Question 1

What is ‘Tide Instant Saver’?

Accepted Answer

Tide Instant Saver is a free instant-access business savings account available to Tide members.

‘Instant-access’ means that you can withdraw your money at any time, without losing the interest you’ve earned up to the day of the withdrawal.

Interest is calculated daily on your available balance at the end of the business day. The total interest earned during the month is paid to your Tide Instant Saver on the 1st of the following month, typically in the evening.

All transfers between your main Tide Account and your Tide Instant Saver are free.

Question 2

Who provides the Tide Instant Saver Account and is my money safe?

Accepted Answer

We partner with ClearBank to provide Tide Instant Saver. ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 754568. The Financial Services Compensation Scheme applies so eligible deposits up to £120,000 across all your Clearbank accounts are protected. You can find more information at www.fscs.org.uk.

Question 3

Is the Tide Instant Saver Account available to all Tide members?

Accepted Answer

Tide Instant Saver is available to:

Members with a Tide Business Account provided by ClearBank (the account sort code is 04-06-05). When you open a Tide Instant Saver your Tide Business Account provided by ClearBank will be set as your Nominated Account.
Tide members without a Tide Business Account, who selected a current account provided by another bank or financial institution as their Nominated Account before 22 July 2024

Tide Instant Saver isn’t available to members that have a Tide e-money account (the account sort code is 23-69-72), from one of our accounts providers - PPS.

Question 4

What does Gross Interest Rate mean?

Accepted Answer

The gross interest rate is the amount of money you’ve earned as interest from your Tide Instant Saver account, without the impact of compounding or tax (compounding is where interest earned previously is included in future interest calculations). We calculate the gross interest daily and pay it into your Tide Instant Saver account on a monthly basis, on the first day of the following month. This means that the interest calculated for the first day of the month is not included in the balance used for the interest calculation on the second day of the month and so on. Once the interest has been paid into your Tide Instant Saver account, it’s included in future interest calculations (unless you withdraw it). This means that the interest for a Tide Instant Saver is calculated daily but compounds monthly.

Question 5

What does AER mean?

Accepted Answer

AER stands for ‘Annual Equivalent Rate’ and is the interest rate for a whole year, assuming that interest payments within the year (monthly in the case of a Tide Instant Saver) remain in the account and contribute to future interest payments. Simply put, AER is the interest rate including compounding. AER makes it easier to compare different savings accounts on the market and understand which one might be the best fit for your business.

Question 6

Will I lose the interest on any money that I withdraw before the end of the month?

Accepted Answer

You won’t lose interest on the money you withdraw before the end of the month, but it won’t continue to earn interest after you withdraw it.

The interest already earned on the money will be paid to you as part of the normal interest payment on the first calendar day of the next month.

Question 7

Can I change my nominated account later on?

Accepted Answer

If your Nominated Account is an external account, tap ‘Support’ in the Tide app or email hello@tide.co and we’ll help you change it. You can’t change your Nominated Account if it’s your main Tide business account.

Question 8

When will I receive my Tide Instant Saver statement?

Accepted Answer

Statements are generated on the first day of each month, for the previous month. Your Tide Instant Saver statement will show you the interest you received on the first day of the previous month. Example: interest for June will be paid on the 1st of July. This will show on your July statement which will be generated on the 1st of August.

Question 9

What is an ‘interest earning balance threshold’ and how does it work?

Accepted Answer

An ‘interest earning balance threshold’ is a limit on how much of the money you deposit into your Tide Instant Saver will accrue interest.

If your Tide Instant Saver has an interest earning balance threshold, you’ll accrue interest on the money in your account that go up to the threshold. Any extra money you have in the account which exceeds the threshold will not earn interest.

Example: if your Tide Instant Saver’s threshold is £75,000, and you have deposited £80,000, you’ll earn interest on £75,000 but not on the additional £5,000 in the account.

TIDE BUSINESS SAVINGS ACCOUNT

Get £100 cashback and 3.55% AER when you open a Tide Instant Saver

Join over 1,800,000 business owners today!

Why open an instant access business savings account with Tide?

Earn up to 4%* AER variable interest

Instant access to your funds

No limits, penalties or fees on withdrawals

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Three easy steps to start saving

Start saving from just £1

Enjoy easy access to your business savings account

Keep your money protected at all times

Saving is simple at Tide

Product summary: Tide Instant Saver

Version B - members who joined between 22/07/24 - 30/09/24

Tide Instant Saver Account FAQs