Anyone using the Tide Business Account?

[DiggityDo]

As you might have saw from the other thread, I have a business bank account with Natwest and they are hitting me up for £5 a month even though my limited company is presently making not a single transaction.

I want to get away from the monoliths like Natwest, Barclays, so was just looking into new digital banks like Fidor and Mondo.

But as someone mentioned in the other thread, it needs to be a business account for a limited company.

I found one new digital bank that has a business bank account called Tide Bank. Has anyone used it, any thoughts or reviews about it?

Also, is it possible to transfer a business bank account like one from Natwest to a new online one like this without much hassle?

Thanks all

 

[ukbaby]

I have a Tide account and it has no monthly fees. There isn’t currently a way to do an account transfer to Tide, but since you have zero transactions, why not just set it up as a new account?

Please note that there are still some features (that some might consider crucial) that Tide doesn’t yet have, such as being able to send and receive international bank transfers, create standing orders, etc. They’re working on them and you can find out more on their site and forums.

Another digital account that has no monthly fees is the TransferWise Borderless account, which I have as well. This doesn’t currently come with a debit card, but they’re working on that. It also has some features that Tide doesn’t and vice versa, with some caveats — again, more details can be found on their website.

Hope this helps!

 

[DiggityDo]

Hey ukbaby, that's good information. I don't do any international bank transfers, so not worried about that sort of stuff.

Pity there is no way to do an account transfer, that's a real killer. I do actually have a balance, so I would like to transfer the old account over. I'm really not sure how it would look if I transferred the money out of my business account via my personal account and then paid it in to the Tide acc. Probably that would break the separation of me as a person and the ltd company.

 

[scdirect]

Hey ukbaby, that's good information. I don't do any international bank transfers, so not worried about that sort of stuff.

Pity there is no way to do an account transfer, that's a real killer. I do actually have a balance, so I would like to transfer the old account over. I'm really not sure how it would look if I transferred the money out of my business account via my personal account and then paid it in to the Tide acc. Probably that would break the separation of me as a person and the ltd company.

Send a bank transfer from the business account you currently have to the Tide?

Tide gives you an account number and sort code for transfers unique to your company.

 

[DiggityDo]

Send a bank transfer from the business account you currently have to the Tide?

Tide gives you an account number and sort code for transfers unique to your company.

Thanks for that info.

I guess that would work? I always thought it was better to transfer accounts, rather than open new one, transfer funds and close the old one?

 

[DiggityDo]

They have an awful lot of bad reviews for the mobile app being buggy

 

[DiggityDo]

Haha, that figures.

They are recruiting a Lead Android Developer AND a Senior iOS Developer AND a Senior Java Engineer, deadline for applications is 4th November. (I can't post a link, but google "android developer at tide" and it's the first result).

All those bad android app reviews and only now they are hiring senior developers suggests the technical side of the project is currently in tatters.

I may wait this one out and see what develops...

 

[eastcoastbaby]

How's everyone getting on with Tide so far?

I opened a test account when the it was first launched, I can't say that I'm overwhelmed with it. Progress seems slow, there's still no Freeagent integration or even downloadable transactions in a format that plays nice with Freeagent, which is a pain for me. As someone mentioned, reviews aren't great, but it seems ok a backup.

Now the likes of CashPlus are are applying for a full banking licence, and top challenger bank Starling is planning a business account, I wonder how long Tide can keep it's 20p pricing model. Will it still be around in a few year time?

 

[scdirect]

Amazing, i use it daily, allot of our clients use it and never heard a bad word about them.
Will they be around in a few years time, Yes

They have major plans for this year including the introduction of unique iban's and cash deposits.. They are becoming a very strong player..

 

[Ainze Madu]

Ok will be very honest please avoid Tide has lost £1000 of my money money was sent to me. Sender has proof money was sent but tide can't find the funds. I have complained to financial ombudsman but apparently they couldn't find tide on the FSA database. I made an oncorrinc transfer they never helped me to reclaim the funds. Fast and quick to set up but as soon as you get a chance get a propper business account with fully trained staff. Tide will not go the extra centmeter let alone mile. I have emails from the financial ombudsman service stating that the company can't be found on the FSA database. Feel free to contact me. The £1000 was supposed to reach me 1st October 2018 the date is 16th November and still no funds. They can't locate it. Just avoid if £1000 goes missing and nobody knows it's a massive problem they shouldn't be operating

 

[UK Contractor Accountant]

https://www.tide.co/community/t/is-my-money-safe-will-i-have-fscs-protection/3813

 

[Clive1962]

I had my tide account emptied by a fraudster. I believe they have some inherent weaknesses that make this more likely with them than other banks. Furthermore, they have told me it will take "a few days" before they can refund the money. The service is awful and all via online chat and their app. Nothing is replied to with any sense of service or urgency and you cant speak to them on the phone.

 

[ecommerce84]

I had my tide account emptied by a fraudster. I believe they have some inherent weaknesses that make this more likely with them than other banks. Furthermore, they have told me it will take "a few days" before they can refund the money. The service is awful and all via online chat and their app. Nothing is replied to with any sense of service or urgency and you cant speak to them on the phone.

None of that is surprising.