I’m a new customer to Tide. I am a freelancer with a small business with a pretty low turnover, a couple of clients and a few small outgoings. I was attracted to Tide as my relatively low usage means that a traditional bank’s £5+ per month is high compared to the £1 or so I’ll pay if I use Tide as my bank.
I’ve tried the app which is great, and transferred some money in and out which worked fine. I use a couple fo Freelancing platforms and Amazon affiliates which means that the lack of IBAN/BIC is a problem, but not an insurmountable one as Amazon vouchers/PayPal will do until that is fixed. Likewise the apparent issues with the Tide card being treated as a credit card, but I should be able to feed my tax money into Premium Bonds via bank transfer.
However I have a serious concern which needs to be addressed if I am to trust Tide. I have read a huge number of bad reviews of the service saying accounts are being blocked indefinitely without notice. As a growing business I still need a reliable and trustworthy bank - and couldn’t survive my account being indefinitely blocked for weeks on end.
Now I might be missing something. These accounts might all be crypocurrency based businesses transferring thousands of pounds in and out every day. However Tide’s customer service agents’ cut and paste responses are of no help whatsoever and have done little to persuade me that everything is okay.
So before I jump into Tide with both feet and cut off the safety net of my TSB business account I have a question. Have any “normal” users - sole trader freelancers with turnovers lower than the income tax threshold and a couple of UK-based clients - had any significant problems or am I worrying unneccessarily?