NUTSABOUTMONEY
£75 with a business account (deposit £100) and £100 with a saver account (deposit £5,000). T&Cs apply.
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Tide is a super popular business account – with over 10% of all small and medium sized businesses in the UK with accounts. It’s an easy to use and straightforward account that is free to open. The app itself is great, and although it’s easy to use, it’s packed with features to help you manage your business finances.
If Tide is for you, all you need to do is click the link above and sign up with the promo code NUTSABOUTMONEY – after you sign up, there’s a few checks to do, such as adding your personal and business details, and then it’s over to them to review your information and you should get your account set up in around 24 hours, but can be up to 48 hours.
By the way, you’ll need to deposit £100 within the first 30 days, and £5,000 to the savings account to get the cashback.
Not only are you getting some free cash when you sign up, but with the savings account, you’ll also be getting one of the best savings rates for businesses.
And that’s it, once you’re set up you can start making transactions and get your business going.
The business account is initially free, and you’ll pay as and when you use it, for instance 20p per transaction. If you think you’ll use it a lot, there’s monthly plans you can opt for instead, where you’ll get loads of features and things like free transfers.
What a revelation, you can now manage your business finances from your phone! View up-to-date transactions, check your balance, make and send invoices and payments, and even chat to the support team. It’s super easy to use, and a fair bit better than your high street bank app (which are typically hard to use and slow).
It’s not just a simple app for sending and receiving money. There’s lots of handy features, like tagging your transactions into categories automatically, so you can better manage where your money is coming and going over time, and customise these categories to suit your business, and help manage your tax better too.
You can create and send invoices too. It’s easy and super quick, and with your company branding and payment terms – which then matches with your payments so you can keep track of which invoices have been paid, and which haven’t, all in one place.
And another very handy feature, you can upload receipts directly into the app by just taking a photo on your phone and matching it with a transaction – your accountant will love this one.
If doing everything within an app is making you a bit uncomfortable, fear not! They have an easy to use website that allows you to access your account on a computer too.
If you are planning on launching a business, or already running a smaller business as a sole trader and planning to register as a limited company in future, Tide can do it for you for a small fee of £14.99.
If you registered a company yourself with Companies House, you’d pay a registration fee of £50. And if you asked an accountant or lawyer, you’d be paying £100s.
Tide has 4 different types of accounts, each for your stage of business. The free account for those just getting started, the Plus account for those for growing businesses, Pro if you're making many transactions and the Cashback account for those spending big. Here’s a breakdown of each one:
If you’re just getting started, this is the account for you. It’s got everything you need, there’s just no bells and whistles – well, it is free after all.
There’s also some small charges when you use basic features, such as 20p to transfer money in and out (not to use the card) – which is actually a lot less than traditional banks who charge up to 65p per transfer, even when you pay a monthly fee.
The Plus account is the more ‘standard’ option, it’s what most businesses go for, and comes in at £9.99 per month (plus VAT). You’ll get a free expenses card if you need one, and 20 free bank transfers per month.
However, the main benefit is the extra customer support you get, with priority in-app support, and able to use phone support.
Tide's Pro account (£18.99 per month (plus VAT)) is pretty similar to the Plus account although you get unlimited transfers in and out. Our recommendation is to stick with the Plus account unless you're spending a lot on transaction fees.
Oh, you also get a second free expense card for your team.
Big spender? With this account you can get 0.5% back in cash on all your purchases with your card. Result. It comes at a cost of £49.99 (plus VAT), so designed for slightly bigger businesses.
It also comes with a dedicated account manager to handle all of your support questions and help to fully utilise the account and features.
The support is quite simply, great. It’s mostly all handled through the messaging feature on the app, where you can chat to their support team to help you with any queries you have.
The paid plans get priority support when using the live chat support, but the main benefit is the ability to speak on the phone 24/7.
On the more expensive plan (£49.99), you even get a dedicated account manager – that’s someone who acts like old school bank managers did, there for whatever you need. You can speak to them all through the app too and reply when it’s convenient for you.
Let’s run through the pros and cons of a Tide business account.
We think it’s that good, that we actually use Tide for our own banking. The app is great to use, has everything you’d want from a business bank account, plus more such as invoice management, expense cards, accounting integrations, admin tools and more.
If you want to know more watch our Tide review on YouTube.
It’s great value for money, and you can even start on the free plan if you’re just starting out. It’s a solid 5 stars from us.
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