Just had an email from a client who is having a problem with their HSBC account. They're looking to switch and asked if I've heard of a bank called Tide. Can't say I have, looking them up it appears to be app based.
Have a client who uses Starling which I think is similar to Tide. No major issues I'm aware of, although they have mentioned the app is a bit clunky at times. Your client just needs to be aware there will be no face to face service like HSBC. Starling feed does integrate well for the accounts.
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Ali Bee - Full-time Bookkeeper, part-time wanabe DJ
Tide is ok but two major drawbacks that I know of are having to completely re-register if you change your phone and faster payments taking a few hours. (same issue there with Revolut)
Starling on the other hand is a dream. Client changed their phone and it was dead easy to re-set the app for it to work. I've also downloaded excel statements from his phone and another client has sent me pdf statements from his, which I'm working on next week.
One strange thing with Tide. Client used it to set up a partnership with but never pursued it. HMRC set up a partnership UTR, despite not being formed. I tried to get it withdrawn this week but HMRC wouldn't talk to me because I wasn't the agent for the partnership (which I explained never went ahead!)
Sophie said:
I'm old school but I like being able to go into a branch if I have any issues.
Not for much longer lol. Come June, Ripon, where I work, will have lost 4 of it's 7 banks in the last two years. Boroughbridge, where I live, loses it's only bank in June.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I don't know anything about Tide, but I use Starling bank and have found it to be excellent and very efficient.
Not having branches isn't a problem for me, since they are closing at a rate of knots I really don't mind. I very
rarely went into our local one when we had it!
Tide v Starling v traditional high street banks = comparing eggs with bacon and with beans.
I would question why your client would actually need to move? Is it problems of his own making? (Im such a cynic, but with my background nothing surprising there!)
John - I would say there is another major problem with Tide at the last count - none of the clients funds are covered under the guarantee scheme. So if they go bust - tough sh*te to that little balance saved up to pay their CT bill (or whatever).
Technically Tide is not actually a Bank neither, but thats one discussion for another day as Im catching up on c 6 weeks of posts on here!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Actually that's an excellent point, and one I hadn't thought of. Of the challengers, I think there's only Starling who have the FSCS protection. (Mozo possibly but they haven't launched a business account yet, although it is in the offing I believe)
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
