Your Tide account could soon be a ClearBank FSCS-protected bank account

Tide and ClearBank

Your Tide account is about to get even better, thanks to our partnership with ClearBank®.

Our mission is to update all eligible Tide accounts to a new FSCS-protected account. If you choose to, your account will change from an e-money account provided by PPS to a bank account provided by ClearBank.

Your account will be FSCS-protected and have all the advantages of a bank account rather than an e-money account.

What does ‘FSCS-protected’ mean?

This means your eligible deposits with ClearBank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. This limit applies to the total of any deposits you have with ClearBank. Any total deposits you hold above this limit are unlikely to be covered. For more information, read our FSCS information sheet and visit www.fscs.org.uk

Want a Tide Clearbank account right now? 🚀
We’re updating thousands of accounts in batches – we’ll be in touch with you as soon as we can. Please don’t message us to ask to update your account – we’re sorry, you won’t be able to jump the queue.

How can I tell if my account is an e-money account or a bank account?

Take a look at the sort number of your Tide account.

  • If your sort code is 23-69-72
    You have an e-money account provided by PPS.
    We’ll be in touch with you as soon as we can about updating your account.
  • If your sort code is 04-06-05
    You already have a bank account provided by ClearBank.

How do I update to a new FSCS-protected bank account?

You might already have had an email from us about updating your account. If not, the email is coming soon. The steps to update to a new account will be in the email. We’ll ask you to:

  • choose the date and time
    Let us know when you want us to update your e-money account to a new bank account
  • accept the new account terms and conditions
    The T&Cs include some FAQs (Frequently Asked Questions) about updating your account.

We’ll ask you to do this directly in the Tide app, then we do the rest.

What will happen when my account is updated?

We’ll send you an app notification 48 hours before we update your account to remind you that it will be happening.

Then, on the date you selected, we’ll update your account between the times you agreed on that day. You won’t be able to use your Tide app or log into Tide on the web during this time.

When we’ve finished updating your account and you’re able to log in again, you’ll get an email and app notification confirming this.

When you next log in, you’ll be able to see your new account details, including your new account number and the new sort code.

When the update is complete, your e-money account will be closed but you’ll still be able to see your transaction history in the app.

Also, in case you forget to update people who pay you with your new account details, we’ll try to redirect incoming bank payments (by Faster Payments, Bacs and CHAPS) to your new account.

See also: How does updating the account affect my invoices and payments?

Why are Tide accounts changing?

We want to give our customers the best possible service so with that in mind, we’re giving you the option to update your existing e-money account to a new business bank account.

These new accounts are provided by ClearBank Limited and are FSCS-protected.

With a bank account rather than an e-money account, you can make payments to and receive payments from anyone in the UK.

This will be welcome news for some of you who’ve told us that you need to make payments to a pension provider but they don’t accept payments from e-money accounts.

You can read more about FSCS protection and what’s covered at the FSCS website: www.fscs.org.uk

Who are ClearBank?

We’re excited to partner with ClearBank, the UK’s first clearing bank in more than 250 years. Like Tide, they aim to improve the UK banking market for customers by being transparent and innovative.

You can read about ClearBank at the website: www.clear.bank

ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, registration number 754568.

Will my existing Tide card still work?

Yes. Your existing Tide card will continue to work before your account is updated and you can use the same card after you have updated to a new FSCS-protected bank account. For your Tide card, it’s business as usual.

How does updating the account affect my invoices and payments?

It’s easy. You’ll need to notify everyone who pays you to let them know your new account details.

For the time being, we’ll try to redirect any payments sent to your old account number and sort code to your new account.

If you have outstanding invoices or you send an invoice by mistake with your old account details, that’s fine – we’ll try to redirect the payment from your old account to the updated account.

What about CHAPS payments?

Usually, if you update an account, it wouldn’t be possible to redirect CHAPS payments. However, we’ve made this possible.

You’ll need to notify everyone who pays you to let them know your new account details. But for the time being, we’ll try to transfer any CHAPS payments that land in your old account to your new bank account. And if possible, we’ll make sure CHAPS payments will go into your new account on the same day that they arrive in your old e-money account.

Will there be any disruption to Tide service while my account is being updated?

At the date and time you choose for us to update your account, there will be a few minutes when you won’t be able to use your Tide app or log into Tide on the web.

When we’ve finished updating your account and you’re able to log in again, you’ll get an email and app notification confirming this.

When you next log in, you’ll be able to see your new account details, including your new account number and the new sort code. You’ll still be able to see all your previous transactions and statements.

See also: What will happen when my account is updated?

I have another question about updating my account…

Have a look at our Frequently Asked Questions about updating to a new bank account.

If the FAQs don’t answer your question, message us via the Tide app or email us at hello@tide.co We’ll be happy to help.

ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number: 754568. Registered address: 133 Houndsditch, London, EC3A 7BX

Suzanne Worthington

Senior Writer

Tide Team