In the UK, Tide and Starling are leading the way in business banking. They appeal to entrepreneurs and small businesses with their easy-to-use apps and modern features. This comparison will help you understand the differences between Tide and Starling business accounts.
Tide and Starling have many appealing features. They have no monthly fees and free electronic payments. They also make opening accounts quick, with Tide saying 53% do it in under 10 minutes.
But, there are differences. Tide offers £50 free for new accounts with a code, while Starling doesn’t have such promotions. Tide also has better rates for cash deposits at the Post Office for amounts under £500.
Both banks get good reviews. Tide has a 4.1 rating from over 20,000 reviews, and Starling has a 4.3 rating from over 40,000. They both offer FSCS protection, two-factor authentication, and Face ID login for security. But, their fees for cash deposits at the Post Office differ.
Tide vs Starling: Features and Usability
Choosing the right business banking solution is key. It’s important to know about digital banking features and how easy they are to use. Tide and Starling offer many services like debit cards, ATM access, and international payments. But, they shine in different ways.
Tide is a UK-based electronic money institution. It focuses on small businesses and startups. Its app makes managing accounts easy. But, it doesn’t support cheque deposits or overdrafts, which might be a problem for some.
Starling Bank, another UK digital bank, can process cheques through its app. It also offers overdrafts to eligible businesses.
Here’s a detailed comparison of Tide vs Starling services:
| Feature | Tide | Starling |
|---|---|---|
| Debit Card | Yes | Yes |
| ATM Access | Yes (1 GBP per withdrawal) | Yes |
| Cheque Deposits | No | Yes |
| International Payments | Yes | Yes (0.3 GBP local fee, 5.5 GBP SWIFT) |
| App-Based Management | Yes | Yes |
| Overdraft Facilities | No | Yes (fees apply) |
Tide is great for startups with its easy account opening and business-focused features. Starling, on the other hand, offers more features like overdrafts and cheque handling. So, Starling might be better for those needing more services.
A review of business banking apps shows Starling is better in customer service and ease of use. This comparison helps you choose between Tide and Starling based on your business needs.
Tide vs Starling: Fees and Costs
Choosing between Tide and Starling for business banking means looking at business banking fees and transaction costs. Both offer features for businesses, but their fees differ a lot.
Tide has three account plans: Cashback, Smart, and Pro. Monthly fees range from £12.49 to £49.99. Starling, on the other hand, doesn’t charge monthly fees for business accounts. This could be a big difference for businesses looking to save money.
Both Tide and Starling make setting up accounts easy and offer 24/7 customer support. Tide’s Cashback plan has no fees for foreign currency card transactions. But, other plans and Starling charge for these transactions.
Tide stands out with free invoicing templates and virtual office addresses. Starling doesn’t offer these. Tide also has business savings accounts with a 4.07% AER interest rate. Starling offers company formation services and discounts not found at Tide.
Transaction costs are another important factor. Tide charges for international money transfers, while Starling offers direct international payment services. Customer reviews praise Tide for its ease of use and quick account setup, which can boost efficiency.
Here’s a detailed cost comparison of the main features and services each bank offers:
| Feature | Tide | Starling |
|---|---|---|
| Monthly Fees | £12.49 – £49.99 | None |
| Foreign Currency Transaction Fees | 0% (Cashback plan), others apply fees | Fees apply |
| Invoicing Templates | Free | Not available |
| Virtual Office Address | Available | Not available |
| Business Savings Account Interest | 4.07% AER variable | Not available |
| Company Formation Services | Not available | Available |
| Member Perks and Discounts | Not available | Available |
Understanding the fees of Tide and Starling is key to making a good choice. Consider unique services, international transaction costs, and ongoing support. For more on choosing the right business account, check out this guide on business banking in Kenya.
Guide to How to Open a Business Bank Account US
Opening a business bank account in the US is key for managing your finances well. First, collect all the essential documents for a US business account. You’ll need a valid passport, proof of address, and a Taxpayer Identification Number (TIN). Some banks might ask for more, like your business license or articles of incorporation.
It’s important to know the different types of accounts. US banks have checking, savings, and business accounts. Each has its own features, fees, and balance needs. For example, this guide helps you understand what each offers. Choose an account that matches your business’s needs and how often you’ll use it.
Be aware of industries you can’t do business in, like illegal gambling, cryptocurrency, and firearms. Banks like Bank of America say it’s vital to get legal, tax, and accounting advice. Following these steps and getting good advice can make opening a US business banking account easier and more successful.
