The Fastest Way to Open a UK Business Bank Account

    Opening a UK Business Bank Account when you are self employed can be a challenge. I’ve found a way you can open one in as little as 5 minutes and special offer that gives you a free trial.

    Historically opening a UK Business Bank Accounts always involved waiting for high street banks to get back to you, questioning your every intention and loads of paperwork.  Time and hassle basically! 

    UK Challenger Banks are popping up online now which let you sign up online or through an app. If you are a UK resident and have all your paperwork in order, you’ll be able to open you business bank account on the same day.

    Tide is a business bank that lets you:

    • Offers easy sign-up through an app;
    • Comes with a mastercard;
    • Works with Quickbooks (my favourite bookkeeping app).

    Click here for a free trial of Tide >>.

    Why Open a Business Banking Account

    When you’re self employed opening a business bank account is a must. Here’s why:

    It’s recommended by HMRC

    If you’re self employed, while it is not a legal requirement to open a separate business bank account, it is recommended.  

    If you operate through a Limited Company, having a separate business bank account is a legal requirement.

    You’ll Pay the Right Amount of Tax

    If everything that goes through your bank account is business related, then you’ll know you have paid the right amount of tax.  No missed expenses, no double counting of income.

    It’s Professional

    Having a bank account with your business name will add to your credibility. As well as give your customers comfort that you have a professional business setup.

    Why Entrepreneurs Are Avoiding the High Street Banks

    More people than ever are avoiding High Street Banks. Searching for a newer and easier way to open their business banking. But why?

    Well you don’t have to speak to many small business owners or look at many internet forums to hear the horror stories of dealing with high street banks.

    Horror stories like:

    • Waiting weeks for a first appointment just to get the ball rolling;
    • Having to produce a load of paperwork (most of which is made up!);
    • Extensive delays when it comes to account opening checks;
    • So called “Free” bank accounts hit with sneaky fines and set up charges;
    • Struggling to understand complex fee structures;
    • Encountering patronizing behaviour from Bank Managers.

    If you have already tried and given up with opening a business bank account or are feeling apprehensive about starting the process, then opening a “Challenger” Business Bank Account may be for you. And that’s where Tide comes in.

    UK Challenger Business Bank Accounts for Self Employed

    What is Tide Banking?

    Tide Banking is falls into the category of “Challenger” Banks. A challenger bank is one that, unlike the bricks and mortar banks you see on the high street, offers easy sign up through an app without face to face meetings.

    Tide Banking is one for the longest running UK Business Challengers Banks out there. It boasts over 40,000 customers and describes itself as ‘Modern Business Banking’.

    Their target market is the self employed and essentially they offer a business bank account and mastercard opened via their app in as little as 5 minutes.

    What you get with Tide Banking

    • A UK Current Account you can manage on an app;
    • Contactless Mastercard Debit Card;
    • Customer invoicing functionality;
    • Seamless integration with bookkeeping softwares like Freeagent to speed up admin;
    • Get approved for business borrowings of up to £15,000 within the app;
    • Free sign up and trial with this link.

    How to Sign up for Tide Banking

    Download the Tide Banking App and have the following information ready:

    • Passport or driving licence
    • Address and birthdates of shareholders
    • UK mobile number

    The Tide banking app will take scans of your documents and a photo of you as part of of the setup process.

    Sign up really does take minutes but the final account set up can take up to 48 hours to happen and there may be additional questions to answer. But these are all by email, so that makes any questions pretty simple to deal with.

    How much does Tide Banking cost

    The account itself is free but Tide Banking charge for three things:

    UK Challenger Business Bank Accounts for Self Employed

    Sign Up Here to Get Your First 50 Transfers FREE!

    Who’s Tide Banking Right For

    Tide Banking is perfect if you are just starting out as self employed and:

    • Are searching for the fastest way to open a business bank account;
    • Don’t have time for face to face appointments in a High Street Bank;
    • Can’t be bothered to create paperwork just to please a Bank Manager;
    • Looking for a bank account that you can test out for free.

    It really does take just minutes to sign up and with 50 FREE Transfers you don’t have much to loose!

    Find out more about Tide Banking and Claim Your 50 FREE Transfers >>

    Anita Forrest
    About Anita Forrest

    Anita is a Chartered Accountant with over a decade of working with small business owners. She is the creator of the ‘Go Self Employed’ website, where she simplifies complicated self-employment topics such as taxes, bookkeeping, banking and insurance.