Anyone who has ever set up or wanted to start a small business has most likely wished that small business banking was made easy, and I’m betting that lots of you have faced the complication of getting a business account

I have no idea why in the 21st-century banks make the process so long-winded.

I bet you have all had the same problem I faced, the only time I had to open a new account was at the weekend when I was free, but going to my bank meant making an appointment for X weeks in advance and most of the time at a branch that was miles away from the branch I wanted to open the account in.

Not only that but coupled with the complication of bank charges and long-winded form filling it can make the whole process quite daunting.

Everyone including small business owners spends hours every day on their mobile devices so I started to look for a mobile-first bank, and it didn’t take long to find this really simple small business bank on the internet, however, you can also download the app from the Apple app store. This is how I opened my account.

What I liked about Tide, was the fact that you could get a bank account number and sort code in as little as 5 minutes, and they have very simple pricing, no monthly fees only charging 20 Pence per transaction.

They claim that you can open a bank account in as little as 5 minutes! a claim that I thought I would put to the test.

I have to say for me it was even quicker than that, in the time it took me to make a sandwich I had opened my bank account. The process was so simple all it took was to download the Tide Banking app from the Apple App store, following the on-screen instructions and take a photo of the required document in my case my driver’s license, followed by a photo as my ID and the job was done, my account was open.

If I had one criticism of the open procedure it would be that I had no way to check the photo I had taken of myself, god only knows how I looked in that!!

The account comes with these benefits.

  • UK sort code and account number
  • Free contactless Mastercard
  • Mobile and web banking
  • In-app support, 365 days a year
  • Cash deposits – available at your local Post Office
  • Direct debits and standing orders
  • Free tools for accounting and invoicing

You can create invoices and send to customers directly from the app and this is fantastic, the app integrates with this fantastic accounting software allowing for automatic bank feeds, and you can export your statements ready to be imported into other accounting software such Freeagent straight from your mobile which its brilliant.

The bank is Mobile-first, the account is opened on your mobile phone but you can access it via the web, the login process is fantastic and secure as you first have to log in with the app.

  • Then click “More” at the bottom of the screen
  • Then “Log In On Your Computer”

This opens the QR code scanner that is used to scan the barcode on the login screen of Tides website, after scanning your logged In.

Support is via the app you create a support request if you have any issues, this I have found to be easy and straightforward to do, with a member of the team replying within 20 minutes of my question being raised you can request a call if you prefer.

The only downside I have found so far is that for sole traders you can only have one account, to create more you need to be an LTD company and you can’t upgrade your sole trader account at present, a new account is required. Considering the absolute ease at which my account was opened and the simplicity of the system as a whole, I for one can live with that.

If I was a high street bank and saw these guys nipping at my feet I would worry, these guys and others like them are going to shake up the banking industry and I for one thank them for it.