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  1. #1

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    Default Tide bank

    Not quite sure if this is the right place to post it - please reclassify appropriately if not.

    I have been advised by the accountant to open another bank account as 1) cash reserve >80k and 2) I am nearing the free banking period with current back.

    I have opened Starling bank which provides free banking and offers FSCS protection but was looking at Tide. I know they dont have the said protection but rather keeps the funds in a protected Safeguarding account. Can't find much but was ted nervous going with the bank with no FSCS protection.

    Any views are appreciated.

    Ps: Tide are offering £90 signup bonus at the moment

  2. #2

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    Last edited by Contractor UK; 28th June 2020 at 15:04.
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    Ta mate! I did google it, surprisingly this wasnt in the top 50 results!

    Cancel Cancel it is based on the gripe I read on some of the threads, although they're relatively old!

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    I've only had negative experiences with Tide recently via business MVL Online. Currently have lodged a formal complaint with the financial ombudsman (first time I've done this...I'm not someone to leap into this kind of thing). They've basically decided to not respond at all to us, despite multiple "normal" contacts, then a couple of formal complaints raised with Tide directly.

    To date only had positive experiences with Starling.

    The above is of course just one person's experience.

    No idea on the FPCS protection side of things...but if you're otherwise happy with your existing business current account, and don't need £85k+ for general running of the business, why not put a chunk in a separate savings account with a different bank?

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    Quote Originally Posted by Maslins View Post
    I've only had negative experiences with Tide recently via business MVL Online. Currently have lodged a formal complaint with the financial ombudsman (first time I've done this...I'm not someone to leap into this kind of thing). They've basically decided to not respond at all to us, despite multiple "normal" contacts, then a couple of formal complaints raised with Tide directly.

    To date only had positive experiences with Starling.

    The above is of course just one person's experience.

    No idea on the FPCS protection side of things...but if you're otherwise happy with your existing business current account, and don't need £85k+ for general running of the business, why not put a chunk in a separate savings account with a different bank?
    I just had someone else tell me the exact same thing, and more I read online about it, more I get nervous, so I have definitely taken it off the table (for now). I have one with Starling I opened yesterday and got to admit, it is breath of fresh air. I definitely do not see a point staying with HSBC and pay £6.50 for an account that will essentially be dormant in a month or so.

    I will look at alternative/savings option you have recommended - like many others, I am moving to Brolly for the extension and do not plan to close the Ltd just yet (in part due to being director <2 years) and in hope that IR35 will settle down a little in coming months/years. If public sector trend is to go by, it is highly likely.

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    Cater Allen, part of Santander do a transaction based one, so humping £60-70k into there that you aren't bothered about touching for a while would probably be good.

    As well as Starling, Monzo and ThinkMoney are both looking at creating business accounts; the key is the cover for your money at minimal cost, especially in a light transaction account.
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    Quote Originally Posted by LondonManc View Post
    Cater Allen, part of Santander do a transaction based one, so humping £60-70k into there that you aren't bothered about touching for a while would probably be good.

    As well as Starling, Monzo and ThinkMoney are both looking at creating business accounts; the key is the cover for your money at minimal cost, especially in a light transaction account.
    Nationwide are as well - I don't know how far they've progressed compared to the others.
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    Get £100 of your ipse ales with starling


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    Quote Originally Posted by rp83 View Post
    Not quite sure if this is the right place to post it - please reclassify appropriately if not.

    I have been advised by the accountant to open another bank account as 1) cash reserve >80k and 2) I am nearing the free banking period with current back.

    I have opened Starling bank which provides free banking and offers FSCS protection but was looking at Tide. I know they dont have the said protection but rather keeps the funds in a protected Safeguarding account. Can't find much but was ted nervous going with the bank with no FSCS protection.

    Any views are appreciated.

    Ps: Tide are offering £90 signup bonus at the moment
    I've been with Tide for a while, having previously been with Cater Allen. Not been wholly impressed to be honest, I'm now looking to shift everything to Starling. Basically, when things go wrong with Tide it takes a while to sort out and they keep pitching their paid products which are, quite frankly, very poor value for money.

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    Quote Originally Posted by DigitalUser View Post
    I've been with Tide for a while, having previously been with Cater Allen. Not been wholly impressed to be honest, I'm now looking to shift everything to Starling. Basically, when things go wrong with Tide it takes a while to sort out and they keep pitching their paid products which are, quite frankly, very poor value for money.
    I'm glad it's not just me that thinks that. I've looked at the Revolut products and they at least seem to offer sensible options (cross continent) when the time comes that I need them but I look at Tide's premium offerings and wonder why do you think I need that when I do about 6 transactions a month if that.
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