Tide is a modern business banking platform that drives to reduce the time SME’s spend accounting. The alternative bank account is aimed towards independents and freelancers along with small businesses too. Tide was founded by George Bevis, who is an experienced entrepreneur and formerly a banker.
Here are 10 things to consider when using Tide
1. Tide gives you an account number and sort code in as little as 5 minutes
2. Trusted by over 40,000 small businesses
3. Spend abroad for free
4. Free business Mastercard
5. 1 in 12 business current accounts opened in the UK was with Tide, within a year of our launch.
6. No more manual uploads- automatic transactions
7. Only charged for transfers, cash withdrawals and cash deposits
8. No monthly or annual fees
9. Whether you’re ordering team cards or freezing one you’ve lost – you won’t need to waste time phoning us. Manage your cards in seconds, straight from the Tide app.
10. Fastest growing new fintech in B2B in the UK ever
- Transfers- 20p when sending or receiving money from a non-Tide account
- Cash Withdrawals- £1 per ATM withdrawal
- Cash Deposits- £1 at the Post Office, 3% at PayPoint
With every positive comes a negative and we look at the top 5
1. Tide do not have any branches and its only form of accounting is online
2. There is a £25,000 maximum account balance for sole traders and £100,000 maximum balance for limited businesses.
3. Transfers are charged at 20p per transfer and £1 for cash withdrawals at ATMs.
4. Tide do not accept cash or cheques
5. Tide do not have a banking licence and they are not covered by the FSCS
Every business will want and need different things from their bank and, as such, there are different banks and different accounts to suit every business – you must therefore do your research when choosing a bank and understand which one will suit your requirements now and in the future.
Author: James Hooper, Digital Marketing Apprentice, Plus Accounting
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