One of the first things you need to do to start your business is open a business bank account. It can be a pain to open a bank account because it takes a lot of time, money, and papers. The Tide business account, on the other hand, might be the best option to regular banks.
It lets you get paid and take payments without any monthly fees. Also, this online account is easy to set up and use and doesn’t take long.
Now let’s look at this account in more depth and decide if it’s a good option to the bank account.
What is Tide?
The UK company Tide has been around since 2015 and is privately owned. Since it started, this business has brought new life to the banking industry by getting more than 200,000 customers. And even though it’s not a bank, it works like one and offers a business bank account with a unique twist.
There is a sort code and an account number for you to use with Tide. They also offer all the services that banks do, such as Direct transfer, standing order, and more. There are some tech-savvy features that set it apart from regular banks, though, so it doesn’t work the same way.
To sum up, we can say that it is a forward-thinking company that has brought new ideas to the banking industry. Before you open an account here, make sure it meets the needs of your business. Let’s look into this business account in more depth!
What is Tide Business Bank Account?
The Tide business bank account is made for companies and people who are up-to-date on technology. Its goal is to make things easier for small business owners and sole traders when it comes to paperwork.
One great thing about this account is that it doesn’t cost anything if you’re new and not getting any money yet. You will have to pay a small 20% fee for each move once you start making money. With this account, you can also pay with a credit card without any fees.
What is Tide for?
In addition to the usual features of a bank account, it has a few extra ones. This is why it’s possible for many small businesses.
You can keep track of your spending.
You can set up straight debits with it.
You can plan to pay at certain times.
You can get your online bank account by downloading it.
It lets you make different accounts for different uses.
The business is given to you. Credit Card
It can connect to your accounting program.
It lets you pay at the post office with cash.
It lets you get cash from an ATM.
The Tide business account can be used by companies that take cash, accept payments online, or use payment processors like PayPal, Stripe, GoCardless, and more. In this way, it works best for:
New businesses
Shops and restaurants
Small to medium-sized companies
One-person businesses
Freelancers who work for themselves
Small Stores
Traders on their own
Workers in trade
Pros
Here are some good things about having a Tide business account:
The app for phones is simple to set up and use.
Easy to keep track of payments and handle
No fees every month
Quick sign-up and neighborhood transfer
Cons
These are the bad things about this account:
It doesn’t work with foreign payments.
Doesn’t take checks as payment
Need to pay extra for help by a dedicated person
There is no way to make a personal account.
Not for companies that deal with a lot of cash
Quick Sum Up
A Tide business account basically takes away a lot of the trouble and work that comes with regular company banking. It’s especially helpful because you don’t have to waste time on bank meetings, and you can set up your account quickly—in just minutes. You can also use an online app on your phone to keep track of your business’s funds. So, if you run a small business and want a good way to send and receive payments, this is a great choice. But if you need regular help from customer service, you need to buy one of the paid plans for this account.
