Review of Tide Bank: Earn £175 with Referral Code: REFER175
Tide is a digital banking platform designed primarily for small businesses, freelancers, and entrepreneurs. Known for its user-friendly interface and streamlined features, Tide has quickly become a favorite among business owners in the UK. But now, there’s an even bigger reason to consider opening a Tide account—by signing up with the referral code REFER175, you can earn a bonus of £175!
Let’s dive into what Tide offers and how you can take advantage of this exciting referral offer.
What Is Tide Bank?
Tide is not a traditional bank, but a business banking platform that offers a range of financial services catered to the needs of startups, small businesses, and freelancers. It operates in partnership with ClearBank to provide its members with current accounts and other banking services. What makes Tide different from traditional banks is its seamless online experience, affordable fees, and a suite of tools that make managing your business finances easy.
Key Features of Tide
Quick Setup
Signing up for a Tide account is incredibly fast and can be done in a matter of minutes. You simply download the app, enter your business details, and verify your identity. There’s no need for lengthy paperwork or waiting in line at a branch.
No Monthly Fees
Tide offers a free basic account with no monthly fees. While there are charges for certain services like cash deposits and ATM withdrawals, everyday banking such as payments and transfers is often free for most users.
Accounting Integration
Tide integrates with popular accounting software like Xero, QuickBooks, and Sage, making it easier to manage your accounts. This is particularly useful for business owners who want to keep their financial records streamlined and up-to-date.
Expense Management
Tide’s app allows you to upload receipts and categorize your expenses right from your phone. It’s an efficient way to keep track of spending without the hassle of manual record-keeping.
Automated Invoicing
Creating and sending invoices is a breeze with Tide. Their invoicing tool allows you to customize and send professional invoices directly from the app. You’ll also get notifications when they’ve been paid.
Credit Options
For businesses in need of credit, Tide offers a range of loan products, including business overdrafts, cash flow loans, and credit lines through partners.
Who Is Tide Best Suited For?
Tide is designed primarily for small businesses, freelancers, and entrepreneurs, but there are specific eligibility criteria for opening an account. Here’s who can get an account with Tide:
1. Business Types
Tide is open to a variety of business types, including:
Sole Traders: Freelancers, self-employed individuals, and contractors can open a Tide account.
Limited Companies: Whether you’re a single-director limited company or a small business with multiple directors, Tide caters to limited companies registered in the UK.
Partnerships: Some types of partnerships, including limited liability partnerships (LLPs), may also be eligible.
2. UK Registered Businesses
To open an account with Tide, your business needs to be registered in the UK. This includes companies registered with Companies House and sole traders registered with HMRC.
3. UK Residents
The person applying for the account (business owner or authorized representative) must be a resident of the UK. You’ll need a UK address and identification documents, such as a passport or driver’s license.
4. Age Requirement
You must be at least 18 years old to open a Tide account.
5. Excluded Business Types
While Tide is open to most business types, certain industries and activities are restricted. For example, businesses involved in financial services, cryptocurrency trading, and certain types of investments may not be eligible. It’s best to check Tide’s full list of restricted industries on their website.
6. No Credit Checks
Tide does not conduct credit checks when you apply for an account, which is beneficial for business owners or freelancers who may have less-than-perfect credit.
7. Personal Use Not Allowed
Tide accounts are exclusively for business purposes. If you’re looking for a personal account, Tide won’t be the right option.
In summary, Tide is accessible to a wide range of UK-based business owners and entrepreneurs, offering a hassle-free banking experience for those managing small businesses or freelance work.
How to Earn £175 with the Referral Code REFER175
Now, let’s talk about the £175 sign-up bonus! Tide is currently running a promotion where new users can earn £175 by opening an account and using the referral code REFER175 during the registration process. Here’s how you can claim your bonus:
Download the Tide App
You can find the Tide app in the Apple App Store or Google Play Store. Download it to get started.
Register for a New Account
Follow the steps to create a new Tide business account. Make sure to have your business information and identification ready for the quick and easy registration process.
Enter the Referral Code
When prompted, enter the referral code REFER175. This will activate your eligibility for the £175 bonus.
Meet the Requirements
To receive the bonus, you need to meet certain conditions which are complete £100 of transactions within 30 days (you will receive £75 FREE) and deposit £5000 in a Tide Instant Saver account within 30 days (you will receive a further £100 FREE). Be sure to check the specific terms and conditions of the promotion.
Receive Your Bonus
Once you’ve met the promotional requirements, Tide will credit your account with the £175 bonus, giving your business a nice financial boost.
Here’s a balanced look at the pros and cons of Tide bank for small business owners, freelancers, and entrepreneurs.
Pros of Tide Bank
Easy Account Setup
Tide offers a quick and seamless account opening process. You can register in minutes through their app without the need for paperwork or a physical branch visit.
No Monthly Fees for Basic Accounts
Tide’s basic business account comes with no monthly fees, making it a cost-effective option for businesses looking to minimize banking costs.
Business Tools and Integrations
Tide provides useful tools like automatic invoicing, expense management, and integration with accounting software (e.g., Xero, QuickBooks). These features help streamline financial management for business owners.
Simple and Transparent Pricing
While some services like cash deposits or certain transactions come with fees, Tide offers clear, straightforward pricing, so you’re never surprised by hidden charges.
Real-Time Notifications
Tide gives real-time transaction notifications, helping you stay on top of your business finances and manage cash flow effectively.
Accounting Integration
Tide integrates smoothly with accounting software, making it easy for business owners to reconcile accounts, track expenses, and prepare for tax season.
No Credit Checks
Tide doesn’t require a credit check to open an account, making it accessible for individuals with varying credit histories.
Mobile-First Banking
Tide is built for mobile use, offering a user-friendly app that makes it easy to manage your business finances on the go.
Fast and Efficient Customer Support
Tide offers in-app customer service, providing swift responses to account queries or technical issues.
Cons of Tide Bank
Limited Features Compared to Traditional Banks
Tide doesn’t offer some of the full-suite services traditional banks provide, such as personal accounts, complex loan products, or international branches.
Fees on Certain Transactions
While there are no monthly fees, Tide does charge for certain services like cash deposits (via the Post Office or PayPoint) and ATM withdrawals. For businesses that rely on these services, these fees could add up.
No Overdraft Facility
Tide currently doesn’t offer business overdraft facilities, which could be a drawback for businesses needing flexible credit or emergency cash flow.
No Branch Access
Tide is an online-only banking platform. This means there are no physical branches for in-person banking, which could be inconvenient for businesses that prefer face-to-face support or frequently handle cash.
Limited Cash Handling Options
Tide allows you to deposit cash through the Post Office or PayPoint, but these transactions come with fees, and cash handling is not as robust as with traditional banks.
Business Focus Only
Tide does not offer personal banking services, so if you’re looking for a personal account alongside your business account, you would need to use another bank.
No Multi-Currency Accounts
Tide doesn’t currently offer multi-currency accounts or international currency exchange services, which might be a limitation for businesses dealing with international clients or suppliers.
Customer Support Limitations
While the in-app support is responsive, Tide doesn’t offer 24/7 customer service, which could be challenging for businesses that need help outside of regular hours.
Is Tide Right for You?
Tide is perfect for business owners looking for a simple, cost-effective way to manage their business banking. With the added bonus of earning £175 by using referral code REFER175, now is a great time to sign up and see if Tide is the right solution for your business.
If you’re tired of traditional banks with hidden fees, long queues, and complicated processes, Tide offers a refreshing alternative with its user-friendly app and comprehensive business tools. Plus, with no monthly fees on their basic account and the chance to earn a substantial welcome bonus, there’s little reason not to give it a try.