Tide Business Bank Account
What is a Tide business bank account?
A Tide business bank account is a bank account that’s designed for freelancers, sole traders, limited companies and small or scaling businesses.
While business bank accounts are essential for limited companies in order to separate your personal finances from those of your business, they are invaluable for sole traders and freelancers as well in order to keep your income and spending organised.
What are the benefits of a Tide business account?
If you own a limited company, the main benefit of a business bank account is for tax purposes.
It’s essential to hold your company’s cash in a bank account in the name of your business and not your personal account.
This way you can take dividends and your salary from your business into your personal account separately.
Tide business bank accounts can link to your accounting software so that your tax reporting is quicker, easier and more efficient.
The less time you’re worrying about banking and tax reporting, the more time you can focus on growing your business.
Even if you are just a sole trader or freelancer and don’t own a limited company, business bank accounts are great products.
Keeping your business and personal spending is essential for monitoring the cash flow and growth of your business and keeping things organised.
In addition, you can automatically categorise spending so you know where your funds are going, helping you monitor and prioritise your business expenditure.
What do you get with a Tide business bank account?
In addition to the above, Tide current accounts have several attractive banking features for small businesses and sole traders that many high street banks don’t offer, including:
- Expense Cards for employees
- Bank transfers
- ATM cash withdrawals
- Standing orders and Direct Debits
- Telephone helpdesk support
- 24/7 business legal helpline
- Mobile app banking
- Cashback rewards
- Transaction statement CSV exports
- Automatic expenses receipts
- Send automatic invoices
You can do pretty much everything with a business bank account that you can with a personal account and more.
Including setting up regular payments to commit to ongoing business costs and convenient mobile app banking that allows you to monitor your business finances on the move.
With the pace of modern business, banking apps are an essential feature to make sure you’re on top of your company’s financial health.
How do I get a Tide business account?
- Registered Companies - you must be a director of the company to open an account, and it must be registered with UK Companies House.
- Sole traders and freelancers - you just need to be UK based.
- You can open a Tide business account online in a matter of minutes.
You’ll also need:
- To be aged 18 or above
- Have a UK phone number and address
- Have a smartphone with access to a UK App or Google Play store
Do you have to pay for a Tide business account and how much do they cost?
Business bank accounts charge customers in two ways, and it’s usually a case of one or the other.
- Transactions fees
- A monthly or annual fixed fee
With a Tide business bank account, you can select what type of account is best for you.
Free Account
Their basic account is free of ongoing monthly charges, and you are instead only charged for the transactions including bank transfers in and out, ATM withdrawals and expense Tide cards for your colleagues.
You are also restricted to limited features with the free business account.
Plus Account
Tide’s Plus business bank account costs a monthly fee but gives you a limited number of free banking transactions per month. You also get access to additional features like phone support and their 24-hour legal helpline.
Cashback Account
Tide’s final business bank account comes at a higher monthly premium and includes more free transactions, a dedicated account manager, and 0.5% cashback on your Tide card spending.
If you’re doing a lot of business activity on your Tide bank account then this account might be best for you.
What are the restrictions of a Tide business bank account?
Tide business accounts focus on practical and affordable accounts for small business owners and limited companies, so there are some features they aren’t able to offer. Here is a list of some of the features they don’t currently offer:
- Trading of cryptocurrencies
- Money services (such as foreign exchange, loan providers, money transfers)
- Casinos, prize draws and other betting or gambling activities
- Travel agencies
- Car wash services
- Political parties
- Charities
- You can’t deposit cheques like with a post office account
Is a Tide business bank account safe?
Tide business bank accounts are protected by the Financial Services Compensation Scheme (FSCS) like most bank accounts are.
This means that if Tide goes into administration for legal or financial reasons, you are covered for up to £85,000 of your deposits in your accounts.
Tide accounts are classed as E-money accounts so your funds are held in electronic form. Your funds are held in a Safeguarding Account, meaning they are ring-fenced from the money Tide uses to run the company.
How much money can I have in a Tide account?
How much money you can deposit in a Tide current account depends on the type of account you apply for, but there are limits set for each account as to how much you can deposit.
