Tide: The Bank Account for Consultants and Freelancers

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A Tidal Wave in the Sea

Sometimes it feels like high street banks don’t care too much about small businesses, consultants or freelancers. However, here at Cottons we do! And we’re always on the hunt to helpful solutions that will help our clients manage their money in a simple, more efficient way.

Cottons’ Associate Partner Ollie Warne, who recently opened our London branch, tried out a new business current account called Tide, and in his own words it was ‘quick, easy and took less time to set up than it did to eat a sandwich!’

What is Tide?

Tide is a UK only current account for businesses with minimal transactions, meaning it is perfect for freelancers and consultants who generally have a high turnover and low volume of transactions. The company understands the importance of a business owners’ time and money, so you can get on with more important things.

Opening an account is simple, and a sort code and account number is given within minutes of signing up. To open an account, you need to provide the following information:

  • Driving Licence/Passport
  • Address and D.O.B for major shareholders (over 25%)
  • Consent from major shareholders and directors

The Benefits

With cutting-edge technology that is packed with useful (but simple!) tools, Tide has built what they suggest is the best replacement in the world for business banking. You can run your business with ease on the web and by the mobile app.

Tools include:

  • Raise sales invoices, personalise them with your logo and send by email
  • Send invoices to your phone contacts
  • Make payments from within the app
  • Transactions are categorised as they happen to automate bookkeeping
  • Attach files and add comments to transactions to help with expense management
  • Link Tide to Stripe, Gocardless and Xero, as well as other cloud-based accounting systems
  • App security includes a 5 digit passcode and a face recognition system that can be used during high-value transactions
  • Contact the Tide support team via the App

Banking Solutions and Cottons

All businesses need effective banking solutions and as specialists, in small business accounting, we understand this more than most.

If you are looking for a reliable accountant with experience of your industry and local economic area then talk to us. We have accountants in LondonRugbyNorthampton, and Daventry. We offer a full range of tax and accounting servicesbookkeeping, bespoke tax advice and audits too.