tide - Business Banking

[oilboil]

Anyone use this bank for their limited company accounts?

Tide Business Banking for Contractors | Contractor UK

Had a look at them and I'm thinking about it as it would be cheaper than what I'm paying the current "known name" bank; but interested to see if there are any "gotchas" that would make the slightly cheaper running costs seem less enticing

[GhostofTarbera]

Using them for a year, fab service, took 30 mins to be up and running

Only slight annoyance is when you do a transfer payment out, as they are not FP scheme members they queue the payments so sometimes it takes 30mins to reach the Ben account

Also has freeagent integration


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[Maslins]

May be worth checking whether they currently support direct debits. A few of these new challenger banks are becoming popular, but some of our clients have found out that they don't (yet) support direct debit payments out, which can be frustrating.

[northernladuk]

You've seen these yes? The cash side of it isn't really a problem for us as we generally don't use the business for cash but the Transfers one might need a bit of thinking about depending on how you use your account. Admittedly still probably less than the monthly rates of other existing bank accounts.

Transfers

20p when sending or receiving money from a non-Tide account


Cash withdrawals

£1 per ATM withdrawal


Cash deposits

£1 at the Post Office, 3% at PayPoint

[TheCyclingProgrammer]

I looked into Tide but decided to go with Starling in the end. I haven't switched over from HSBC yet so the account is sitting empty, I'm just waiting for them to complete their FreeAgent integration and then I'll be making the switch.

[jmo21]

May be worth checking whether they currently support direct debits. A few of these new challenger banks are becoming popular, but some of our clients have found out that they don't (yet) support direct debit payments out, which can be frustrating.

FWIW, Starling does.

[SuperLooper]

I also intend to switch over to Starling as soon as they support multi-director companies and FreeAgent integration, both of which are promised in the next couple of months.

[TheCyclingProgrammer]

I also intend to switch over to Starling as soon as they support multi-director companies and FreeAgent integration, both of which are promised in the next couple of months.

FWIW, I signed up to Starling and MyCo has two company directors (my wife and I). I think it's to do with the number of PSCs rather than directors (my wife only has a 25% shareholding so is not a PSC).

[oilboil]

Thanks - given I use DD a lot, I might stay where I am then.

The actual per transaction charge would make it cheaper but if DD is an issue it's a non-starter

[WordIsBond]

I've got the same issue with Starling, definitely interested.