Tide review
E-money institution (EMI), not a bank
Sole traders and small businesses wanting built-in invoicing, accessible with no hard credit check
At a glance
- Monthly fee
- Free plan £0 (20p per outgoing UK transfer)
- Paid tiers
- [VERIFY: current Tide Plus/Pro/Cashback tier prices on tide.co]
- Free transfers
- Free incoming; 20p per outgoing Faster Payment; ATM £1
- FSCS protection
- Partial — £120,000Funds held at partner bank ClearBank are FSCS-protected up to £120,000. Tide itself is an EMI, not a bank — some funds are safeguarded rather than FSCS-protected.
- Best for
- Sole traders and small businesses wanting built-in invoicing, accessible with no hard credit check
Pros
- Free to open with built-in invoicing on the free plan
- Soft credit check only — accessible with poor or no credit history
- Sage direct feed plus Xero, QuickBooks and FreeAgent via Open Banking
- Pay-as-you-go pricing suits low-volume businesses
Cons
- Not a bank — FSCS applies only via the ClearBank arrangement
- 20p per outgoing payment adds up at volume
- Cash deposit fees (PayPoint 3%, Post Office 0.5% min £2.50)
- No overdraft on the free plan
Who can apply
Sole traders, limited companies, LLPs, partnerships. Does not accept CICs or charities.
Integrations
Sage (direct feed) · Xero · QuickBooks · FreeAgent