Account limits explanation


#1

Can someone explain the account limits.
Why is there a limit on the amount that can be held in an account?
Why is the maximum inbound transaction limit greater than the account limit?
How can I receive a £50000 payment if the account limit is only £25000?
Obviously I will need to have another account to receive larger payments of make payments greater than £10000.
It would be interesting to know what the reason for these limits is.


#2

Slightly disappointing to receive no explanation of this bizarre limitation after 11 days.


#3

Hi @JSC, thank you for reaching out and our apologies for the delayed response.

I’m sorry to hear that the account limits have been confusing. An explanation of our limits can be found here: What are Tide's account limits - and how can I change them?.

In answer to your queries:

  • We have account limits in place for our members’ security. If you have further questions about this you’re welcome to reach out to our Member Support team, who are available via the app 24/7.

  • For Sole Traders, the initial maximum account limit is £25,000. The limit on a single transaction is £10,000. For limited businesses the initial maximum account limit is £100,000 and the single transaction limit is £50,000.
    The amount you can receive also depends on how much you currently hold in your account. If an incoming payment would take you over your maximum account limit, the funds would be rejected and sent back to the sender.

  • If you need to increase your account limits, just reach out via the app and the Member Support team will be happy to help.

Thanks, Ali


#4

Thank you @Ali-C.
I am not sure how I am protected by not being able to accept larger payments into my account. It seems to me my business is threatened or at least seriously inconvenienced if payments are rejected for being too large. Perhaps you could explain how this protects me.
I have asked for increases in my limits but it apparently takes a long time for these to be considered.
Unfortunately for those of us who want to use the alternatives to the clunky old banks, all of them seem to have restrictions that mean they cannot be used without another account to fill in the gaps.
I have a Revolut business account that cannot pay by direct debit which is the way i pay any supplier that has the facility - so I need Tide for that. Tide cannot make or receive larger payments but Revolut can. Neither can accept the one cheque I have to accept every year so I need to have another bank for that. The challenger bank that can do all the things that we need banks to do and does it well and slickly in one place and lends money at reasonable rates will have a lot of customers. Until that comes along we will have to keep juggling several accounts!