Tide.co Review

After careful evaluation of tide.co, We give it a Trust Score of 2.5 out of 5 stars. While the website presents itself as a comprehensive platform for business finance, several key aspects raise concerns from an ethical and holistic perspective, particularly regarding its financial offerings. The primary issue stems from its engagement in interest-based financial products, which are explicitly forbidden in Islamic finance due to their exploitative nature and encouragement of economic inequality. This fundamentally impacts our assessment, as a platform that facilitates or benefits from riba interest cannot be fully endorsed for users seeking ethically sound financial tools.

Here’s an overall review summary:

• Website Professionalism: The site is well-designed, modern, and easy to navigate. It clearly outlines its services and target audience, focusing on UK-based SMEs, contractors, and freelancers.
• Information Clarity: Information about its core services, such as business accounts, invoicing, and expense management, is presented clearly. However, details on the specific terms of its financial products, particularly the “Business Savings” AER, require deeper investigation to ascertain their full ethical implications beyond the headline rate.
• Customer Support: The website highlights 24/7 in-app chat support and FSCS protection, which are positive indicators for customer service and security of funds.
• Transparency of Ownership/Regulation: The WHOIS data confirms “Tide Platform Ltd” as the registrant, based in the UK, and mentions ClearBank for FSCS protection. This provides some level of legitimacy.
• Ethical Concerns Primary Issue: The significant concern revolves around the “Business Savings” offering with an “AER* variable on your business savings” and “Business Loans.” The very nature of “interest” AER and conventional “loans” falls directly under riba, which is strictly prohibited in Islam. This makes the core financial offerings problematic for any user adhering to Islamic principles. While the platform offers other tools like invoicing and expense management, these are integrated within a system that profits from interest, making it difficult to fully separate.
• Missing Trust Elements: While a survey result is linked, a comprehensive “About Us” page detailing the company’s full history, mission, and the leadership team would enhance transparency. Clear policies on data privacy, beyond general mentions, would also be beneficial. The emphasis on conventional loans and interest-bearing savings, without any mention of ethical or Sharia-compliant alternatives, is a significant oversight for a platform aiming to serve a diverse global user base.

In essence, while tide.co offers a seemingly robust suite of business management tools, its fundamental reliance on interest-based financial mechanisms makes it unsuitable for those seeking to align their financial dealings with Islamic ethics. The presence of interest-bearing savings and conventional loans undermines any other positive features from an Islamic perspective, as these are seen as detrimental to economic justice and prosperity. Therefore, for individuals and businesses committed to ethical finance, alternative solutions that strictly avoid riba are imperative.

Here are the best alternatives that adhere to ethical principles, avoiding interest-based financial services: moonmagic.com Review & First Look

• Wise formerly TransferWise:
  • Key Features: International money transfers, multi-currency accounts, debit cards. Focuses on transparent, low-cost currency exchange and transfers, not interest-bearing accounts or loans.
  • Price: Transaction-based fees, generally much lower than traditional banks for international transfers.
  • Pros: Highly transparent fees, excellent exchange rates, fast international transfers, useful for global businesses and freelancers.
  • Cons: Not a traditional bank, does not offer loans or interest-bearing savings, which can be a pro for ethical users but a con for those seeking conventional banking.
• Revolut Business:
  • Key Features: Business accounts, international payments, expense management, virtual cards, payroll. While Revolut offers various financial services, its core business account functionality for day-to-day operations and international payments can be used ethically. Users must strictly avoid any interest-bearing accounts or credit facilities if offered.
  • Price: Tiered pricing plans Free, Grow, Scale, Enterprise with varying features.
  • Pros: User-friendly app, extensive international features, good for managing expenses and team spending.
  • Cons: Users must exercise discipline to avoid non-halal features like credit lines or interest-bearing vaults if they are offered and activated.
• Mercury:
  • Key Features: Online banking for startups, checking and savings accounts without interest as a core feature, virtual cards, API access. Focuses on founders and startups. While they offer standard banking, their primary model isn’t built on earning interest from customer deposits or high-interest loans.
  • Price: Mostly free, with fees for specific services like wires.
  • Pros: Tailored for startups, strong tech integration, no monthly fees, good for managing business finances.
  • Cons: Primarily serves US-based businesses, limited physical branch presence.
• Starling Bank Business Account:
  • Key Features: UK-based digital bank offering business current accounts, invoicing, expense tracking, and marketplace integrations. While Starling operates within the conventional banking system, its focus is on providing efficient day-to-day banking tools. Users can avoid interest-bearing products.
  • Price: Free for basic business accounts, fees for certain add-ons.
  • Pros: Excellent app, strong customer service, integrates with accounting software, FSCS protected.
  • Cons: Operates within the conventional banking framework, requiring users to be vigilant about avoiding interest-based services.
• Coconut:
  • Key Features: Business current account for freelancers, self-employed, and small businesses in the UK. Integrates invoicing, expense tracking, and tax estimations. Like Starling, it’s a digital bank within the conventional system.
  • Price: Free tier available, premium features for a monthly fee.
  • Pros: Designed specifically for sole traders and small businesses, simplifies tax prep, user-friendly.
  • Cons: Still part of the conventional banking system, so users need to be mindful of ethical financial practices.
• Azlo no longer active but an example of a past ethical model: Azlo was a good example of a fee-free online business bank account without interest earnings, but it has since closed. This highlights the challenge in finding truly interest-free conventional banking alternatives in the mainstream.
• FreeAgent:
  • Key Features: While not a bank, FreeAgent is an accounting software specifically designed for small businesses and freelancers. It covers invoicing, expense management, payroll, and tax filing. It complements ethical banking alternatives by providing the necessary back-office tools without engaging in financial transactions itself.
  • Price: Monthly subscription, often included free with certain UK business bank accounts like NatWest or Royal Bank of Scotland.
  • Pros: Comprehensive accounting solution, simplifies tax returns, intuitive interface.
  • Cons: Not a banking service, requires integration with a separate and ethically chosen bank account.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on our research and information provided by the company. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Read more about tide.co:
tide.co Features: A Deeper Dive into the Offerings
tide.co Pros & Cons (from an Ethical Perspective)
tide.co Customer Support Review

tide.co Customer Support Review