Last Updated on: 22nd November 2023, 07:46 pm
Tide is a UK-based fintech company that provides business banking services to small and medium-sized enterprises (SMEs). The company aims to simplify business banking by offering an easy-to-use platform that allows SMEs to manage their finances on the go. Tide’s banking services include a business account, debit card, and a range of tools to help businesses manage their finances.
In this article, we will review Tide’s business banking services and assess how they compare to other business banking providers. We will look at the features and benefits of Tide’s business account, the fees and charges associated with the account, and the customer support offered by the company. We will also consider the user experience of the Tide platform and how it compares to other business banking platforms on the market. By the end of this article, readers will have a clear understanding of whether Tide’s business banking services are right for their business needs.
Overview of Tide Business Banking
Tide Business Banking is a digital banking solution that offers a range of services to small businesses, sole traders, and limited companies. The platform is designed to simplify financial management for freelancers and small business owners, providing a range of features that make it easier to manage expenses, send invoices, and access business loans.
Tide Business Account
The Tide Business Account is the core offering from Tide, providing businesses with a free account that allows them to manage their finances online. The account comes with a range of features, including a debit card, digital receipts, and free access to accounting software, making it easier to keep track of expenses and manage cash flow.
Tide Pro
Tide Pro is a paid upgrade to the Tide Business Account, offering additional features such as priority in-app support, 24/7 legal helpline, and read access for accountants. The monthly fee for Tide Pro is £9.99.
Tide Plus
Tide Plus is another paid upgrade to the Tide Business Account, offering cashback on purchases made with the Tide debit card. The monthly fee for Tide Plus is £9.99.
Tide Cashback
Tide Cashback is a standalone account that offers cashback on purchases made with the Tide debit card. The account comes with a monthly fee of £9.99.
Tide Business Banking is regulated by the Financial Conduct Authority (FCA) and is covered by the Financial Services Compensation Scheme (FSCS), providing peace of mind for customers.
The platform is popular with freelancers and small business owners, with many positive reviews in the media. Tide offers a range of solutions, including expense cards, invoicing, and business loans, making it a comprehensive solution for small businesses.
Tide also offers a range of features that make it easier to manage finances on the go, including a mobile app and support for Post Office and PayPoint deposits.
Overall, Tide Business Banking offers a range of features that make it a strong alternative to traditional business accounts. While there are some transaction fees and other costs associated with using the platform, the overall benefits make it a compelling choice for small business owners looking for a digital banking solution.
Features and Benefits
TIDE business banking offers a range of features and benefits that cater to the needs of small businesses. Here are some of the key features and benefits of TIDE business banking:
Account Management
TIDE business banking provides a user-friendly app that allows small business owners to manage their accounts from anywhere. The app provides real-time updates on transactions, cash balance, and charges. TIDE business banking also offers an invoicing feature that allows small business owners to create and send professional invoices directly from the app.
Payments
TIDE business banking offers fast and secure payment options. Small business owners can make payments to suppliers and vendors using the app. TIDE business banking also offers a cashback feature that allows small business owners to earn cashback on purchases made with their TIDE business banking card.
Customer Service
TIDE business banking provides excellent customer service. Small business owners can get in touch with TIDE business banking customer support team via phone, email, or chat. The customer support team is available 24/7 to assist small business owners with their banking needs.
Legal and Compliance
TIDE business banking is fully compliant with FCA regulations. Small business owners can be assured that their funds are safe and secure with TIDE business banking. TIDE business banking also provides legal support to small business owners, ensuring that they are in compliance with all legal requirements.
In summary, TIDE business banking offers a range of features and benefits that cater to the needs of small businesses. From account management to payments to customer service and legal compliance, TIDE business banking provides a comprehensive banking solution for small businesses.
Fees and Charges
When it comes to fees and charges, TIDE business banking offers a transparent pricing structure. There is no monthly fee for using TIDE business banking, making it an attractive option for small businesses and freelancers who want to keep their costs low.
Transaction fees are also kept to a minimum, with no charge for payments between TIDE accounts and just 20p for transfers to other UK bank accounts. International payments are charged at a flat rate of £1 per transaction.
TIDE business banking also offers a range of additional services, such as invoicing and accounting software, which come with their own fees. However, these fees are clearly stated upfront and are entirely optional.
In terms of charges, TIDE business banking does not charge for card payments or ATM withdrawals in the UK. However, there is a £1 charge for ATM withdrawals abroad, and a 2.5% charge for foreign currency transactions.
Overall, TIDE business banking offers a competitive pricing structure that is tailored to the needs of small businesses and freelancers. With no monthly fee and low transaction fees, it is a cost-effective option for businesses looking to manage their finances efficiently.
Account Opening and Support
Sign Up Process
Opening an account with TIDE Business Banking is a straightforward and hassle-free process. The bank offers a fully digital account opening process, which can be completed in a matter of minutes. The applicant needs to provide some basic information about their business, such as the company name, address, and registration number. They also need to provide their personal details, such as name, address, and date of birth.
TIDE Business Banking verifies the identity of the applicant by checking their ID documents, such as passport or driving license. Once the verification process is complete, the applicant can start using their TIDE Business Banking account. The bank also offers a free trial period of 30 days, during which the customer can use the account and decide whether to continue with it or not.
Customer Support
TIDE Business Banking provides excellent customer support to its customers. The bank has a dedicated support team that is available to help customers with any queries or issues they may have. The support team can be reached via phone, email, or live chat. The bank also has an extensive FAQ section on its website that provides answers to most common queries.
The bank’s website is user-friendly and easy to navigate. It provides detailed information about the bank’s products and services, as well as its fees and charges. The website also has a blog section that provides useful information and tips for small business owners.
In conclusion, TIDE Business Banking offers a simple and convenient account opening process, and excellent customer support. The bank’s digital platform and user-friendly website make it a great choice for small business owners who prefer to manage their finances online.
Additional Services
TIDE business banking offers a range of additional services to support businesses in managing their finances. These services include business loans, API integration, and accounting software integration.
Business Loans
TIDE offers unsecured business loans to help businesses with their cash flow requirements. The loans are available for up to £150,000 with repayment terms ranging from 6 months to 5 years. The interest rates are competitive and are based on the creditworthiness of the business. The loan application process is straightforward and can be completed online.
API Integration
TIDE offers API integration, which allows businesses to integrate their TIDE account with other software applications. This integration enables businesses to automate their financial processes and save time. The API integration is available for free, and TIDE provides documentation and support to help businesses with the integration process.
Accounting Software Integration
TIDE integrates with popular accounting software such as Xero and QuickBooks. This integration allows businesses to streamline their accounting processes and manage their finances more efficiently. The integration is available for free, and TIDE provides documentation and support to help businesses with the integration process.
In conclusion, TIDE’s additional services provide businesses with the tools they need to manage their finances effectively. The business loans, API integration, and accounting software integration are all designed to help businesses save time and money.
Security and Risk Management
TIDE’s business banking service prioritises the security and protection of its customers’ funds and data. The platform uses advanced security measures to safeguard against unauthorised access, fraud, and cyber attacks.
Security Measures
TIDE implements the following security measures to ensure the safety of its customers’ accounts:
- Two-factor authentication: TIDE uses two-factor authentication to verify the identity of its users. This means that customers need to provide a unique code, which is sent to their registered mobile device, in addition to their password to access their account.
- Encryption: TIDE uses industry-standard encryption to protect customers’ data. All sensitive information, such as passwords and financial data, are encrypted both in transit and at rest.
- Secure Socket Layer (SSL): TIDE’s website uses SSL encryption to secure the connection between the customer’s browser and the TIDE server. This ensures that all data transmitted between the two is protected against interception and tampering.
Risk Management
TIDE has a comprehensive risk management strategy in place to identify, assess, and mitigate potential risks that could affect its customers’ accounts. The platform has established policies and procedures to manage risks related to:
- Fraud: TIDE has implemented various measures to prevent fraud, including transaction monitoring, fraud detection tools, and regular audits.
- Cybersecurity: TIDE has a dedicated team of cybersecurity experts who constantly monitor the platform for any suspicious activity. The company also conducts regular penetration testing to identify and address any vulnerabilities.
- Operational risk: TIDE has established policies and procedures to manage operational risk, such as system failure, human error, and third-party service provider risk.
Overall, TIDE’s security and risk management measures are designed to provide customers with a secure and reliable banking experience.
Pros and Cons
TIDE business banking has several advantages and disadvantages that businesses need to consider before signing up. Here are some of the pros and cons of TIDE business banking:
Pros
- No monthly fees: TIDE business banking does not charge any monthly fees for its services, making it an attractive option for small businesses that are looking to save on costs.
- Easy to use mobile app: TIDE’s mobile app is user-friendly and allows business owners to manage their accounts on-the-go.
- Free transfers: TIDE business banking allows unlimited free transfers between TIDE accounts, making it easy for businesses to move money around without incurring additional fees.
- Integration with accounting software: TIDE integrates with popular accounting software, such as Xero and FreeAgent, making it easy for businesses to manage their finances.
Cons
- Limited services: TIDE business banking does not offer some of the services that traditional banks do, such as overdrafts, loans, and credit cards.
- No physical branches: TIDE is an online-only bank, which means that businesses cannot visit a physical branch for assistance.
- No cash deposits: TIDE does not accept cash deposits, which could be an inconvenience for businesses that deal with a lot of cash transactions.
- Limited customer support: TIDE’s customer support is only available during certain hours, which could be problematic for businesses that need assistance outside of these hours.
Overall, TIDE business banking is a good option for small businesses that are looking for a simple and affordable banking solution. However, businesses that require more services or need access to physical branches may need to consider other options.
If you are looking for other business banking providers, HSBC also offer banking for small businesses in the UK and globally. Read our Starling business banking review as this could also be an option for your startup as well.
