Tide small business bank account – £150 cashback!

One of the first things any new business owner needs to do is set up a bank account. In this guide, we look at Tide, one of the leading banking providers for small businesses.

Tide offers a free business bank account with 12 months of free transfers and up to £150 cashback.

If you open a current account with Tide, you can also open a savings account simultaneously – and earn an industry-beating 4.07% AER on balances up to £75,000.

Scroll down to find out more!

Some business banking basics

Before we look at what the Tide account can offer, here are some useful things to know about setting up a business account:

Do you need a separate bank account?

If you form a limited company, you must set up a separate account in your company’s name, as it is a distinct legal entity. You can’t use your personal account for any company transactions.

If you’re self employed (a sole trader). there is no legal obligation to open a separate bank account, but it will make life a lot easier if you do.

However you run your business, finding a banking provider to suit your individual needs is essential.

What do you need from a banking provider?

There are lots of things to consider, such as:

• Do you have a lot of monthly transactions?
• Do you need access to a branch?
• Do you need to deposit cash or cheques?

Things to look out for when comparing banks

• How much does the account cost per month?
• Are there any additional fees you should be aware of?
• Are there any valuable extras, such as free invoicing on accounting software?
• Is the bank FSCS protected?

The Tide business bank account – up to £150 cashback

Over 500,000 UK businesses trust Tide, one of the UK’s leading challenger banks.

You can set up an account in minutes, and as a special welcoming bonus, Bytestart visitors qualify for up to £150 cashback just for opening an account.

You also benefit from a year of free transfers.

As you would expect, your money is FSCS-protected, there are no monthly or annual fees, and you can manage your account from your mobile phone (or desktop).

You can open a Tide account and run it concurrently with a traditional business bank account if you already have a business current account.

Benefits provided by the free Tide business bank account

• Rapid signup – the application process takes minutes.
• There are no monthly or annual fees for the ‘free’ account.
• Free use of your MasterCard (home and abroad).
• Set up and amend direct debits.
• Compatible with Apple and Google Pay.
• Free transfers to other Tide accounts.
• Free company formation if needed (whilst opening your bank account!)
• Effortless expense management via the Tide app. It makes VAT returns simple.
• Tide integrates seamlessly with FreeAgent, Xero, Sage, Quickbooks, and Kashflow, so you can easily synchronise your online accounting software with your bank transactions.
• 24 hours a day support via the Tide app.
• Manage your account from any device – laptop, tablet or desktop.
• You can deposit cash in over 40,000 locations via Tide’s Post Office and PayPoint partnerships.

Several pricing tiers are available – Free, Plus and Pro

Make sure you compare the different Tide account offerings – Free, Plus and Pro.

The Free account is an excellent bet if you have low monthly transactions and simple banking needs. There is no monthly fee, but you will pay 20p per transaction. There is in-app support, but no phone support.

The Plus account (£9.99 per month) provides one additional MasterCard for a member of your team. You get 20 free monthly transactions, phone support and a free legal helpline.

The Pro account (£19.99 per month) provides the same benefits as a Plus account, including two additional MasterCards and unlimited monthly transactions.

As you can see, if you have many monthly transactions, opting for the Plus or Pro account is more effective.

It all depends on how your business operates.

Open a free Tide savings account and earn 4.07% AER (variable)

When you open a Tide current account, you can also open a savings account at the same time.

The Tide Instant Saver pays 4.07% AER on balances up to £75,000.

This includes a 0.78% boost on the standard 3.29% AER rate until 31st March 2025.

How to open a Tide business account

The onboarding process is simple if you want to open a Tide account.

1. Download the Tide app from the Android or Apple store.
2. Enter details about the type of business you run.
3. Upload your ID to verify who you are. And upload a selfie.
4. Your new bank account could be ready within minutes.

Tide might need further information before completing your application in a few cases.

Bytestart visitors are eligible for an exclusive offer from Tide – up to £150 cashback and one year of free UK transfers!

Open an account using the code BYTESTART to claim this offer.