(Low transaction fees. No application, annual or monthly fees. 250,000+ customers.)
The Tide e-money business current account is one of the new breed of mobile phone app based business accounts that can also be accessed via a web browser. It can be applied for by any UK registered businesses owned by individuals who want to open a business account quickly and because there is no credit check (so bad credit is not a problem) you can potentially obtain a business account number and sort code within 5 minutes.
Tide is often referred to as a challenger bank but is not strictly a bank and is run by financial technology company Prepay Solutions (PPS) who are regulated as an electronic money issuer authorised by the Financial Conduct Authority (FCA). Funds are kept securely in a ring-fenced account.
Provided you have had your business officially registered beforehand and pass the identity checks then this is as close as you will get to a guaranteed business bank account. Applicants based outside the UK can apply for an account provided they are directors of a company registered in the UK.
Tide have over 250,000 customers and claim that 1 in 12 new business accounts in the UK are opened with them such is the demand for such an easy to open basic business account.
You can see what people are saying about the account in the Tide community. (see community link at bottom of their page)
It does come with a business contactless debit Mastercard but not a chequebook. There are no annual, monthly or application fees.
Transaction fees on the account are low. Electronic transactions in and out of the account cost only 20p. Cash withdrawals using the debit Mastercard cost £1. Cash deposits using Paypoint or at the Post Office also incur fees (3% and £1 respectively).
A Tide Plus account is also available which for £11.99 per month gives you a Tide Plus debit Mastercard, a dedicated support phone line, prioritised in-app support, 20 free bank transfers per month and a legal helpline.
Verdict: If you are looking for a basic business account with minimal costs and no credit checks then Tide may be suitable for you.
What the Tide Business Current Account offers:
- Guaranteed online app-based UK business account (subject to proof of official business registration and identity / residency checks).
- Obtain a Tide account number and sort code in as little as 5 minutes.
- No credit checks.
- Suitable for undischarged bankrupts or those with an IVA (Individual Voluntary Arrangement).
- Available to limited companies, sole traders and partnerships.
- 250,000+ accounts opened.
- Those outside UK can apply provided they are directors of businesses registered at Companies House in the UK.
- Charities can open accounts.
- Ideal for startups without the problem of having to provide a business plan which high street banks generally require when you apply for one of their business accounts.
- Tide business contactless Mastercard debit card.
- Easy access via phone app (IOS and Android).
- No annual or monthly fees.
- No application fee.
- Low 20p transaction fees in or out of account.
- Very popular account. More than 1 in 12 business current accounts opened in the UK are with Tide.
- International Currency Accounts can be opened.
- Tide Plus account available for £11.99 per month which provides extra benefits including some free transactions.
- Up to 4 current accounts can be opened for each company.
- Maximum account balance is £100K for limited companies and £25K for sole traders.
- Monthly transaction limit is £10K for the card which you can use to take out up to £500 per day from an ATM (£1 withdrawal fee).
- Pay in cash at any Paypoint outlet (3% fee) using your debit Mastercard.
- Deposit cash at any UK Post Office using your debit Mastercard (£1 fee).
- Credit of up to £150K is available as a business loan (subject to status).
- Standing Orders and Direct Debits.
- Faster Payments, BACS, CHAPS and SWIFT.
- 24 hour telephone account access.
- Monthly statements.
- No international payments in or out (at the moment).
- Can only access web version of the account using QR code on phone app.
- Relies on having access to mobile phone, so losing it could be an issue although access can easily be re-established using another device.
- No overdraft facility although a credit facility is a possibility.
- Can’t deposit cheques.
- Business must be registered and verified prior to opening account.
- Some charges do apply (although these are far lower than for similar business accounts).
Some of the fees for this Tide Business Current Account include:
Payment by card both in UK and abroad Free.
Electronic transfers between Tide and other bank accounts 20p.
Transfers between Tide accounts Free.
ATM cash withdrawals £1.
Replacement cards Free.
Cash deposit Post Office £1.
Cash deposit Paypoint 3%.
Tide Plus account with added benefits to standard Tide business account £11.99 monthly.