Find answers to our most frequently asked questions and how to contact our Member Support team.
Contact our Member Support team in the app or by email
If you have any questions or feedback at hello@tide.co
Tell us your ideas and suggestions via our feedback form
Automated service to report a card lost or stolen, please call: +44 (0) 333 121 0266
We don’t currently accept cheque deposits.
We understand that cheques aren’t going to go away any time soon though. That’s why we’re looking at smart ways to process cheques, like an image clearing system which allows cheques to be deposited straight through your phone.
One of the most common issuers of cheques is HM Revenues and Customs. If you’ve received a cheque from HMRC, you can return it and request a direct bank transfer instead.
In instances where your account is being closed, any remaining funds will be returned to you by banking transfer only. At this stage we do not issue remaining balance cheques.
Tide accounts come packed with smart and time-saving tools, letting you focus less on admin and more on your business.
That’s just the beginning! You can see more on our features page, and keep up to date with what’s coming next on our roadmap
That will depend on whether you’re a sole trader or a registered company.
Tap “Accounts” from your in-app More menu to see your full account limits, or to request a limit increase.
We’ve partnered with the Post Office and PayPoint, so you can deposit cash at over 40,000 locations in the UK!
Here’s how to make a deposit:
Processing Times
Post Office deposits made before 6pm will be added to your account the next working day, deposits made after 6pm will take an additional working day.
PayPoint deposits will show in your account after about 10 minutes.
Fees and Limits
There is a £1 fee for a deposit at a Post Office, and a 3% fee on the total deposit value at PayPoint.
The fee is automatically deducted from the deposit at time of processing.
You can deposit between £10–500 each day. Other currencies aren’t supported at the moment.
You can deposit cash at any Post Office branch in the U.K. If you are having any issues you can show them this FAQ.
Yes! You can download a statement on the 4th of the following month.
Just tap More > Transactions > Statements, then select the months that you’d like to download a statement for.
You can export transaction data to CSV files directly from the app – we offer a few different formats to best suit your accounting needs.
The export button is located in the top right corner of your accounts page, directly under the card icon.
Yes.
If you have a ClearBank account, then eligible deposits, up to £85,000*, are protected by the UK Government’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS).
If you have an e-money account, then the funds in your account are stored and protected. With an e-money account, your money is never invested or loaned out and is safeguarded in accounts that keep your money separate from the money we use to run Tide. As your funds are safeguarded, FSCS protection does not apply.
*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.
With a bank account, eligible deposits will be protected up to £85,000* by the Financial Services Compensation Scheme (FSCS).
E-money accounts store your money in electronic form which can be used to make payments. Your money is held in a Safeguarding Account. This means your money is ring-fenced from the funds we use to run Tide.
*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.
There are 3 ways in which Tide members can identify if they have a PPS or ClearBank account:
Yes!
There are currently two different types of accounts with Tide: an e-money account, provided under the license of Pre-Pay Solutions Limited and regulated by the FCA, and bank accounts provided by ClearBank, which are also regulated by the FCA.
The funds in e-money accounts are stored and protected. With an e-money account, your money is never invested or loaned out and is safeguarded in accounts that keep your money separate from the money we use to run Tide. As your funds are safeguarded, FSCS (Financial Services Compensation Scheme) protection does not apply.
We’re in the process of moving Tide accounts from PPS e-money accounts to ClearBank FSCS protected bank accounts. In the coming months, you’ll have the option to update your account, we’ll get in touch when this is available.
We’ll be able to verify your identity from most European National ID cards, international driving licences and passports.
To apply for a bank account with Tide, you will need to meet our eligibility criteria outlined below:
To apply for a registered business account, you’ll need to be registered with UK Companies House as a director of that company.
To apply for a sole trader account, you’ll need to be a UK based sole trader or freelancer.
For both bank account types, you’ll need to be aged 18 or above, have a valid UK phone number and address, and hold a compatible device registered to a UK App or Google Play store.
We’re on a mission to help businesses owners spend less time on money admin, and we want to enable as many small businesses as possible to do that. It’s a balancing act though, certain company types are more complex to onboard, so the scope of businesses we’re currently able to offer accounts to is a little more focused than your average high street bank.
We hope to broaden this scope as we grow, but currently we’re unable to onboard the following types of companies:
You can read more about this in our blog post: Providing financial security for our members.
No, Tide isn’t a bank.
Tide is a business financial platform and the leading provider of digital business banking services in the UK! We are regulated by the Financial Conduct Authority (FCA) and offer e-money accounts, provided by PrePay Solutions (PPS), as well as business bank accounts, provided by ClearBank.
We believe that this model gives us the opportunity to provide a wider range of products and services to our members, helping them to save time (and money) on their financial admin.
On-boarding timeframes vary depending on the types of applications we receive, but more than half of our new members this year opened their bank account in less than 10 minutes.
To be exact, 53% opened their accounts in under 10 minutes, 70% in under 60 minutes, and 81% within 48 hours. Even if your business is a bit more complex and we can’t complete your application right away, if you meet our eligibility requirements it’ll still be far quicker than most high street banks!
Saving our members time is at the core of what we do, so we’re always working to optimise and improve wait times. You can read about why we sometimes need a little more information on our blog.
Unfortunately, registering charities requires us to follow a different set of rules which would take us away from our main mission as a company. We may support these types of organisations in the future, but we’re currently focused on offering the best experience for small and medium-sized businesses.
No! To open a current account, we perform electronic checks (run by third-party services) to verify your identity and comply with UK anti-money laundering regulations. While these checks will not impact your credit score, they will appear on your credit report.
Yes! Applicants who are not based in the UK may apply for a business bank account, as long as they are directors of a company registered with UK Companies House. In some cases, we may have to complete additional checks in order to process your application.
Don’t forget – you’ll need to switch your App or Google Play store to the UK to download Tide.
Unfortunately not – but you can use Tide alongside your existing bank account until you have fully switched over.
Tide runs on iOS 10 and above, and on Android 5.0.0 and above.
Unfortunately, Tide is not compatible with Windows phones.
Email us at hello@tide.co to find out how we can help. Please include in your message:
We want Tide to be accessible to all small business owners. If you have suggestions about how we can improve Tide, please email us to let us know.
To access your account on a new phone, or if you re-install the app after deleting it, you’ll need to complete a quick account recovery process to verify your identity again.
If you’re restoring the apps linked to your previous device, you’ll just need to delete and re-install the Tide app. For security reasons, entering your passcode on a ‘restored’ version of the app won’t work.
To begin the account recovery process, open the app and tap “I already have an account” at the bottom of the screen.
Yes. On a laptop, tablet or desktop, go to web.tide.co and follow the instructions. To log in, you’ll need to have your mobile with your Tide app with you.
Not yet, currently accounts can be accessed only by the named account holder.
However, you can order up to 35 Expense Cards per account, and grant your colleagues or accountant Read Access.
Full multi-user access is on the roadmap.
Yes!
Production and sandbox APIs are available via Open Banking Developer Portal.
Production and sandbox APIs are available via Open Banking Developer Portal.
What does this mean for Tide members?
Members will be able to link third party financial tools directly to their Tide app by using Open Banking services. You’ll be able to make payments and see your account balance using linked third party apps, and grant access to time saving accounting tools!
Who can integrate with the Open Banking APIs?
Our Production API can be accessed by any authorised TPP who has enrolled on the OBIE Directory and has production Open Banking or eIDAS certificates. Alternatively TPPs may also integrate via our trusted TSP ‘Yapily’.
Our API Sandbox contains a full simulation of our APIs, without connecting to any real customer accounts. Any developer can access the Sandbox using their own self signed certificates.
Currently we support the following browsers:
When you go abroad, our standard fee of £1 to withdraw cash at an ATM will apply.
As well as ATM withdrawals, your card will also work for chip and pin transactions in most countries. However, you won’t be able to use the mag stripe* in the countries listed below:
(*The mag stripe, or magnetic strip is a type of security that was common in the UK prior to the introduction of Chip and PIN. It works by taking information held in the black strip on the back of the card to make payments.)
You won’t be able to use your card in the countries listed below:
If you need to transact in these countries, get in touch via the app and speak to our Member Support team.
Should I carry another card?
Your card should work abroad, but we always recommend taking a backup so you have options while you’re travelling.
Safety & Security
We have fraud monitoring systems in place in the UK and internationally for our members’ protection. These systems may sometimes block certain payments if they look fraudulent, including transactions abroad. If you’re having trouble with a transaction or a payment is wrongly declined, please get in touch with our Member Support team via the in-app chat.
We don’t charge monthly or annual fees for our current account.
You only pay for what you use:
| Bank transfers (in or out) | 20p |
| Payments between Tide accounts | Free |
| Card transactions home and abroad | Free |
| Cash withdrawals | £1 |
| Cash deposits (through the Post Office) | £1 |
| Cash deposits (through PayPoint) | 3% of the total transaction value |
When you spend money abroad with Tide, or online in other currencies, Mastercard’s exchange rate will apply. We don’t charge any additional mark-up or fees on top of this.
Our standard fee of £1 to withdraw cash from an ATM will still apply.
Mastercard’s own exchange rate may vary from that of the European Central Bank’s daily exchange rate. This is because Mastercard set their own rate, rather than applying the ECB rate. The ECB is the central bank of the 19 countries which use the Euro. Daily ECB exchange rates are published based on an average of the rates of European banks. Tide has a 0% mark-up on top of the ECB rate.
You can use Mastercard’s Currency Conversion Calculator to work out the daily rate for a transaction.
If you’re using your Tide card to pay for goods or services in or from other countries, or to withdraw cash abroad, we recommend you opt to be charged in the local currency. This is because our Mastercard rate is generally far better than the conversion rate a merchant or ATM will charge. Remember, some ATMs charge an extra fee for using their machine.
All GBP payments sent from your Tide account are made as Faster Payments.
You can make payments as:
Yes. When you’re asked to pay by Direct Debit, you’ll be asked to give:
After you’ve approved a Direct Debit mandate, it can take up to five days to become active.
Monthly Direct Debits will go out of your account on the same day of each month. If the date falls on a weekend or bank holiday, the payment is taken the next working day.
A ‘scheduled payment’ is a recurring or one-off payment from your account where you specify how much and when to send the money.
This is different from a transfer when you send money straight away.
‘Standing orders’ are recurring scheduled payments, for the same amount, with a frequency you choose.
You can set up scheduled payments in your Tide app and Tide on web.
In the Tide app:
Via Tide on the web:
You can choose to make a one-off payment on a future date, or set up weekly or monthly payments.
To change a future-dated payment or standing order, you’ll need to delete the existing one and set it up again.
It’s easy to view and delete payments you’ve set up:
In your Tide app:
Via Tide on the web:
You can schedule one-off payments up to one year in advance.
Weekly and monthly standing orders can start on the same day or any date up to one year in advance.
Transfers and future-dated payments from your Tide account are sent as Faster Payments.
If you set up a transfer, the payment should arrive in your payee’s account within minutes. This will depend on where you’re sending the money. Some banks can take two hours or more to process Faster Payments so it might take up to four hours to arrive with your payee.
If you’ve set up a transfer and it still hasn’t arrived after four hours, message us and we’ll do our best to help. In the app, go to Support to send us a message.
Good to know: Tide to Tide transfers are instant.
If you’re expecting a payment and the money hasn’t arrived within these timescales, let us know and we’ll do our best to help. In the app, go to Support to send us a message.
It depends.
For most of our members: not yet. Payments can only be made to and received from UK accounts. For now, you can use third-party services to send and receive international payments.
Some Tide members with limited companies have a Tide International Currency Account. If that’s the case for you, there’s a full list on our blog of which countries you can make payments to and receive payments from: International transfers: our new rules
No. There’s no guarantee your transfer will be directed to us if you’re using an online IBAN generator, it’s very risky and we wouldn’t recommend using this method under any circumstances.
Tide’s virtual office address service can only be subscribed to when incorporating a company through our company formations service.
The virtual office address can be used as:
If we successfully incorporate your company, but have been unable to offer you a Tide account, then your virtual office address subscription will be held directly with Hoxton Mix and not through Tide. Hoxton Mix will contact you directly, however you may be asked to change your registered office address and to stop using their service. This is at their discretion.
This is outlined in our virtual office address Key Facts Document (which forms part of the Hoxton Mix Virtual Office Address Terms and Conditions).
Companies House official registered office address and correspondence address for the director opening the account
Legal address for HMRC correspondence
Same day mail scanning to your email
A professional and stable business address, even if you change office location or move to new regions
Work from anywhere as long as you need while having same-day access to your mail at your fingertips
Protect your personal address from being on the companies house record and incorporation certificate
The service is only available to Tide members who register their company and sign up for a Tide account through our Company Formations service.
Each month, we collect the payment on the day of the month your company was incorporated. For example, if your company was incorporated on 12 July, your first payment will be taken on 12 August as payment in advance for 12 August to 11 September; then, your next payment will be collected on 12 September as payment in advance for 12 September to 11 October.
If you are on yearly billing, you will be billed on your anniversary date.
You can cancel your subscription for your virtual office address at any time by messaging us in the Tide app. We’ll email you to confirm we’ve cancelled your subscription. Before we can begin to process your cancellation request, you must first give us an alternative address for your registered office and correspondence address. It is your legal responsibility to inform HMRC and Companies House of your change of address prior to contacting us.
If you cancel mid-month, you won’t receive a refund for the remainder of the month. Processing your cancellation can take up to three days so to avoid being charged for the following month, please request your cancellation a minimum of four days before your payment date.
From the date you cancel, all mail sent to the virtual office address will be returned to the sender, so you must update your details with Companies House and HMRC before cancelling. If you cancel your subscription, you can’t re-subscribe via Tide. However, you may set up another subscription by contacting our provider Hoxton Mix directly.
Yes, you can cancel your subscription anytime, by messaging us in the Tide app. We’ll email you to confirm we’ve cancelled your subscription. Before we can begin to process your cancellation request, you must first change your address with Companies House. Then once complete, you will need to give us this new address for your registered office and correspondence address. It is your legal responsibility to inform HMRC and Companies House of your change of address.
No, if you cancel mid-month, you won’t receive a refund for the remainder of the month. Processing your cancellation can take up to three days so to avoid being charged for the following month, please request your cancellation a minimum of four days before your payment date.
To change your registered office address with Companies House, you must complete an AD01 form. You can find details on the Companies House website. You must tell Companies House within 14 days of the change taking place.
Registered businesses can create up to 4 current accounts per company from your more section in the app, each of which will have its own unique account number.
You can use these bank accounts for a specific expense such as marketing costs, or to save for your tax obligations.
We have integrations with Xero, QuickBooks, Sage, FreeAgent, Kashflow, Crunch and ClearBooks, with other integrations to follow in the future.
Find details on how to connect on our Accounting integrations page.
You can check your PIN code at any time from the app home screen – just tap the card icon and ‘Show PIN’.
If you’d like to change your PIN, you can do so easily at most ATMs.
Yes! You can apply as many limited business bank accounts as you need, each application is subject to our standard approval criteria.
Our Multi-business feature lets you toggle between companies on the same one device – you can find instructions on setting this up on our blog.
Multi-business access is currently capped at five businesses per device – if you have more than five businesses, you can set up multi-business on an additional device.
Yes! Our Members have successfully used their Tide accounts with all of these services.
Most of our members receive their cards within 2-4 working days. If it hasn’t arrived within 5 working days, please get in touch through the app.
Your card will automatically be shipped to your trading address.
If you’d prefer your card to be sent to a different address, you can edit your trading address by tapping More > Profile in the app.
We need to get a better understanding of your business, this is for regulatory purposes and so we can build a projected financial profile, so we can better protect you from any fraud in the future.
Of course your information is your own, but the more detail you’re happy to provide, the quicker we’ll be able to verify your application.
Here’s what’s very useful to us:
Necessary
Also helpful
If we’ve asked you for Dates Of Birth (DOBs) or addresses for yourself and/or your major shareholders*, we weren’t able to complete digital checks with the information we have.
DOBs often fail because we pull information from Companies House who don’t store the day a director or shareholder was born on, and this isn’t amended during sign-up.
Addresses generally fail because the address we’ve received isn’t a residential address, or because the resident hasn’t lived at that address for more than three months.
Here’s what we suggest:
If we’re still unable to digitally verify a given address we’ll need to see proof of address.
If we’re still unable to digitally verify a DOB, we’ll need to see a photo of valid ID.
If you or your shareholder have not been at any address for more than 3 months i.e. a foreign national new to the country, we’ll need to see a valid Biometric Residence Permit (for the UK) and proof of a foreign address.
*We see a ‘major shareholders’ as any shareholder currently holding more than 24% shares in the company.
There are a few reasons why your ID and selfie might have failed. Your ID might be expired, it might be invalid, or the picture we captured just wasn’t clear enough. Your selfie might have been too blurry or, and this is rare, we’re not sure that the person on the ID is the person in your selfie.
Here are some tips:
Here’s what we can accept:
Sometimes we might ask you for a second piece of ID, to supplement the first. This is for regulatory purposes, and we try to avoid this wherever possible.
We’ve spotted that the shareholding of your company has changed recently and that this isn’t accurately reflected in its Filing History on Companies House.
A lot of our applicants let us know that they’ve already submitted the necessary documents such as significant control updates or confirmation statements without updates.
However, we need to see a ‘Confirmation Statement (with updates)’, this is the document which explicitly details current shareholding.
Submitting a Confirmation Statement is a very quick and easy process and most of our applicants usually get back to us with 24 hours to say this has been completed.
Once this is done, we can verify the correct shareholders.
We weren’t able to automatically verify your details during on-boarding. If you’re sure we should be able to verify your full name against your address, then feel free to reiterate your address for us – there may have been a small error the first time round.
If not, then here’s what we can accept:
Strong
Weak – we’ll need to see two separate proofs
You can send through photographs of the full document or PDFs if appropriate. Unfortunately, we cannot accept scans or photocopies, screenshots.
In some cases, we may need to ask for additional evidence that your business is established.
Here’s what we’re looking for:
If you don’t have any of the above, feel free to send what you do have. We’ll definitely consider it but will probably also ask for something below.
Alternatives:
If you’re supplying alternative proofs, we may ask to see more than one.
If you’re sending a photo of anything make sure to send a clear photo of the whole document.
*Your social media page(s) must indicate a clear history of business activity and client-base. We may ask for further proof if the page is relatively new.
To address your negative account balance, simply top up by making a payment into the account. You can also deposit cash into your account by visiting the Post Office or a Pay point. See here for more information on cash deposits, including fees and deposit amounts.
In the event of a negative balance on your account, simply top up the account to correct the balance, as per the Tide Terms. If your account is not topped up, new outgoing payments will not be authorised.
Tide will notify you, should your balance fall below zero and we will allow you up to 5 days to top up your account. If you have not completed the top up to the account during this time, Tide will automatically attempt to top up your account by exchanging funds between any other accounts your company holds with Tide. If this is not possible we may take further reasonable action. Find out more details on our terms and conditions.
At times, scenarios such as a forced offline transaction, Tide fees or disputed chargebacks can take your account into a negative balance.
In such cases where this has happened, simply top up your account to correct the negative balance.
After every 5 contactless transactions you make with your Tide Card, for security control reasons, you will be prompted to enter Chip and PIN for the 6th transaction. Once you’ve done this, your limit of 5 contactless payments will reset.
Please note: this does not apply to payments made via Apple Pay
No, Tide isn’t a bank.
Tide is a business financial platform and the leading provider of digital business banking services in the UK! We are regulated by the Financial Conduct Authority (FCA) and offer e-money accounts, provided by PrePay Solutions (PPS), as well as business bank accounts, provided by ClearBank.
We believe that this model gives us the opportunity to provide a wider range of products and services to our members, helping them to save time (and money) on their financial admin.
Yes! We are actively partnering with organisations that help business owners – if this sounds like you, please visit our Partners page.
Unfortunately not. If you’d like to switch between a sole trader and registered company account type, you will need to close your existing account and open a new business bank account .
Sorry to hear it!
You can regain access your Tide account from another mobile device by going through account recovery.
If you need to speak to the team, you can get in touch by emailing hello@tide.co
Your account could have been blocked (paused) for a number of reasons, most commonly because we’ve seen unusual activity on your account and need to run a few checks. We do this to keep Tide and our members safe, and the checks are normally completed very quickly.
Take a look at our blog post to learn more about why we might need to block or pause an account.
Yes! Just send us a message in the app, or email hello@tide.co with your contact number and a few details about what the call request is regarding. Our Member Support team are happy to give you a call.
Tide Preview is our beta testing programme, where members can register to be the first to test our new features before they’re released publicly.
We’re always looking for new members to join our Tide Preview community! If you’d like to join, just send us a message in the app.
You can update your trading name in the app by tapping More > Profile. If your Company name has changed with UK Companies House, please let us know in the app to have it updated.
Sorry to hear it! You can freeze, cancel and reorder a card directly from the app – just tap the card icon on your homescreen.
If you don’t have access to the app, please call +44 (0) 3331210266 to have your card cancelled.
We accept most national driving licenses, ID documents and passports, however some older versions of ID documents may not be accepted.
If you’re having difficulty scanning your ID, please ensure that you are taking a clear photo on a flat surface, in a well-lit environment. You’ll also need to grant Tide access to your camera (usually you’ll receive an in-app prompt, otherwise you can update your settings).
Still having trouble?
We’re sorry that you’re unhappy with your experience using Tide.
So we can fully understand what’s gone wrong and to get the best possible resolution for you, please write to us with a brief description of what’s happened.
You can find instructions on how to contact us, and more information about the complaints process by visiting Tide complaints.
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 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
We’ll send you a message inviting you to update your account. You’ll need to accept the terms and conditions (which include these FAQs) and choose a date and time for us to carry out the update. That’s all you need to do.
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. Tide and ClearBank disclaim any liability for losses relating to the Bulk Payment Redirection Service.
See also: How does updating the account affect my invoices and payments?
After you’ve accepted the T&Cs (which include these FAQs), you’ll choose a date and time slot for us to update your account. 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.
Yes, 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 (Faster Payments, Bacs and CHAPS) sent to your old account number and sort code to your new account. If possible, we’ll make sure payments go into your new bank account on the same day they arrive in your old e-money 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. When we can no longer offer this redirection service, we’ll message you to let you know.
Tide and ClearBank disclaim any liability for losses relating to the Bulk Payment Redirection Service.
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 bank 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.
During the time slot you selected for your account update, you will not be able to access the app or log into Tide via the web. But don’t worry, we will inform you by a push notification as soon as you can access your new updated bank account. You’ll also get an email confirming completion of the update.
After we’ve updated your e-money account to the new bank account, you’ll still be able to access all your previous transactions and statements.
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 bank 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: How do I get my Tide account updated to a new bank account?
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.
You don’t need to do anything.
If you don’t respond when we message you to ask you about updating, your Tide account will remain as a PPS e-money account.
Let us know as soon as possible by messaging us in the Tide app or emailing us at hello@tide.co
You must let us know at least three working days before the update was due to take place.
We’re sorry to hear that. We can usually sort out any problems quickly. Please message us via the Tide app or email hello@tide.co and we’ll be happy to help.
Message us via the Tide app or email us at hello@tide.co
We’ll be happy to help.
If you lose your Tide card or it’s stolen, tell us via the in-app chat. We’ll cancel the card and issue you a new one, but you’ll be able to continue using Apple Pay. When you get your new Tide card and activate it in the app, the details in the Apple Wallet are updated automatically.
If instead you freeze your Tide card, you won’t be able to use it to pay by Apple Pay.
There’s no limit. But some merchants will have their own limit for contactless payments. There are no limits for Apple Pay transactions you make in apps or in Safari.
No. If you freeze your Tide card, you won’t be able to use it to pay by Apple Pay on any of your devices.
When you unfreeze your card, you’ll be able to use it with Apple Pay again as before.
Yes – you can use Apple Pay anywhere that accepts contactless payments.
Yes. Go to the Wallet on your Apple device to add the card.
No. When you freeze a Tide card, it can’t be used to pay by Apple Pay on any device.
When you unfreeze the card, your co-worker will be able to use it with Apple Pay again as before.
Yes, Apple Pay is safer than using cash or a debit, credit or prepaid card. This is because every time you use Apple Pay to buy something, the system uses a device-specific number and unique transaction code. Your card number is never stored on your device or Apple’s servers, and never shared with the merchant.
Apple Pay also keeps your purchases private. When you pay with your Tide card via Apple Pay, Apple doesn’t keep transaction information that can link the purchase back to you. You can see transaction information on your Apple device and in your Tide app, but Apple doesn’t store this data on their servers.
Of course, you need to make sure you protect the security of your Apple device, just as you would with your Tide card.
On your iPhone, open the Tide app and click ‘Add to Apple Pay’.
Or you can open the Wallet app on your iPhone and tap ‘+’ to add your Tide card.
If you have an Apple Watch, open the Watch app on your iPhone and click ‘Wallet & Apple Pay’, then ‘Add Credit or Debit Card’.
For iPad, go to Settings, click ‘Wallet & Apple Pay’ and then ‘Add Credit or Debit Card’.
For MacBook Pro with Touch ID, open ‘System Preferences’. Open ‘Wallet & Apple Pay’ then click ‘Add Card’.
Apple Pay works on iPhones, iPads, Apple Watches, and Macs. To check if your device is compatible and where you can use Apple Pay, read the full list from Apple Support.
Yes, it’s free to add your card to your Wallet and when you pay with Apple Pay, you pay the same price you’d pay by using your Tide card.
Expense Cards can only be ordered for your team members.
Unfortunately not. The way this works at the moment, you would need to edit your team members’ spending limit for one month and remember to change it back for the next month.
Simply open your Tide app, tap More > Expense Cards, and select the name of the team member whose limits you want to change. You can do this anytime and as many times as you like.
You can order company expense cards in the Tide app.
If your team member passes our security checks, the card will arrive at your trading address within a week.
Tide Expense Cards, our company expenses cards, are £5+VAT per calendar month. You’ll be charged £5+VAT per month for every Expense Card you’ve ordered (whether you activate it or not).
The fee is taken automatically from your Tide account on the fourth of each month.
If you’re a Plus member, 1 free Expense Card is included with your membership. If you’re a Cashback or Premium member, 3 free Expense Cards are included with your membership.
Please see our Tide Terms for full details.
If you’re already with us, you’re eligible to apply. 🙂
You can order company expense cards for up to 35 team members per account.
If you have your Tide Expense Cards linked to sub-accounts, these count towards the overall account maximum of 35.
If you have more than one Tide account, you can have a maximum of 35 Expense Cards for each account.
You can activate, manage and cancel your team’s expense cards in the Tide app. Go to More > Expense Cards
If you can’t see the Expense Cards feature, go to the app store and check your Tide app is up-to-date.
The main account holder manages all your company expense cards.
Tide Expense Cards are a step towards building full team access. For now, you’ll manage your Expense Cards through the Tide app belonging to the main account holder.
As the main user, you’ll fully manage access for your team – you can freeze and cancel cards, as well as share and hold PIN codes. And of course, you’ll be able to see who spent what.
The main account holder can freeze or unfreeze individual or all company expense cards.
When you cancel an expense Card, you’ll be charged £5+VAT per Expense Card on the 4th of the following month. Any Expense Cards ordered within the same month will be billed on the 4th of the following month (there will be no further payment after that). There’s no pro-rata fee refund when you cancel an Expense Card.
Remember, if you have Plus membership, 1 free Expense Card is included.
And if you have Cashback or Premium membership, 3 free Expense Cards are included.
Not yet. We’re working on team access at the moment so your team members will soon be able to log in and look at what they’re spending.
As the main user, you’ll be able to set different levels of access for your team members.
As soon as this feature is live, we’ll email to let you know.
Yes, Invoices can be cancelled after they have been sent. In 3 quick steps, here’s how you can cancel an invoice:
NOTE: Invoices for collection via Direct Debit or protected through Invoice Protection cannot be cancelled.
The Invoice Assistant is our Invoicing add-on. It costs £10+VAT per month and is billed monthly in advance.
To sign up for Invoice Assistant, simply go into the Tide mobile or desktop app:
Yes. Invoice Assistant is available both for Limited Companies and Sole Traders. For £10 a month + VAT, you can get:
It’s easy. Open your Tide app and go to Invoice.
Start by editing your template then click Create a new invoice.
Add items, add VAT if you need to.
Check all the details then send it to your customer.
If you want extra peace of mind, go to Tide on the web and add Invoice Protection.
Yes. Invoicing is free for all Tide members to use. You can create and send invoices, as well as customise them with your company logo.
Automatic invoice chasing and auto-matching, as well as two free Direct Debits powered by GoCardless per month, are available as part of the Tide Invoice Assistant feature, which costs £10 +VAT/month.
Updated: 19 February 2021
Currently, you can’t create an invoice and save it as a draft. But we’re building this! It will be ready later in 2021.
No. However we’re working on solutions so you’ll be able to edit invoices.
Your details are automatically filled in for you.
In your invoice settings, you can change your email address.
If you’re a sole trader, you can change your name and address too.
If you’re a limited company, you can’t change your name and registered address because for legal reasons, the details on your invoices must match the details we have for your business.
To change your invoice settings:
See also: How can I edit my invoice template?
Yes, it’s easy to add your own logo to your invoices.
You can then upload your logo from your files.
Currently you can’t change the template design but you can change all of these in your invoice settings:
To change your invoice settings:
Want to see how your invoice template looks?
It’s easy to edit your customers’ details. Here’s what to do:
To add VAT to invoices you create in your Tide app, you’ll need to add your VAT number to your profile. Here’s what to do:
After that, when you create an invoice, you’ll be able to choose the VAT rate for each invoice.
That’s it! Easy.
Or you could make use of the Invoice Assistant add-on for only £10/mth and the matching and chasing of invoices will be done automatically for you. You will also receive 2 free Direct Debits per month, powered by GoCardless. Tide’s Invoice Assistant is available to both sole traders and limited companies. See the Invoice Assistant terms and conditions for further details.
Updated: 19 February 2021
Currently this option isn’t available with Tide Invoicing. But we’re building it! We hope it will be ready later in 2021.
If your customer wants to pay an invoice by card, they’ll need to get in touch with you directly.
Updated: 19 February 2021
Plenty! Did you know that Invoicing was one of the first features we built for the Tide app? It’s one of our favourite features.
In 2020, our dedicated Invoicing team launched these enhancements:
These and the improvements we’re currently working on are all suggestions from members like you. Take a look at our roadmap to see what we’re working on and add your votes and suggestions. Or you can email us: invoicing.feedback@tide.co
Any invoice you send to another business is eligible for Invoice Protection as long as:
If you only received verbal confirmation of the order, then you can still take our Invoice Protection. However, Hokodo won’t pay a claim for your invoice if your customer disputes having placed the order.
To take out Invoice Protection, you’ll be asked to confirm that, to the best of your knowledge, your customer:
Hokodo doesn’t expect you to do any further investigation of your customer’s solvency. However if, in carrying out your business, you discover it’s likely that your customer won’t be able to pay your invoice then you must not take out any further Invoice Protection on invoices to that customer.
Find out more about Invoice Protection and how it works.
Invoice protection is provided by Hokodo Services Limited, who are authorised by the Financial Conduct Authority as an Appointed Representative of Innovative Risk Ltd. Invoice Protection is available for eligible invoices. Hokodo assess invoice eligibility based on a range of factors including the identity of the buyer and how close the invoice is to its due date
A wide range of businesses insure invoices against non-payment – a customer not paying an invoice can happen to any business.
If a large part of your work is done with the same customer, or if some of your customers are new or not yet creditworthy, taking out Invoice Protection can safeguard your company in case your customer doesn’t pay.
You will be protected against the non-payment of a valid invoice, either because your customer won’t pay or their business has become insolvent.
You won’t be protected against:
Any invoice you send to another business is eligible for Invoice Protection as long as:
If you only received verbal confirmation of the order, then you can still take our Invoice Protection. However, Hokodo won’t pay a claim for your invoice if your customer disputes having placed the order.
To take out Invoice Protection, you’ll be asked to confirm that, to the best of your knowledge, your customer:
Hokodo doesn’t expect you to do any further investigation of your customer’s solvency. However if, in carrying out your business, you discover it’s likely that your customer won’t be able to pay your invoice then you must not take out any further Invoice Protection on invoices to that customer.
Find out more about Invoice Protection and how it works.
Invoice protection is provided by Hokodo Services Limited, who are authorised by the Financial Conduct Authority as an Appointed Representative of Innovative Risk Ltd. Invoice Protection is available for eligible invoices. Hokodo assess invoice eligibility based on a range of factors including the identity of the buyer and how close the invoice is to its due date
Invoice Protection covers 90% of the amount of your invoice, excluding the VAT.
If the invoice included VAT on top of the net amount, you can usually claim VAT Bad Debt Relief from HMRC. Find out more at the Government website:
Gov.uk | Guidance | Relief from VAT on bad debts
Our Invoice Protection is arranged by our partner, Hokodo Services Ltd which is a coverholder at Lloyd’s of London. The policies are underwritten by Lloyd’s which is a specialist in insurance and reinsurance.
After you notify Hokodo about the non-payment of your invoice, the usual process is that Hokodo’s collections partner, STA International, will attempt to collect money for you. If STA achieve this, you’ll get the amount they collected within 14 days of them receiving it. This collections process usually takes from 15 to 60 days.
If STA fails to collect money for you, you’ll be asked to fill in a claim form. Hokodo will pay you the amount covered – 90% of the invoice value – promptly when they get your valid claim form.
Hokodo aims to settle the majority of claims within 15 days of receiving a claim submission. However, a limited number of claims need more investigation and, in these situations, Hokodo may take up to 60 days to assess your claim.
Hokodo’s collections partner is STA International. They have deep industry expertise when it comes to collecting trade debt and they’ll manage the process of getting your debtor to pay.
After confirming the debt with you, they’ll contact the debtor by various channels including telephone, email and post. If this collections process succeeds, they’ll pay you the amount they collect, minus their fee of 6% (+VAT) of the recovered money. You can allow them to also recover this success fee from your customer – this is generally allowed by law. In this case, there would be no fee taken off the amount you receive.
If STA can’t collect the debt within 60 days, you’ll be asked to fill in a claim form. Hokodo will pay you the protected amount – 90% of the invoice value – promptly when they get your valid claim form.
Hokodo aims to settle the majority of claims within 15 days of receiving a claim submission. However, a limited number of claims need more investigation and, in these situations, Hokodo may take up to 60 days to assess your claim.
Direct Debit is an automated payment method that allows you to collect payment from your customer’s bank account.
There are two main reasons why Direct Debits are a smart way for small businesses to collect payment:
You have access to Direct Debit on approved onboarding with GoCardless. If you have signed up for Invoice Assistant as a limited company or sole trader, then you will be eligible for the following:
With Invoice Assistant, your first two Direct Debits for that month will be free as part of the add-on. Your first and second uses of Direct Debit in a month will be deducted, but then refunded to you in your next billing cycleFind out more about Direct Debit and how it works.
For peace of mind for your customers, all Direct Debits are covered by the Direct Debit Guarantee. Read more about this at the Bacs website:
Bacs | Direct Debit Guarantee »
You can collect invoice payments by Direct Debit via your Tide account. This service is provided by our partner, GoCardless. Find out more:
Tide | Features | Direct Debit with GoCardless »
A Direct Debit mandate (also called an ‘instruction’ or ‘authorisation’) is the form your customer fills in to authorise your business to collect payments by Direct Debit from their bank account.
With GoCardless, who provide Tide’s service for collecting invoice payments by Direct Debit, the mandate is a simple online form.
When your customer has completed the mandate, you’ll be able to take payments automatically from their bank account. Your customer will always be notified in advance of the payment date and amount.
The Tide service for collecting invoice payments by Direct Debit is provided by our partner, GoCardless, a global leader in recurring bank-to-bank payments.
GoCardless processes billions of pounds in transactions a year and has more than 50,000 businesses around the world as customers, from small businesses to household names like energy supplier Bulb, TripAdvisor, and Guardian newspaper.
GoCardless integrates with the software businesses use every day so you have better control over payments and save time on tasks like chasing up on late or failed payments.
Read more at the GoCardless website: GoCardless | For small businesses »
Before you start to collect invoice payments by Direct Debit, first you’ll need to connect to GoCardless. It’s fast and easy – here’s what to do:
Yes – Direct Debit with GoCardless is a flexible way to collect payments. You can collect fixed or variable amounts and take one-off or recurring payments.
For each invoice you send, you can use GoCardless to choose the amount and day the payment will be collected. Your customer will always be notified in advance of the payment date and amount.
We have to charge VAT (value added tax) on the fee for Tide Plus membership.
The fee is for ‘value added’ services associated with your Plus membership, so that’s why it’s subject to Value Added Tax (VAT).
The fee for Plus membership is different from our standard fees for transactions, which are exempt from VAT.
If you’re VAT registered, you can reclaim the VAT on your Plus membership fee at the end of your accounting period.
The VAT charged on the Plus fee is the standard rate. Read more about VAT rates at the Government website:
Gov.uk | VAT rates »
Tide Plus is £9.99 + VAT per month. We charge you on the 4th of each month for that calendar month.
For your first month, you’ll be charged pro-rata, so if you sign up on the 16th we’ll only charge you for the 16th until the end of that month. Then on the 4th of the following month, you’ll be charged for the full month as usual.
Get your next month free! If you spend £10,000 on your Tide card and any Tide company expense cards in a calendar month, we’ll waive your Tide Plus fee for the following month.
With Tide Plus, you get 20 free transfers a month. This includes all inbound and outbound Faster Payments, CHAPS, BACs and Direct Debits. Please note this does not include international payments if you have an International Currency Account.
Same as always, send us a message in the app and you’ll automatically be bumped to the top of the queue.
To call us, you’ll see an option to phone us in your Support section of the app, Tide Plus phone support is available 9am – 6pm UK time. For your security, our phone support team will take a few minutes to verify your identity – just like high street banks.
We have a financial arrangement with Irwin Mitchell LLP who provide a legal helpline to our members. Trained personnel from Irwin Mitchell will help with any questions you may have. We pay Irwin Mitchell LLP for their services, they’re independent from Tide and provide impartial and confidential advice.
They’re available 24/7 365 days a year.
We’ve created Tide Cashback to give you what we believe is the best value business banking service available on the market. You get:
And unlike most cashback services, no matter what you buy with your Tide card, you’ll get 0.5% cashback. (With some providers, not all card purchases are eligible for cashback.)
Only genuine card purchases count.
Repeat purchases might not qualify.
ATM withdrawals don’t count towards your cashback.
If we find out that any cashback has been given or calculated incorrectly, we reserve the right to reclaim or deduct payments from your Tide account, including those relating to returns, exchanges or chargebacks made on your account.
It’s £59.99 a month including VAT.
The monthly fee goes out of your Tide account on the 4th of every month.
To upgrade to Tide Cashback:
You’ll be upgraded immediately. The fee for your first month is calculated pro-rata.
If we can’t collect the fee on the 4th of the month because there isn’t enough money in your account, we’ll try again every day until the end of the month.
If we haven’t been able to collect the fee, your account will be automatically downgraded and your access to Tide Cashback will end on the 1st of the following month.
Your cashback payment will go into your account within the first 21 days of the month after you earned it. The payment will have the reference ‘Tide Cashback’.
Send us a message in the Tide app to tell us what’s wrong or call your dedicated account manager directly on the contact number in-app. We’ll investigate and reply as soon as possible.
Tide Cashback will run on a trial basis for three calendar months from 4 August 2020. If you no longer wish to be on the Tide Cashback plan during or after this trial, you can downgrade in the app. Otherwise, you’ll remain on the Tide Cashback plan afterwards.
You can view and save the T&Cs here:
Tide Cashback Terms and Conditions (PDF)
If you have any questions, message us in the Tide app or email hello@tide.co
The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.
Pay As You Grow options will be available to you once you start to repay your Bounce Back Loan, from 12 months after it was first approved, subject to lender’s discretion.
Using these options won’t affect your credit score, though it may influence how we assess your creditworthiness in the future and your loan may cost you more overall.
Read more about What options are available under the Pay As You Grow Scheme?
The options available to you when you are due to make your first payment after 12 months, subject to lenders discretion are:
1. If you expect to be in a better position to repay in the future
a) You could reduce your monthly repayments for six months by paying interest only.
i) This option is available up to three times during the term of your Bounce Back Loan.
OR
b) You could pause repayments for six months.
i) This option is available once during the term of your Bounce Back Loan.
2. If you’re only able to repay a smaller amount:
You could request an extension of your loan term from six years to 10 years at the same interest rate of 2.5%.
If you’re considering this option you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.
Please note for all three options that the total amount you owe will go up. This is because your interest costs increase as you’re repaying your loan over a longer period.
You can use options 1 and 2 together if you need to.
The Bounce Back Loan Scheme (BBLS) is Government-backed, but not Government funded. This means the organisations that offered the BBLS had to provide the funding for the loans themselves. For banks, this was straightforward, as they have access to the Bank of England’s funds, but for non-banks, like Tide, we had to raise our own funds to lend.
The same principle applies to the Pay As You Grow Scheme (PAYG), Tide would have to finance the extension of BBLS repayment terms itself, without access to Bank of England or other Government funding. For this reason, the provision of the PAYG is down to the discretion of the lender.
Due to the nature of the way the BBLS and PAYG are funded, Tide has taken the difficult decision to not offer PAYG, as we would be unable to fund an extension for all BBLS members.
If you have more questions, tap Support in the Tide app to send us a message – we’ll be happy to help.
Reminder of your Bounce Back Loan terms and conditions
When you applied for your Bounce Back Loan, you declared that you understood that:
If you’re worried about your finances, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
In addition, the Government has various options for financial support you can get for your business. Free debt advice is also available from numerous charities and non-government organisations and we’ve linked a UK Finance leaflet that provides practical information and helpful advice to businesses who are facing financial difficulty.
If you’re concerned you won’t be able to make a repayment on your Bounce Back Loan, let us know as soon as possible by emailing: collections@tide.co We’ll talk over the options and work out a repayment plan.
We’re here to help
You can also contact the following organisations for free debt advice:
All of your biometric data stays on your phone and is never shared with Tide. Behind the scenes, your phone or laptop securely communicates with Tide to let us know it’s you.
This will happen if your device only knows about one email address you use. Tap the cancel button on the biometric screen and you’ll be taken to a screen where you can add another email address. You can also try logging in with the first one again.
If you only have one email address linked to your Team access app, we’ll try to log you in automatically. To add another email address, hit the cancel button when you’re being auto-logged in to go to a login details screen, where you can add or select which login details to use.
Yes! If you’re invited with the same email address you’re already using, you’ll see a list of companies to choose from when you log in.
If you’re invited with a different email address, follow the invite link on the same device, then every time you log in, we’ll ask which login details you want to access
Head to webapp.tide.co/team-cards/login on your new phone. You’ll be able to log in with your username and password, then set up your biometrics on your new phone.
We limit how many attempts you can make on each verification code to keep Tide accounts secure. If you’re having trouble, you may have hit your limit, request a new code to start again.
There’s also a limit to how many SMS codes you can request within 24 hours. You shouldn’t hit the limit, but if you do, you can try again tomorrow.
If you don’t receive an SMS verification code and the ‘send a new code’ button hasn’t worked, there’s a chance your phone number may be incorrect.
Check that the business owner has set you up with the right phone number. They can edit your phone number in their Tide app.
Yes. Adding them with the email address they already use for Tide will make it a little easier for them to work with your account, but you can use another email address if you prefer.
To prevent a team member from viewing your account details, go to Expense Cards > More within the app. You will see a list of all your team members. Simply click on the name of the required team member and you will have an option to remove their access.
You can revoke access from their Expense Cards team member profile at any time within the app. Go to Expense Cards > More where you will see a list of all your team members. Click into the name of the member who has left and you will then be able to revoke their access.
Archiving inactive team members is coming soon.
If the device has been lost or stolen, then they should reset their password immediately. This will prevent anyone from being able to access the account from their old device.
They can log in on a new device by visiting https://webapp.tide.co/team-cards/login on their new phone.
If they can’t remember their password, you can send them a new invite from their Expense Cards team member profile.
The invite email that you send your team member is only valid for 48 hours.
You will have to re-send your team member an invite email. You can do this by going to your team member’s profile in the Team access app and selecting ‘re-send login link’
For now, the best experience for team members is on a mobile device. We only support team member access on laptops with strong authentication hardware, e.g. MacBooks with a fingerprint reader or computers with Windows Hello.
If you’re having trouble on a device with a hardware authenticator, try using Safari on iOS or Chrome on all other platforms.
We’re working on a secure way to enable login on other computers.
You’re eligible for a Bounce Back Loan if your business:
If your business was an ‘undertaking in difficulty’…
You’re eligible if you certify that taking out a Bounce Back Loan won’t breach state aid rules and that you won’t use the loan for export-related activities.
You aren’t eligible if your business is:
No. You may only hold one Bounce Back Loan, and with only one lender.
It isn’t possible to ‘top up’ a Bounce Back Loan with more money.
It depends. Government rules state that you may only have one Bounce Back Loan.
If you’re a sole trader, this means one per person.
If you’re a Director of a limited company, this means one per limited company or group. Two or more companies form a ‘group’ when one or more are subsidiaries of another, or when your companies come under the same holding company.
If you operate as a sole trader and are also the Director of a limited company, then you may have one for your sole trader business and one for your limited company.
The ‘Bounce Back Loan Scheme’ is a new support scheme from the Government, adding to the existing support for small businesses affected by coronavirus.
You can borrow from £2,000 up to 25% of your annual turnover, up to a maximum of £50,000 for up to six years.
For the first 12 months, you won’t pay any interest because the Government will pay it for you. You also won’t have to make any repayments in the first 12 months. There are no fees on a Bounce Back Loan – unlike other loans, you won’t pay fees to arrange the loan, to repay it early or if your repayments are overdue.
For the rest of the term of the loans, you’ll pay interest at 2.5% per year.
Bounce Back Loans are delivered only by lenders accredited by the British Business Bank. The Government provides a 100% guarantee to lenders for all eligible Bounce Back Loans, but you remain liable for all the repayments, as well as the interest after the first year.
The Bounce Back Loan Scheme is separate from but similar to the Coronavirus Business Interruption Loan Scheme. Both loan schemes lend money to businesses via lenders accredited by the British Business Bank.
Small businesses can be eligible for both schemes but the Government launched the Bounce Back Loan Scheme to help small businesses borrow smaller amounts more quickly, and with more generous terms.
Read more from the British Business Bank: What is the difference between CBILS and the Bounce Back Loan Scheme?
If your business is already getting a Coronavirus Business Interruption Loan of more than £50,000, you’re not eligible for the Bounce Back Loan Scheme.
However, if your Business Interruption Loan is for £50,000 or less, you may take out a Bounce Back Loan and use the money to repay your Business Interruption Loan, as long as the money you get from the Bounce Back Loan is enough to pay back the other loan in full.
You may not hold both a Coronavirus Business Interruption Loan and a Bounce Back Loan.
Like all Bounce Back Loans, you won’t pay any interest for the first 12 months because the Government will pay it for you.
After that, the interest rate is fixed at 2.5% p.a.
The maximum you can borrow as a Bounce Back Loan is 25% of your annual turnover in 2019, up to a maximum of £50,000.
If you need more than this, you could apply for a Coronavirus Business Interruption Loan.
Remember, you may only hold one Bounce Back Loan, and with only one lender, and you aren’t allowed to have both a Coronavirus Business Interruption Loan and a Bounce Back Loan.
After the first 12 months, your monthly repayments, plus interest, will be deducted from your directly from your primary Tide account. You can see your next repayment date on your Bounce Back Loan dashboard.
To see a breakdown of all your repayments, go into your Tide app and tap More > Bounce Back Loan > Repayment Schedule.
Your repayments will be taken automatically from your Tide account each month. It doesn’t matter if you use another business account for your banking but you must make sure there’s enough money in your Tide account when your repayments are due.
You can make an early repayment tap More > Credit > Bounce Back Loan > Make an early repayment. There’s no early repayment fee.
If you no longer need the loan, you can choose to pay it back early, you’ll then pay less interest.
Tap More > Bounce Back Loan > Make an early repayment.
There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-months. You can also make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments.
If you’re concerned you won’t be able to make a repayment on your Bounce Back Loan, let us know as soon as possible by emailing: collections@tide.co We’ll talk over the options and work out a repayment plan.
We worked with a large number of financial institutions to secure funding to lend through the Bounce Back Loan Scheme.
However, the design of the Government’s Scheme doesn’t meet the requirements of our prospective funding partners to be able to provide the capital for us to lend to you.
Oliver, our CEO, has explained this in full in this letter to members.
No. Tide exists to support small businesses so when, in March, the Chancellor announced support for SMEs in the Budget, we immediately expressed our interest in becoming an accredited lender for the Coronavirus Business Interruption Loan Scheme (CBILS). We pursued this application until the Bounce Back Loan Scheme (BBLS) was announced in April. This scheme is much better suited to our members so we switched our application.
The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses. We believe it isn’t fair to discriminate against new customers so that’s why any small business owner could apply for an account with us, and if they wished, register interest in getting a Tide Bounce Back Loan.
We’ve gained some new members but in fact almost 90% of the businesses who joined our waiting list were existing rather than new members.
Message us by email (hello@tide.co) or in the app and we’ll be able to help.
All loans that we provided through the Bounce Back Loan Scheme were funded by us and not the Government. This means we had to raise the money we lent through the Bounce Back Loan Scheme.
The Bounce Back Loan Scheme is 100% guaranteed by the Government. ‘Guaranteed’ means that if the lender doesn’t collect the loan, then the Government has to reimburse the lender. ‘Guaranteed’ doesn’t mean the money is given to lenders by the Government.
Because the Government guarantees the loans, they need to have control over how much all accredited lenders lent to customers.
You can read more about how we tried to raise the capital to lend as Bounce Back Loans in this letter from our CEO to members.
We’re sorry you’re not happy – did you give us a chance to sort it out? Please message us in the app or by email hello@tide.co
We set out our complaints handling procedures and the rights you have to complain to the Financial Ombudsman Service in our Tide Terms.
Read more: FAQ: How do I make a complaint?
Tide Trusted Professionals is a platform for members to connect with qualified Service Partners who can help with their business needs.
To find a service for your business, simply filter by budget or location to find a list of suitable professionals. You can then make a booking with your chosen service partner and pay via our secure platform directly from your Tide account. With our Tide Guarantee, we also give you peace of mind that no payment will be released until you approve the work.
Tide’s platform does not charge any fee above the price quoted by the Service Partner for the requested services. Service Partners determine their own pricing. However, pricing is monitored during the verification process to become a Trusted Professional to ensure prices remain competitive.
Yes, We have a comprehensive process that all applicants go through before being approved as Trusted Professionals. They are evaluated against clearly defined criteria, including membership of reputed professional bodies, professional indemnity insurance, KYC, online reviews, etc. We also have ongoing quality control after Service Partners are onboarded.
Finding available Service Partners to help your business is very straightforward:
Currently, we offer the following types of services.
Tide Guarantee ensures that your card will not be charged unless the Service Partner accepts the booking. The Service Partner won’t get paid unless you approve the work.
Always pay and communicate directly through the Tide Trusted Professionals platform. As long as you stay on this platform throughout the entire process – from communication through to booking and payment – you’re protected by Tide Guarantee.
Please contact your Service Partner directly using the platform’s messaging tool to seek resolution. If the problem persists, please contact Member Support to assist you regarding the next steps.
The Foreign Account Tax Compliance Act (FATCA), which was passed in the United States as part of the Hiring Incentives to Restore Employment (HIRE) Act, 2010, generally requires that foreign financial institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding tax on withholdable payments.
The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.
Common Reporting Standard (CRS) was developed in response to the G20 request for calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. This request was approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Each country/jurisdiction has its own rules that determine tax residency. It can differ in regards to individuals and entities and it is possible for an individual or entity to be tax resident in more than 1 jurisdiction.
For more information on tax residency, please speak to your tax advisor or refer to the information found on the OECD website:
www.oecd.org/tax/automatic-exchange/crsimplementation-and-assistance/tax-residency/.
Generally, an Entity will be resident for tax purposes in a jurisdiction if, under the laws of that jurisdiction (including tax conventions), it pays or should be paying tax therein by reason of his domicile, residence, place of management or incorporation, or any other criterion of a similar nature, and not only from sources in that jurisdiction. Dual resident Entities may rely on the tiebreaker rules contained in tax conventions (if applicable) to solve cases of double residence for determining their residence for tax purposes.
For individuals, this varies considerably from jurisdiction to jurisdiction and may include multiple factors like physical presence, ownership of property, nationality, family ties, financial interests or any other factor as prescribed by the local and international laws.
A TIN is a unique combination of letters and/or numbers assigned by tax authorities to identify individuals and entities for tax purposes. You will normally find it on any letters or correspondence you receive from your tax authority (the relevant tax authority in the jurisdiction(s) in which you are a tax resident). Some authorities do not issue a TIN, however, they will often use a similar type of number which can be known by a different name e.g.:
The OECD website can be consulted for further details about the TIN or its equivalent: www.oecd.org/tax/automatic-exchange/crsimplementation-and-assistance/tax-identification-numbers
Please see the section called “What is a TIN (Tax Identification Number)” – some authorities issue an equivalent number that may be known under a different local name. The OECD website can be consulted for further details about the TIN or its equivalent: www.oecd.org/tax/automatic-exchange/crsimplementation-and-assistance/tax-identification-numbers
The International Tax Compliance Regulations require that the information collected in the self-certification form be held on record for a prescribed period of time. In addition, if you, your entity or any controlling persons are tax resident in another jurisdiction, we may be required to provide the details from the form and a few other details about your accounts to the HMRC, who in turn may pass it on to the relevant tax authorities in another country.
Under the FATCA regulations, the term US person is defined as:
NFE is an acronym that stands for a Non-Financial Entity, which is any Entity other than a Financial Institution. Please kindly refer to the definitions of NFE, Active NFE, Passive NFE and Passive Income located in the glossary for further information.
If you are still unsure what the correct status is for your Entity, please speak to your tax advisor as at Tide we are unable to provide any tax advice.
The information provided in your self-certification form is valid as long as there are no changes in the circumstances relating to you or your company or its controlling persons.
However, should any of the circumstances change or where there is subsequently an indication of tax residency outside of the UK, your account might become reportable.
You are required to inform Tide as soon as possible of any changes to the information provided in your self-certification form for your account. Tide must be notified no later than within 90 days of such change.
If the information provided in your self-declaration and the information we hold in our databases confirms or indicates that you are a tax resident in another jurisdiction we may be required to share the following data about you, your entity and/or controlling persons:
The account number (plus Tide’s name and identifying number), the account balance or value as of the end of the calendar year or other appropriate period, gross amount of interest paid or credited to the account during that period; and place and date of birth of individuals
Tide and other Financial Institutions in the industry have an obligation to collect and report certain information about the tax residency of its members or their businesses and the controlling persons where applicable. This requirement is established by the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS) and The Foreign Account Tax Compliance Act (FATCA) regulations.
In the UK, The International Tax Compliance Regulations requires Financial Institutions to carry out the due diligence and reporting obligations set out in the “relevant agreements”, which include the agreement reached between the United Kingdom and the United States to improve international tax compliance and to implement FATCA, and arrangements entered into by the United Kingdom with any other territories for the exchange of tax information for the purposes of the adoption and implementation of the Common Reporting Standard (CRS).
As we do not hold all of this information in our databases, we need your help in providing it.
Depending on the circumstances, the account may be reportable or not reportable to the tax authorities. Broadly speaking, this will depend on the tax residency of your entity, the type of your entity and the tax residency of the Controlling Persons. If there is no indication of tax residency outside of the UK, the account will typically not be reportable, however, we still need you to complete the self-certification in order to confirm the correct status.
However, should any of the circumstances change or where there is subsequently an indication of tax residency outside of the UK, your account might become reportable.
You are required to inform Tide as soon as possible of any changes to the information provided in your self-certification form for your account. Tide must be notified no later than within 90 days of such change.
For CRS: The OECD website provides more information about the CRS and the jurisdictions taking part: www.oecd.org/tax/automatic-exchange/
For FATCA: Additional information can be found on the Inland Revenue Service’s (IRS) website: https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
Tide is not allowed to give tax advice so if you are not sure how to complete the form from the tax perspective, please visit the OECD or IRS websites or speak to a professional tax advisor
Should you have any IT related issues with the form or would require further general information please contact us at fatca.crs@tide.co
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