Business banking plays a crucial role in managing the financial operations of any company. With a plethora of options available, it can be challenging for UK businesses to choose the right bank that suits their specific needs. In this article, we will compare two prominent players in the market, Tide vs Cashplus, to help you make an informed decision when it comes to your business banking needs.
Tide vs Cashplus Bank
| Features | Tide | Cashplus |
|---|---|---|
| Account Types | Business Current Account | Business Current Account |
| Mobile App | Yes | Yes |
| Online Banking | Yes | Yes |
| Free Transactions | Limited | Limited |
| Invoicing | Yes | No |
| Expense Management | Yes | No |
| Integrated Tools | Yes | No |
| Account Fees | Varied | Varied |
| Card Fees | Varied | Varied |
| Customer Support | 24/7 | Limited |
 | Tide Business Bank Accounts ✓ Free, Plus, or Pro Account ✓ iOS & Android Mobile App ✓ Upload & Auto-Match Receipts Pricing Trial period Contact | |
 | Card One Money ✓ No Credit Checks ✓ Simple Fees ✓ Up To 3.5% Cashback Pricing Trial period Contact | |
 | ANNA Money ✓ Apply In 10 Minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact | |
 | HSBC Business Banking ✓ Business Current Account ✓ In-Branch, Online & App Banking ✓ FSCS Protected Pricing Trial period Contact | |
 | Metro Business Banking ✓ Business Current Account ✓ High Street Presence ✓ FSCS Protected Pricing Trial period Contact | |
 | Mettle Business Banking ✓ Business Bank Account ✓ Online & App ✓ Quick & Easy Application Process Pricing Trial period Contact | |
 | Monzo Business Banking ✓ Business Current Account ✓ Dedicated mobile app experience ✓ FSCS Protected Pricing Trial period Contact | |
 | Virgin Money ✓ Business M Account ✓ In-Store, Online & App Banking ✓ Insights & Forecasting Platform Pricing Trial period Contact |
Tide
Tide is a digital business banking platform that aims to simplify financial management for small businesses and startups. It offers a range of features tailored to meet the needs of modern entrepreneurs.
Pros
- Easy and quick account setup process.
- Seamless integration with accounting software such as Xero and QuickBooks.
- Efficient in-app invoicing and expense management tools.
- Real-time notifications and instant transaction categorization.
- 24/7 customer support via phone, chat, and email.
Cons
- Limited number of free transactions per month, with additional fees for excess usage.
- Some users have reported occasional glitches in the mobile app.
Table of fees and charges
| Fees and Charges | Amount |
|---|---|
| Monthly Account Fee | £9.99/month |
| Free Transactions | Up to 20/month |
| Excess Transaction Fee | £0.20 per transaction |
| Card Issue Fee | £5.99 |
| Card Replacement Fee | £4.99 |
| ATM Withdrawal Fee | £1.50/withdrawal |
Unique and standout features
- Integrated invoicing and expense management tools.
- Team management features, allowing multiple users with controlled access.
- Integration with popular accounting software.
- Multi-currency accounts for international transactions.
Cashplus Bank
Cashplus is a digital banking service designed to cater to the banking needs of small and medium-sized businesses. It offers flexible account options and aims to provide hassle-free banking solutions.
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
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Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
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- Better than lists or sheets
- Manage social media
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- Launch your website fast
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Pros
- Simple and quick account opening process, even for those with poor credit history.
- Convenient access to funds through a network of ATMs.
- Account can be managed online or via the mobile app.
- Competitive foreign exchange rates for international transactions.
- Real-time transaction notifications.
Cons
- No in-app invoicing or expense management tools.
- Limited customer support options, primarily through email and web chat.
Table of fees and charges
| Fees and Charges | Amount |
|---|---|
| Monthly Account Fee | £69/year |
| Free Transactions | Up to £7,500/month |
| Excess Transaction Fee | £0.99 per transaction |
| Card Issue Fee | £5.95 |
| Card Replacement Fee | £4.95 |
| ATM Withdrawal Fee | £2.00/withdrawal |
Unique and standout features
- Quick and easy account opening, including for businesses with poor credit history.
- Ability to accept card payments with a Cashplus card reader.
- Highly competitive foreign exchange rates.
- Access to a Cashplus business overdraft facility.
Conclusion – Tide vs Cashplus Bank
Choosing the right business banking provider is essential for smooth financial operations.
Both Tide and Cashplus offer digital banking solutions tailored to the needs of small businesses.
Tide stands out with its robust integration capabilities, invoicing, and expense management tools.
On the other hand, Cashplus excels in providing accessibility and flexible account options. Evaluate your business’s specific requirements and preferences before making a decision.
FAQ
Both Tide and Cashplus offer account opening options for businesses with poor credit history, making them suitable for entrepreneurs who may face challenges with traditional banks.
Tide offers seamless integration with popular accounting software such as Xero and QuickBooks. Cashplus, however, does not currently provide integration with accounting software.
Both Tide and Cashplus provide a limited number of free transactions per month. Additional fees are charged for transactions exceeding the monthly limit.
Tide offers 24/7 customer support via phone, chat, and email. Cashplus, on the other hand, provides customer support primarily through email and web chat, with limited availability.
Remember to carefully review the terms, conditions, and fees of each bank before making your final decision to ensure it aligns with your business’s specific requirements.