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How long does it take to open a bank account with Tide?
On-boarding timeframes vary depending on the types of applications we receive, but more than half of our new members this year opened their bank account in less than 10 minutes. To be exact, 53% opened their accounts in under 10 minutes, 70% in under 60 minutes, and 81% within 48 hours. Even if your business is a bit more complex and we can’t complete your application right away, if you meet our eligibility requirements it’ll still be far quicker than most high street banks! Saving our members time is at the core of what we do, so we’re always working to optimise and improve wait times. You can read about why we sometimes need a little more information on our blog.
Do you carry out credit checks?
No! To open a current account, we perform electronic checks (run by third-party services) to verify your identity and comply with UK anti-money laundering regulations. While these checks will not impact your credit score, they will appear on your credit report.
Is my money safe with Tide and do I have FSCS protection?
Yes, your money is safe with Tide. If you have a ClearBank account, like most of our members, then eligible deposits up to £85,000 are protected by the UK Government’s deposit guarantee scheme. This is the Financial Services Compensation Scheme (FSCS). You can tell whether your account is a ClearBank account, if its sort code is 04-06-05. In the past we offered e-money accounts to new customers, which we no longer do. If you still have an e-money account with us, then the funds in your account are stored and protected. With an e-money account, your money is never invested or loaned out, and is safeguarded in line with regulatory requirements. FSCS protection does not apply to the legacy e-money accounts. You can tell whether your account is a legacy e-money account, if its sort code is 23-69-72.
Is Tide a bank?
No, Tide isn’t a bank. Tide is a business financial platform and the leading provider of digital business banking services in the UK. We are regulated by the Financial Conduct Authority (FCA) and offer e-money accounts, provided by PrePay Solutions (PPS), as well as business bank accounts, provided by ClearBank. We believe that this model gives us the opportunity to provide a wider range of products and services to our members, helping them to save time (and money) on their financial admin.
Can I apply from outside the UK?
Yes! However, you must have a UK residential address and phone number. Applicants who are not based in the UK may apply for a business bank account, as long as they are directors of a company registered with UK Companies House. In some cases, we may have to complete additional checks in order to process your application. Don’t forget – you’ll need to switch your App or Google Play store to the UK to download Tide.
Does Tide offer bank accounts?
Yes! We offer FSCS-protected bank accounts provided by ClearBank Ltd. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 754568. Eligible deposits with ClearBank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. For further information visit fscs.org.uk.

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