TIDE Business Bank Account - FREE £75 Cash, FREE Ltd Company Formation, Free Transfers

Selinda

I've already joined up previously with Tide Bank but was looking for options for a friend who is looking to get a business bank account and this is the best offer around at the moment. We did look at the high-street offerings and also Starling but in the end went with Tide and were able to get joined up in a few minutes. Literally 5 mins!

Anyway - they are currently offering:

FREE Ltd company formation (if you want to form a company or you can obviously join as a sole trader/freelancer), FREE £75 cash if you deposit £1,  Business Bank Account with FREE transfers for one year.  You just need to enter code FREE75 during signup in the box that appears when you are registering on the app or website. They do not carry out a credit check and approval is usually instant.

Full terms and conditions and direct link to the offer is here if you want to check it out.

https://www.tide.co/partners/refer-and-save/ 

I've checked their pricing and the account itself is FREE but they do charge a tiny amount (20p) for deposits and transfers and most of the other transactional costs are free (which is cheaper than most business accounts I am aware of). Outside that you can check them out for details on your specific needs. I have found them to be significantly better than my highstreet business bank account which is still in the dark ages.

Oh - they don't have cheque facility! - So if you send/receive cheques then this account probably isn't for you. They do have a workaround but it's not ideal.

Just make sure you enter the code FREE75 or follow the link above otherwise you won't get the £75 cash!

quirkydeptless

Can I form a Ltd company with the business plan of taking £75 profit from this deal and then folding?

Eyeful

Tide is not a bank.The Tide current account, is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd (FRN 900010). Money is not protected by the FSCS.

 Money with Clear Bank Ltd (FRN 754568) is protected by the FRCS up to £85k.

Selinda

Eyeful said:

Tide is not a bank.The Tide current account, is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd (FRN 900010). Money is not protected by the FSCS.

 Money with Clear Bank Ltd (FRN 754568) is protected by the FRCS up to £85k.

I couldn't work out whether you were telling me I was protected or not.... so decided to check the Tide website

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The FAQs say:

If you have a ClearBank account, then eligible deposits, up to £85,000*, are protected by the UK Government’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS).

If you have an e-money account, then the funds in your account are stored and protected. With an e-money account, your money is never invested or loaned out and is safeguarded in accounts that keep your money separate from the money we use to run Tide. As your funds are safeguarded, FSCS protection does not apply.

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Just checked and my account is an e- money account and my friends who just joined is a Clearbank account

The next bullet on the FAQs says everyone is being migrated to a Clearbank account over the coming months....  and I therefore assume everyone joining up now is Clearbank account only and therefore fully FSCS protected.

Eyeful

I did not know if you had the e-money account or an account with Clear Bank Ltd, hence my OP.

Perhaps you might think of opening an account with Clear Bank to get the FSCS protection. 

Just remember that any money in any e-money is account is not protected by the FSCS. Some people do not understand that. 

Selinda

Eyeful said:

I did not know if you had the e-money account or an account with Clear Bank Ltd, hence my OP.

Perhaps you might think of opening an account with Clear Bank to get the FSCS protection. 

Just remember that any money in any e-money is account is not protected by the FSCS. Some people do not understand that. 

Yeah my fault - I understood once I checked the Tide website.

I do indeed have an e-money account but the details are that all customers at Tide are moving to a FSCS protected account in the next few months and everyone who joins moving forwards is put on that FSCS protected account anyway.

That said - is an e-money account that bad when it is ring-fenced? Not that it matters now I guess that Tide are saying they are switching everyone over...

Selinda

quirkydeptless said:

Can I form a Ltd company with the business plan of taking £75 profit from this deal and then folding?

You don't even need to do that. You could just register as a sole trader/freelancer.

I joined up when my business was not even up and running and I was approved instantly. Had my account details within 5 minutes.

That £50 came in handy (it was £50 FREE when I joined up) and the account is free for the first year too... The final decision was between Tide and Starling to be honest - but I'm glad I went with Tide. It's been an excellent account for my tiny business.

RetSol

Thank you, @Selinda. I opened an account last night.  It was very straightforward and the app looks good. 

Babbien

I literally just joined up to this offer this morning!

I was actually able to register a limited company and get a bank account all in one go.
Just checked my sort code and my account is definitely a Clearbank FSCS protected up to £85k one so that's good news as I was unaware of the details mentioned above.

Just waiting on confirmation of my Ltd company but my sort code and account number were provided immediately. 

(The FREE75  code is showing as redeemed in the app so that's a nice bonus in a few weeks too)

[Deleted User]

I see these Tide offers spammed all over the internet (e.g. on Reddit every few days) but in fairness, I signed up for a Tide account and I did indeed get £75 after a month or so. I do regular freelance work and they did ask me to prove it - I gave them the link to my website, gave them some rough income figures, and that seemed to be enough.

RetSol

Thank you, @Selinda. I opened an account last night.  It was very straightforward and the app looks good. 

The 75 quid arrived today.