Tide limited company bank account – £50 cashback for LCH visitors

One of your first tasks as a new limited company director is to set up a business bank account.

Here we look at the features of Tide’s business current account – which provides £50 cashback special offer for our visitors.

When you open a current account you can open a business savings account at the same time. The Tide savings account pays an industry-leading 4.07% AER (variable) interest rate on unlimited deposits until 1st June 2025.

A separate account for your limited company

As your limited company is a distinct legal entity in its own right, you must not use your personal bank account for the business.

You must open a dedicated account for the company.

What features do you need in a bank account?

Most small companies now use online accounting software – it makes life so much easier to keep on top of your accounts. Most banks now integrate with the leading software providers, such as FreeAgent and Xero

Make sure your bank account can synchronise! Otherwise, you’ll have to upload statements manually, which is a pain.

There are other things to consider that will influence your bank account choice. Does your company:

• Trade outside the UK?
• Need access to a business manager?
• Have a lot of monthly transactions?
• Need to deposit cash and/or cheques?

Whatever type of business you run, make sure you read our guide to choosing the right bank account for your business.

The Tide bank account for limited companies

Business banking has been transformed over the past few years; it has never been simpler to open and run an account.

One of the leading names in business banking is Tide, which now has over 500,000 customers in the UK (as of Jan 2024).

Tide’s business account is an attractive option if you’re starting a limited company.

Here are some of the main features:

• The free account has – as the name suggests – no monthly or annual fee.
• Includes one Mastercard to help pay for expenses.
• Transfers between Tide accounts are free.
• A simple 20p fee per transaction (free for 12 months if you sign up using the links on this page).
• Simple set-up. You can be up and running in minutes.
• FSCS protected – this means deposits of up to £85,000 are protected by the government.
• £50 cashback for our visitors + one year of free transfers.

More features of the Tide business account

Here are some of the benefits you will enjoy as a Tide customer.

• Tide integrates with the leading accounting software providers, such as FreeAgent, Quickbooks, Xero and Sage.
• Manage your account from any platform – mobile, tablet or desktop.
• No annual or monthly fees whatsoever.
• You can register your limited company for just £14.99 if you open a new account.
• Free Mastercard (all accounts) + additional cards for team members (for the plus and pro options)
• Free transfers to other Tide accounts.
• Easily manage your expenses via the app – making VAT returns simple.
• Get support 24/7 via the Tide app.
• You can pay in cash (for a fee) at 40,000 Post Office and PayPoint locations.
• If you are a Tide business account holder, you can also open a Tide savings account, which currently pays 4.07% AER (variable) interest on unlimited balances until 01/06/2025.

Tiered pricing – is it worth paying a monthly fee?

Like many other challenger banks, Tide has tiered pricing.

If you have a lot of monthly transactions, a paid account might work out to be more cost-effective than the free option.

Free

No monthly fees, one free Mastercard, 20p per transaction, in-app support.

Plus (£9.99 per month)

One free Mastercard, one free expense card, 20 free transactions per month,  priority in-app support.

Pro (£18.99 per month)

One free Mastercard, two free expense cards, unlimited free transactions, priority in-app support, phone support.

Cashback (£49.99 per month)

£49.99 per month, the same benefits as Pro, plus 0.5% cashback and a dedicated account manager.

5 steps to opening a new account

1. Go to our partner page on the Tide site.
2. Download the Tide app from Play or the Apple store.
3. Submit information about your company (such as your registered address and what the company does).
4. Verify who you are by providing your ID and taking a selfie.
5. Most accounts can be opened within minutes!

Tide also has a business savings account

Alongside the current account, Tide also offers a very competitive rate of interest on its business savings account – currently 4.07% AER (variable) on deposits until 01/06/25.

All you need to do is first set up a Tide business account using this link, and you’ll have the chance to open an instant saver account too.

From 1st October 2024, new Tide Instant Saver customers receive a 0.78% AER boost on the standard 3.29% AER rate until 2st June 2025, after which the rate returns to 3.29% AER, with no interest earned on balances over £75,000