opened within minutes.

Final Thoughts

Once your company is registered with UK Companies House, you can start applying for Tide business current accounts.

It's pretty simple to get started with Tide. Once you apply, you can be accepted within minutes to dive right into using your business account.

FAQs

How Do I Get in Contact With Tide?

What Are Tide Business Account Benefits?

Is Tide a Bank?

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