Put idle business funds to work

The Business Savings Account powered by Tide is a free instant-access business savings account, offering businesses a way to earn interest on their business cash. 

‘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.

The Business Savings Account powered by Tide is a savings account only and cannot be used as a payout account for payments collected through GoCardless.

Tide is a financial-platform that specialises in offering financial services and tools tailored to the needs of small and medium-sized businesses worldwide. 

Tide partners with ClearBank to offer the Tide Instant Saver Account. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 754568.

Yes, at Tide all deposits of up to £120,000 are protected by the Financial Services Compensation Scheme (FSCS) across all ClearBank accounts.

The interest rates you receive on your funds are tiered, with the top rate being 4% for balances between £1M and £10M. 

For the first 4 months after opening the Business Savings Account, you get Tide’s highest savings rates of 3.35-4%, depending on how much you deposit. All at no extra cost. After this introductory period,  your rate adjusts to your chosen plan.

To open an account you must:

• Be a UK resident aged 18 or over

• Be a UK-registered sole trader or limited company

• Have a valid UK mobile phone number

• Have a device that's registered to a UK App or Google Play store.

• Operate in an industry that is not designated as a high-risk industry by Tide. Please find more guidance on that here

To open your account, follow the steps below:

1. Get started in GoCardless

Click “Start saving” on the offer page in your GoCardless dashboard to start your application

2. Submit your application

Share a few business details with Tide to get your Business Savings Account set up

3. Verify your identity

Use Tide’s built-in facial recognition to quickly verify your identity and accept their terms

4. Connect your business account

Once verified, securely connect your new savings account to your business bank account 

5. Start saving from £1

Choose how much you’d like to deposit and earn interest from day one

6. Withdraw your cash at any time

Got an unexpected bill? Get instant access to your cash with no notice periods or fees

Yes. This is an instant access account. No notice for withdrawals is required and withdrawals can be made at any time. There is no limit on withdrawals.

The gross interest rate is the amount of money you’ve earned as interest from your Business Savings Account powered by Tide, without the impact of compounding or tax (compounding is where interest earned previously is included in future interest calculations).

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.

No, the Business Savings Account is free to open and use when you choose Tide’s free plan.

You can find instructions on how to contact Tide, and more information about the complaints process, here.

Whether you have to notify HMRC of savings interest, and how you pay any tax you owe, depends on your employment status and who the savings belong to. For more information regarding tax on savings, you can check out Tide’s savings interest tax guide or detailed guidance at gov.uk.