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If anyone is thinking of opening an account with them, especially a business one...
then simple advice is just don't.... and save yourself the pain.
They appear to have a habit of suspending accounts meaning you lose access to your / company money...
So, Tide's out then?
^ That's funny, that is. Well done, bravo!
🙂
Very good - slightly taking the edge off not being able to access my funds.
Starling have been great, good auto link up to my Xero account.
So, Tide’s out then?
Starling have been great, good auto link up to my Xero account.
Yep used them for years - very good - only went with Tide for a savings account as they had a competitive interest rate.
I've heard quite a few of these for all of the neo banks with starling and metro being the best of the bunch from a customer support perspective. All some kind of 'tech derps, locked out of account, can't get hold of a real human, computer says no'
Metro's business model is very different from Starling, Monzo, Tide etc.
<touches wood> Starling have been OK for me.
Tide is I found out not technically a bank either....
Oh heck, I wish I'd known this before now. What happened exactly?
Got an email out of the blue (not had the account l long) stating that in accordance with fsa guild lines there were suspending the account - basically a freeze and that it could be 20 days to resolve and they were not at liberty to state why…
couple of days later than then state account terminated with immediate affect and a link to their t&cs but no specific information.
then ask for a nominated account to pay the balance into, but have to prove the account is yours/your companies..
and that they would pay the balance within 7 days.
im still awaiting the funds and they have stopped answering questions (well apart from to my negative online review)
it seems this behaviour is not uncommon after looking online.
acting in the way could put some under.
never experienced anything like it. If you have a Tide account I would get out asap.
There’s a lot to be said for banking with a high street bank, (well, one that still has some branches in high streets), where I can leave a message on my account manager’s personal mobile, get a call back and be able to call into the branch the following afternoon and sort out an awkward situation that had arisen.
How long have you been waiting for the funds? They are FCA regulated, whether they are officially a 'bank' or not.
If they have stopped responding to you, then you can contact the Financial Services Ombudsman.
How long have you been waiting for the funds? They are FCA regulated, whether they are officially a ‘bank’ or not.
If they have stopped responding to you, then you can contact the Financial Services Ombudsman.
So far waiting 4 days - not that long, but think is quite a bit of cash and had no confirmation or date when it will be returned and that is after they suspended the account - in all that I have no way of access the funds.
FSO can't do anything until 8 weeks after the time initially stated by the bank/institution - already spoke to them.
It seems the Tide has a specialty for doing this type of action.
To the OP @rootes1 did this get resolved?
Asking for a subby/one man band contractor at work who is having issues with business banking due to him not having much of a 'corporate digital footprint'
Yes they did return the money. Took 5 days, but through at no point did they issue any comms saying it was being resolved despite requesting updates. It just appeared.
they also ruled out my formal complaints made.
to this day they have refused to give a clear explanation of why they took the action and just keep referring to their T&Cs which offer no insight.
makes you feel as if you have done something criminal. They just keep spouting safety of their users and fsa guidelines…..
make sure you mate gets statement copies asap as their app stopped working the sec the money was returned.
their bank accounts are provided by Clearbank, who’s reputation is also let’s say less than great.
As a note HMRC pays 4.25% on any corporation tax paid early.
My Lloyds cash saver is paying 5.25%!!
We now use Starling for our current account and even they pay 3.25% on that.
For busines accounts?
For the above this was all to do with getting interest on business account. Tide were/are offering 4.33% as a pot attached their business account
for me I get interest in starling personal, but not business