We already have a bank account: what can Tide do for us?


It’s been just over a week since we unveiled Tide. Since then we’ve been truly inspired by the excitement about our product and our mission to fix financial services for small businesses. However, so much of the media coverage has focussed on Tide’s 3-minute signup that our other features haven’t had much attention. As a result, we’ve been asked a couple of times why a company which already has a bank account would use Tide.

Tide is developing lots of useful features, so there are lots of potential answers. Not all features are relevant for all companies. I’ve summarised below a number of the features which we think will be particularly useful - do take a look and let me know which ones are (or aren’t) relevant for you?

Easier accounting: Tide categorises all transactions, so you don’t have to. Tide will be fully integrated with major accountancy software so you can upload all your transactions, including their categories, seamlessly. Attach invoices (or even pictures of invoices) so your accountant can see the details of each transaction at a glance.

Simple, smart invoicing: Tide sends invoices on your behalf to your customers. They can pay by regular bank transfer, or card, or direct debit. Once the due date for the payment has happened Tide will check for any matching inbound payments. If it can’t find any, Tide can send a chaser to your customer automatically - and of course you can view your paid (and unpaid) invoices whenever you wish.

Accept card payments (online and in the real world) and direct debits instantly, with no monthly fee: Tide members can accept a wide variety of electronic payments as soon as they open an account.

Instant access to the best value fintech tools. Tide is partnering with the providers of the best fintech in the world to offer business credit, foreign payments, accountancy software and many other tools. Typically those services are just a couple of clicks away inside Tide, with no laborious signup.

Superior security with access and controls for your whole team: Your entire team can access Tide, using their mobile to prove their identity, if you want them to. Set different levels of permissions for each team member to determine what they can see and do - including read-only access for your accountants, advisors or investors. Each team member can have their own MasterCard with individually set spending limits, and can leave notes about transactions (or photograph receipts) for full expenses management.

An API: Your data really is yours in Tide. If you wish, you can build applications which securely access your transaction history, or create processes to submit bulk payment files for approval by an account admin on their mobile.

Tide is just much easier to use: our user interface is far easier to use than a typical bank, despite doing much more. If you have any questions you can send them to our team in a WhatsApp-style messaging environment to get a rapid response - and this online community will become a ready source of answers too.

We will be rolling out these features gradually over the second half of 2016. Of course, Tide also includes standard features you expect from a current account like UK sort codes and account numbers, commercial MasterCard(s), direct debits, statements, data export, and so forth. And as Tide accounts are free, there’s no reason not to try us out and see what you think!

I’d love to hear your thoughts - do let me know what you think in the comments below :slight_smile:


Hi, can standing orders be set up too?


Not currently. But that’s in Tide’s planned set of features.


Do you know when this will be happening? Again, switching to Tide and want to ensure I have the same functionality.


Hi @debraanderson, many members have requested this feature and we’re working hard to introduce it soon! Similar to Xero, we can’t provide a specific date but we promise to keep you informed :slight_smile:


Do you know if an overdraft facility is going to become available in the future? Again, something that I have currently with my business account that I will miss!


Hi @debraanderson, over-drafting isn’t part of our product roadmap just yet. But, I will feedback this request to our product team :slight_smile:


What about business loans? Are they, or will they be part of the product?


This has been already discussed in detail. You’ll find the following thread helpful.