When deciding on an account for your small business, the level of choice may sometimes feel overwhelming. There are so many factors to consider: are there any monthly charges? How much does it cost to make transfers?

Can you sync with your accounting software? But, above all, you want to be sure that your funds are safe, should the worst happen and your provider goes out of business.

At Tide, we work tirelessly to give all our members a great business account. We’re always on the lookout for ways to help those who work for themselves save time and money with their financial admin.

This is why we’re giving our members the opportunity to move from Prepay Solutions (PPS) e-money accounts to ClearBank FSCS-protected bank accounts.

At present, depending on when you joined us, your money will be held through one of our two trusted partners, PrePay Solutions (PPS) or ClearBank.

If you’ve been with us a bit longer, and your sort code is 23-69-72, you have an e-money account provided under the license of PrePay Technologies Limited trading as PPS and regulated by the FCA. Newer accounts are ClearBank FSCS-protected (Financial Services Compensation Scheme) bank accounts.

ClearBank is also authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.

We’re currently in the process of moving Tide accounts from PPS e-money accounts to ClearBank FSCS-protected bank accounts.

What is safeguarding?

Regulations require us to keep all of your money in accounts that are completely separate or ‘ring-fenced’ from the ones we use to run our business. This means that, if anything were to ever happen to Tide, your funds would be safe.

In the very unlikely event that an e-money institution goes out of business, it may take longer than an FSCS claim to return your money.

As the return is handled by an insolvency practitioner or administrator, a small amount of your account balance may be deducted to cover the costs of the administrator.

Is Tide a bank?

Although Tide is regulated by the FCA, we are not regulated as a bank. However, we are regulated as an e-money institute and for credit broking. We therefore still have to comply with FCA requirements and regulations.

We’re often asked, “So, when are you going to become a bank?”. The short answer is no. This may seem surprising at first, but all should become clearer when we explain our business model and what sets us apart from our competitors.

Get paid on time with GoCardless

What if you could skip a big chunk of admin and cut out the stress of those awkward phone calls and emails asking your customers to pay overdue invoices? With GoCardless, you can.

We’re excited to announce we’ve teamed up with GoCardless, one of the UK’s leading payment fintech companies.

Together, we’re bringing you a smart solution to help you take control of your payments so you can get paid on time. Not only that but you’ll save time on your finance admin.

Direct Debit payments with GoCardless aren’t just a time-saver for your business, it’s easier for your customers too.

Let’s say you have a customer who places an order every month but the amount they order each time is different. At the moment, you create and send them an invoice every month, which they have to remember to pay you.

However, when you’ve set up the payment via GoCardless, the payment you collect adjusts to the amount on the invoice you sent to your customer. Even better, your customer doesn’t need to do anything – the money is collected automatically!

Tide’s features

Tide accounts come packed with smart and time-saving tools, letting you focus less on admin and more on your business.

1. Full UK sort code and account number.
2. Business Mastercard, with free purchases at home and abroad.
3. Automatic categorisation of your transactions, for easy accounting.
4. Instant invoice payment and creation.
5. Up to £150,000 of credit, straight through the app.

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