The Tides of Change in business banking.
Not sponsored. I remember seeing a company called Tide.co promoting their business banking services in Old St tube station about theee years ago.
Last week I opened an account. A business account. Because that’s all they do.
So who and what are Tide.co about?
They’re a Fintech company, a ‘service layer’ on top of a full bank which enables them to offer the services of that bank but in a much streamlined way. To open a business bank acc for a Ltd company in my experience typically takes at least a month. It takes a month to get an appointment at one of the few remaining branches. Then another couple of weeks for various paperwork to happen. All to open a simple current account.
Why it should take so long and be so arduous is a mystery to me. Indeed, there’s no need for it.
It took about ten minutes to apply online with Tide. They needed to do a few checks, and ask a couple of extra questions, possibly because the company had only been incorporated a day previously.
Even so, 24 hours later the account was live.
Now it’s early days, but so far, everything seems simple, efficient, and easy. It’s an app based service, as you’d expect, and it links to accountancy software, as you’d expect. There’s no monthly fee, and the charges for transactions are minimal. They charge extra for cash deposits and withdrawals so maybe not a great choice for a retail business, but for a small digital business or online seller or tech Startup I can find no fault.
Will keep you posted as we go on.
This review is not sponsored and neither the member or EthicalMuch were rewarded for it, nor should it be seen as an endorsement or recommendation.