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Tide Bank

Feedback

Hello 

One of our new clients has asked for feedback on Tide business bank. It operates through an app only. 

I have not come across it before.  

https://www.tide.co/

I would be grateful for any feedback. 

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By johnt27
02nd Apr 2019 11:44

It's a good choice if your client has straightforward banking needs i.e. a current account, no relationship manager and the ability to open an account in hours rather than days/weeks.

Plenty of other good choices out there in a similar vein such as Starling Bank.

All of these new "challenger" banks will integrate smoothly with various cloud accounting platforms which would supplement the relatively basic accounting tools that come with the bank apps.

Thanks (1)
02nd Apr 2019 11:59

We have one client who uses them, partly because of the ease of setting up the account. They have no complaints.

Thanks (1)
02nd Apr 2019 13:30

There is a whole host of these now FT and not sure how much there is between them.

They are quick to set up and a lot of contractor type clients use them (Cashplus seems a popular one also) there seems to be new ones entering the market all the time.

They do seem to have a few quirks as some have no mechanisim to pay in a cheque for an example.

Which may not be an issue but I get paid by 2 clients by cheque.
Also are they covered by normal bank rules in that you a protected in the event of the banks insolvency?

I must say whenever I see someone with one of these accounts I always think "Why couldn't you get a proper bank account".

Thanks (1)
02nd Apr 2019 14:14

Do they use Tide to launder their money?

Thanks (1)
02nd Apr 2019 14:44

Hopefully when they wish to withdraw money, they don't find that the tide's gone out and they are left high and dry.

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By sash100
02nd Apr 2019 15:26

They are a private bank and there is no recourse to the ombudsman or the normal protection of £85,000.

They have been approaching accountants and the customer service is very good. At least with Tide you have a proper account manager instead of a call centre type of service

My clients have received terrible service from the high street banks.

The only issue with Tide they cannot accept foreign payment but I understand they will soon.

Tide is a good back up in case your clients who have a poor credit rating as they are then unlikely to get a business account from the big boys.

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02nd Apr 2019 16:22

They're not a bank. Tide is a electronic money institution - customer funds are actually deposited with Barclays.

As Sash100 rightly points out, no ombudsman recourse and the £85k protection doesn't directly apply. It's not clear how safe funds with e-money institutions are or how easy it will be to recover them in the event of failure.

There is no shortage of challenger/fintech providers. I'd go for one that is actually a bank with all of the regulatory protections that provides.

Thanks (1)
02nd Apr 2019 16:27

Starling is registered under the FSCS and seems otherwise comparable, and accepts cash & cheque.

I've had a client set one up recently (speed was necessary in that case) and another just about to do so (incentivised by the RBS client divesting).

Both very recently so I can't give you any real feedbank unfortunately.

One thing, the RBS (ex)client had an issue with PSCs - there can only be one.

Thanks (1)
02nd Apr 2019 17:23

Thank you for a helpful response.

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02nd Apr 2019 20:14

I would choose Starling over Tide due to the £85k protection.

However one feature it lacks is it does seem to be mobile only whereas with Tide, you can login via desktop as well as mobile.

For other suggestions, there are now half yearly surveys of business bank accounts - as part of a regulatory requirement by CMA. You can see the latest results here:

https://www.bva-bdrc.com/products/business-banking-service-quality-great...

Out of the older banks, Santander seems to be most favoured.

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to thestudyman
03rd Apr 2019 12:51

Santander is the only bank I actively recommend to clients

Can get an account opened in less than a week usually, good on line banking, and free bank feeds with Xero.

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02nd Apr 2019 22:42

One of my clients uses Starling and it is very good. A couple of years ago I set up Tide for a small project and it was easy enough to set up. However my mobile phone went kaput and I was unable to set up Tide again without going through the account setup process again. For some reason it didn't work so I abandoned it. There wasnt any money in it fortunately.

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