When it comes to choosing a business bank account, the UK market offers plenty of options. Tide has established itself as a popular choice for small businesses, freelancers, and sole traders, offering a digital-first approach with a range of features designed to make managing finances simpler and more efficient. In this review, we’ll break down Tide pricing structure, explore its features, and help you decide whether it’s the right choice for your business.
Tide pricing review
Tide offers several pricing tiers to suit different business needs, from start-ups to established SMEs. The main pricing plans include:
Free account
- Cost: £0 per month
- Features:
- Free UK bank transfers (up to 20 per month, then 20p each)
- No monthly account fee
- Invoicing and expense tracking tools
- Best for: Sole traders and small businesses with minimal banking needs.
Plus account
- Cost: £9.99 + VAT per month
- Features:
- 50 free UK transfers per month
- Priority in-app support
- Expense card access for team members
- Best for: Businesses needing additional transactions and team expense management.
Pro account
- Cost: £18.99 + VAT per month
- Features:
- 150 free UK transfers per month
- Enhanced customer support
- Multi-user access with role-based permissions
- Best for: Growing businesses that require advanced features and support.
Cashback account
- Cost: £49.99 + VAT per month
- Features:
- 150 free UK transfers per month
- 0.5% cashback on all card purchases
- Dedicated account manager
- Best for: High-transaction businesses looking to earn rewards on spending.
Tide also offers pay-as-you-go features such as international payments and cash deposits via the Post Office and PayPoint (fees apply).
Tide features review
- Business tools integration: Tide simplifies admin tasks with features like automated invoicing, receipt scanning, and expense categorisation.
- Fast account set-up: You can set up an account in minutes via the app, making it an attractive option for busy entrepreneurs.
- Expense cards: Available for Plus and higher plans, these expense cards help manage team expenses effectively.
- No overdrafts or loans: Tide doesn’t offer credit facilities, which might limit its appeal to businesses requiring financing options.
- Support for multiple currencies: Tide supports international payments, albeit with transaction fees.
Pros and cons of Tide
Pros:
- Competitive pricing with a free plan available
- Simple, user-friendly app with modern features
- Fast account opening process
- Tailored for small businesses and start-ups
Cons:
- No physical branches for in-person banking
- Fees for cash deposits and international transactions
- Limited credit facilities (no overdrafts or business loans)
- Higher-tier plans may be costly for micro-businesses
Review verdict – Is Tide right for your business?
Tide’s appeal lies in its simplicity, affordability, and digital-first approach. It’s an excellent choice for businesses that prioritise convenience and don’t require traditional banking services like overdrafts or extensive face-to-face support. Freelancers, sole traders, and SMEs in industries like retail, hospitality, and professional services are likely to find Tide’s features sufficient for their needs.
However, if your business handles significant cash deposits or requires regular access to loans or overdrafts, Tide’s limitations might be a drawback. In such cases, you may wish to consider alternative providers offering more comprehensive banking services.
Final thoughts
Tide offers a modern, streamlined banking experience with transparent pricing and useful tools for small businesses. Its affordability and ease of use make it a strong contender for start-ups and entrepreneurs. However, assessing your specific business requirements is crucial to determining whether Tide is the right fit. If its features align with your needs, Tide could be a valuable tool for managing your business finances.
FAQ – Tide pricing review
Tide does not typically offer refunds for its subscription plans. If you decide to downgrade or cancel your plan, the changes will take effect at the end of your current billing cycle.
Yes, Tide charges a £1 fee for each ATM withdrawal made using a Tide card. This fee applies regardless of your subscription plan.
Yes, Tide allows international payments. However, fees apply, and exchange rates may vary. These charges depend on the currency and amount transferred.
Yes, cash deposits can be made via the Post Office or PayPoint. Fees are 3% of the deposit amount or a minimum of £2, depending on the method used.
Yes, Tide integrates with popular accounting platforms such as Xero, QuickBooks, and Sage, making it easier to manage your financial records.
Yes, Tide offers multi-user access on its Pro and Cashback plans. This feature allows you to assign roles and permissions to team members.
Tide provides in-app chat support for all customers. Paid plans, such as Plus, Pro, and Cashback, offer priority support and access to a dedicated account manager for the highest tier.
Tide accounts have daily transaction limits, such as £1,500 for card transactions and £25,000 for bank transfers. These limits can vary based on your plan and account activity.
Yes, Tide’s Plus plan and higher include expense cards for team members, allowing you to track and control team spending directly through the app.
Tide is not a bank but operates as an e-money institution, regulated by the Financial Conduct Authority (FCA) in the UK. Funds are safeguarded in a separate account, ensuring they are protected.