Tide Bank free money: too good to be true? 3 October 2022 at 11:33AM in Budgeting & bank accounts 3 replies 302 views

Voyager2002

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...

DullGreyGuy

Voyager2002 said:

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...

As long as you follow the T&Cs, which for another offer at least requires the use of a referrer code, then the payout will follow.

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. 

callum9999

They've been advertising something similar for what seems like their entire existence. 

grandadgolfer

Me and my wife both signed up earlier this year and both got £75....both accounts now closed

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