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Opening a bank account

Who can open a Tide account?

If you’re the director of an active company incorporated in the UK and registered with UK Companies House, you’ll be eligible for a Registered Business account. UK-based sole traders and freelancers with a valid UK residential address who are registered with HMRC are eligible for a Sole Trader account.

For both account types, you’ll need to be aged 18 or above, be eligible to run a business or be self-employed in the UK, have a valid UK phone number, and hold a device registered to a UK App or Google Play store.

We’re on a mission to help business owners spend less time on money admin.

However, there are a number of high risk industries that we can’t take on, as this would mean not being able to focus our time and energy on the rest of our members.

As a result and going forwards, we will not be offering current accounts to businesses in the following industries:

  • The holding, managing an/or controlling of a third party’s (client’s/customer’s) funds in the Tide account. This includes using the funds on behalf of other individuals

  • Insurance companies (incl. insurance brokers)

  • Trading of crypto/virtual currencies

  • Operating as a pawnbroker

  • Extraction of precious metals and stones

  • Investments (incl. real estate investments)

  • Money services (such as foreign exchange, loan providers, money transfers)

  • Banking services (incl. BCAs, loans, digital wallets, etc.)

  • Casinos, prize draws and other betting or gambling activities

  • Sale of unlicensed pharmaceuticals

  • Sale or trade of cannabidiol (CBD) products

  • Trading of weapons, explosives or armaments

  • Unlicensed trading and processing of scrap metal

  • Unlicensed waste management

  • Unlicensed animal breeding

  • Sale, import and export of used vehicles or heavy machinery

  • Escort services and other services in the adult industry

  • Bidding fee auctions

  • Non-profit organizations, including charities

  • Operating as, but not limited to, CICs and CIOs, PLC, LLP, Partnership, Trust.

You can read more about this in our blog post: Providing financial security for our members.

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