Tide Business Bank Account Review – App Features
Tide is a new banking app designed to help UK businesses, by making their banking administration smooth and easy. They’re trying to turn the tide of business banking in an increasingly digital world. 1 in 12 businesses have switched to using Tide within the first year since it launched in 2014 – which is very impressive for a new app.
This is a new challenger account designed specifically to give business owners their time back.
The design of this is simple and modern – the idea is to give the control to the account holder to manage remotely without the need to go to a physical bank. They have set up both online and mobile functionalities, so that users are able to manage their account at their convenience and monitor their day-to-day business banking transactions from their desk or on-the-go.
With a host of business-specific features, it’s easy to see why this app has proved to be so popular, as it is served various business functions and needs in a way which maximises ease. By making banking easy, they want to make sure that businesses can save on one of their most valuable resources – time – so that they can focus on their passion for their company.
Features include:
- Strong business administration support in-app
- Easy transactions available in-app
- You can open an account in as little as five minutes
- Ability to create and pay invoices in-app
- Setting to facilitate “read-only” for other users
- Online support in-app if any problems are encountered
- Headings and categories for funds including: taxes, expenses, salaries, stocks, travel, transfers, utilities
- Monthly PDF statements
- Ability to schedule payments
- Direct Debits available
- Ability to share information with your accountant via CSV exports and links to software like Xerox and QuickBooks
- They have teamed up with Post Office and PayPoint locations, so cash deposits if you have your Tide card is possible
- If you have lost your card, or have any security concerns with your card, you are able to freeze and un-freeze your account in the app. You can also check your PIN in case you forget, and re-order lost cards.
How to Open Your Account:
You can open your account online, in the app, which means there is no need to faff around with making bank appointments at a bricks and mortar base which is useful for the busy business owner.
- Download the app to your phone (or tablet/desktop)
The app is available through play store and app store. - Verify who you are
You need to scan your ID (i.e. your passport or driving license) - Input your information
Set up what you need from the app, by telling them what your requirements are - Get approval
Tide claims that approval can be processed in as little as five minutes - Get to work!
Once your account is up and running, you can get to work using the app for your business.
PROS:
- They are upfront about their costs, displayed in an easy-to-understand info-graphic on their website.
- Easy-to-use and clear, all controlled via an app on your phone
- No monthly/annual fees – small fees are taken when you make transactions.
- High app security, including PIN, thumbprint and Face ID verification options.
- You can open more than one account if you have more than one business
CONS:
- For those who struggle with non-traditional forms of banking like technology, they might find this hard.
- For most users of Tide, international payments are not yet enabled so payments and transactions are restricted to within the UK.
- Because it’s in-app and techy, technical errors and updates might hinder your use of the account.
In small businesses, as in all business, time is money. So saving time on your banking functions by having a system which works for you and your company could prove to be invaluable to growing your company. Their website contains testimonies in blog form, from business owners happily using Tide, which is helpful to get a real-life account of people who have found this useful. Their website has various useful sections full of information on Tide, so if you are interested , you can read more here.
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