Counting up vs Tide: Comparison for UK Businesses

In need of a new business account? There are far more options available these days, so you don’t necessarily have to go to a traditional bank.

Digital-only banking services are rocketing in popularity right now, with around 49% of UK SMEs preferring to manage their business funds wholly online.¹ This demand has led to the emergence of many new challenger banks and digital solutions.

Two popular options for UK companies are CountingUp and Tide. But what do they have to offer, and how do they compare? Read on for a full CountingUp vs. Tide business account review , comparing everything from fees and features to security.

We’ll also show you an alternative - Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP, USD and EUR.

💡 Learn more about Wise Business

CountingUp vs Tide - comparison overview

Let’s kick things off with a head-to-head comparison of CountingUp and Tide, based on the features and services on offer with both business account providers:

Service	Tide Bank	CountingUp
Free business account	✅	❌
Paid business account	✅	✅
Multi-currency account	❌	❌
International payments	✅ - EUR (SEPA) only	✅ - through CurrencyFair partnership
Business card	✅	✅
Savings account	✅	❌
Expenses cards	✅ - up to 50	❌
Overdraft	❌ - but line of credit available	❌
Multi-user access	✅ - read access only	❌
Accounting integrations	✅ - Xero, QuickBooks, Sage, FreeAgent, Kashflow, Crunch and ClearBooks	❌ - has its own built-in accounting tools
Phone support	✅	❌
Manage and send invoices	✅	✅
Bulk payments	❌	❌

CountingUp business account

The CountingUp business account is aimed at small businesses, startups and the self-employed. It’s an app-only account available in three paid plan tiers, based on monthly deposits. The idea is that the more your business earns, the more you pay each month - yet the features and services remain the same.

Features of the CountingUp business account include the following:

• Contactless Mastercard debit card
• Access to the CountingUp mobile banking app (this is an app-only account)
• Automated categorisation of transactions
• Instant spending and payment notifications
• Receipt capture
• Invoicing and billing, with invoices and payments matched automatically
• Profit and loss reporting
• Tax estimates
• Accountant access
• International payments (through CurrencyFair partnership)
• Post Office and PayPoint cash deposits
• UK-based customer support

CountingUp business account fees

The CountingUp business account does come with some fees, starting with a monthly fee based on your total deposits into the account each month. But there are other fees too, for things like payments, Direct Debits, ATM withdrawals and cash deposits.

Let’s take a look:

Type	Fee²
Monthly fee	£3 for total monthly deposits up to £750 £9 for total monthly deposits between £750 and £7,500 £18 for total monthly deposits of £7,500+
Getting a business debit card	Free
Payments and transfers	£0.30 a payment
Direct Debits	£0.30 a payment
ATM withdrawals	£1 per withdrawal
Post Office cash deposit	0.5% (£2 minimum fee)
PayPoint cash deposit	3%
Expenses cards	£5 a month

Is CountingUp bank safe?

Yes, CountingUp is safe to use for managing your business finances. It is operated by a company called Prepay Technologies Limited (trading as PPS), which is authorised to provide electronic money services in the UK by the Financial Conduct Authority (FCA).³

It doesn’t have FSCS protection like Tide and some other providers, but it does use a process known as safeguarding.³ This is where customer money is held separately from CountingUp’s own finances, with a trusted bank.

The company undergoes regular audits to make sure that its safeguarding processes meet the required standards.

CountingUp also has a number of security measures in place to protect your money, data and account. This includes multi-factor authentication to safeguard account access, and 3D Secure on card payments. It also has extensive fraud awareness advice and security tips available on its website.

Tide business bank account

The Tide business bank account is a current account available on one of four plans - Free, Plus, Pro and Cashback. Each comes with a monthly fee (except for the Free plan) but offers more perks, reduced fees and increased limits in return for the higher costs.

While it varies depending on the plan, features of Tide business accounts include:

• Tide business card.
• Expenses cards for team members.
• Create, send and manage invoices.
• Linked Instant Saver account - paying 4.33% AER variable.⁴
• Integrate with accounting software.
• Fully app-based banking.
• Tide Card Reader for in-person payments (optional).
• International payments in EUR via SEPA.
• 24/7 support in the app.

Tide business account fees

So how much does it cost to use Tide? Take a look below for an example of charges with the Free plan (which has no monthly fee):

Type	Fee⁵
Monthly fee	£0 for Free plan £9.99 for Plus plan £18.99 for Pro plan £49.99 for Cashback plan +VAT
Getting a business debit card	Free
Payments and transfers	£0.20 a payment
ATM withdrawals	£1
Expenses cards	£5 a month

With paid plans like the Cashback account, fees for things like payments and transfers are waived - and you get 3 free expenses cards included.⁵ So it could be worth weighing up whether the monthly fee works out as better value for your company.

Is Tide protected by FSCS?

Yes, Tide has protection up to £85,000 under the Financial Services Compensation Scheme (FSCS). It isn’t a bank, but uses partner ClearBank to provide its bank accounts.⁴

However, it is authorised in the UK as an electronic money services provider by the Financial Conduct Authority (FCA).⁴

Wise Business account - alternative for CountingUp and Tide

Of course, CountingUp and Tide aren’t the only digital solutions out there for managing business funds.

If you need to deal in foreign currencies, you could be better off with a simpler and more straightforward option - the Wise Business account.

Whether it’s paying contractors and suppliers overseas, or accepting global customer payments digitally and through PSPs like Stripe, Wise has low cost solutions to help.

Wise Business accounts can hold and exchange 40+ currencies, send payments to 160+ countries and come with local account details to get paid in 8+ currencies like a local.

Use your Wise account to get paid in a selection of major foreign currencies by customers and clients, through marketplaces - and via PSPs. Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

Wise Business account fees

So that you can compare with other providers, here are the main fees you need to know about with the Wise Business account:

Service	Fee
Send local payments	Free
Send international payments	From 0.33%
Receive international payments	Free in 15 major currencies
ATM withdrawals	Free up to £200 a month (max. 2 withdrawals) 1.75% + £0.50 after that
Currency exchange	Mid-market exchange rate, with no mark-up
Business card fee	Free first card £3 one-off fee for each team member card

Open Wise Business account

When you open a Wise Business account, you’ll benefit from all of these useful features:

• Hold and exchange 40+ currencies in one powerful online account
• Send payments to 160+ countries for low fees and mid-market exchange rates
• Get local account details to get paid in 8+ currencies like a local.
• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

---

After reading this, you should have a better idea of how CountingUp and Tide stack up against each other. We’ve looked at all the things that matter to most small business owners, including fees, features and security.

Armed with this info, you’re all set to compare providers (as well as exploring what else is out there) and choose the right banking solution for your business.

---

Sources used:

1. RFI Global - Press Release: RFI Global reveal UK SME Banking Market trends and data, at briefing in central London
2. Countingup - Pricing
3. Countingup - Support - Is my money safe?
4. Tide - Business current account
5. Tide - Pricing

Sources last checked on date: 20-Jun-2024