Tide Bank free money: too good to be true?
in Budgeting & bank accounts
3 replies 302 views
Tide Bank are advertising on Facebook: if you open one of their new and free business bank accounts and fund it with just one pound, they will give you £75. Any chance they will actually pay out? Or are they getting some money in before declaring bankruptcy: presumably most punters would not cause too much of a fuss after losing just a pound...
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Most people dont have businesses to be able to open a business account, though some may claim to be a sole trader when they're not.
If you are a business then you have to balance spending the time to open the account, send off all the KYC documents etc -v- using that time to win new customers or complete revenue generating work.
From Tide's perspective they'll get some doing it just for the promo but for many it'll actually to be using the account and then they can upsell them to the £60/month cashback account which doesnt take much to offset a £75 payment.
Have a look on "The Money Shed" referrals its only £1 deposit so nothing to lose....sometimes they ask for proof of business sometimes the don't so you might have to be creative with your company/sole trader name etc