">
ANNA Money Business Account Review
Anna Money is one of the business banking providers that has emerged over the past few years as a “challenge” to the more established high-street banks. Instead of physical branches and in-person banking services, Anna Moneyfocuses on creating a user-friendly digital experience for its business customers online and through its app.
4 Products Compared
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
From 20p- Domestic: 20p per bank transfer
- International: £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access
App/Online- No cheque facilities
- Cash accepted via PayPoint (1% commission fee)
Product Features
- 1 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (1% commission)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
From 20p- Domestic: 20p per bank transfer
- International: £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access
App/Online- No cheque facilities
- Cash accepted via PayPoint (1% commission fee)
Product Features
- 1 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (1% commission)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
-
Monthly Fee
£14.90- £14.90 + VAT per month
- or £149 + VAT a year if billed annually
-
Card Purchases
Free -
Bank Transfers
50 free per month- Domestic: 50 free per month, then 20p thereafter
- International: 1 free per month, then £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access
App/Online- No cheque facilities
- Cash accepted via PayPoint (£300 per month free, then 1% commission fee)
Product Features
- Up to 5 debit cards included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (£200 per month free, then 1% commission fee)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
-
Monthly Fee
£49.90
£49.90 + VAT per month
Or £499 a year +VAT if billed annually
-
Card Purchases
Free -
Bank Transfers
From free- Domestic: unlimited free transfers
- International: 4 free SWIFT payments per month, then £5 per payment
-
Overdraft
-
Access
App/Online- No cheque facilities
- Cash accepted via PayPoint with no fees
Product Features
- Unlimited free debit cards – 1% cashback on selected categories
- Personal payment link for accepting payments online with no fees
- Instant invoice generator and savings pots facility
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
ANNA Money Business Banking Overview
Absolutely No Nonsense Admin (ANNA) is a UK-based financial service provider, established in 2017, that caters specifically to small business owners. ANNA is not a traditional bank but an e-money service, offering business current accounts with online-only access. This classification means that funds held with ANNA are not covered under the Financial Services Compensation Scheme (FSCS), which provides protection for deposits in banks and building societies. However, under Electronic Money Regulations, ANNA is required to keep customer funds in a separate bank account from its own operating funds, ensuring these funds are not used for internal investments or projects.
ANNA offers three types of business current accounts: ‘Pay as you go’, ‘Business’, and ‘Big Business’. The ‘Pay as you go’ account, suitable for businesses with infrequent banking needs, has no monthly fee, charging instead per transaction. This includes fees for local and international bank transfers, ATM withdrawals, and cash deposits, while card payments are free in any country. The ‘Business’ account comes with a monthly account fee but provides free allowances for certain transactions each month, with fees applied once these allowances are exhausted. The ‘Big Business’ account, which has the highest monthly fee, is designed for businesses with high volumes of banking transactions, offering unlimited free local transfers, ATM withdrawals, and cash deposits, along with other features.
ANNA’s accounts offer several features irrespective of the chosen plan. These include the ability to create and send invoices, real-time account access for accountants, integration with accounting software like Xero, tax reminders, free direct debits, and receipt scanning. These features are designed to streamline financial administration for small businesses, allowing owners to focus on core business activities.
ANNA Money’s customer support is one of its key strengths, offering a UK-based live chat facility that operates 24/7. Customers are informed about waiting times and receive real-time notifications when an agent is available. The support team can also be contacted via email, and there are plans to support other channels like Skype, Slack, and Google Assistant in the future. Telephone support is limited, primarily available for issues like lost or stolen business debit cards.
ANNA Money offers a distinctive solution for UK-based small business owners, blending banking and accounting functionalities in a user-friendly, app-based platform. While it lacks the deposit protection typically offered by traditional banks, it provides a range of features tailored to the needs of small businesses, coupled with responsive and accessible customer support
ANNA Money Accounts FAQs
-
What are the main features of ANNA Money business accounts?
ANNA offers a ‘Pay as you go’ business current account with no monthly fee. Accounts can be opened in a short amount of time, and 24/7 customer support is available through the mobile app, which is compatible with both Android and iOS devices.
-
Are there any drawbacks to ANNA Money business accounts?
ANNA Money is an e-money account and not a traditional bank account, so your money is not protected by the Financial Services Compensation Scheme (FSCS), although funds are safeguarded according to regulatory rules. Additionally, ANNA Money does not accept cheques, and their cheapest paid account option is more expensive than many of its competitors.
-
Who is eligible to open an ANNA business account?
To be eligible, you need to be a sole trader, a director of a limited company listed on Companies House, or a partner in a limited liability partnership (LLP). Your business must be located in the UK, and you also need to have a UK residential address.
-
What is the process to apply for an ANNA business account?
The application process involves downloading the ANNA mobile app, verifying your identity and address, submitting your Unique Taxpayer Reference (UTR) if you are a sole trader or your company registration number for a limited company, and answering KYB questions. You may need to provide additional business documentation. Once your details are checked and registered by ANNA, you can start using your account, and you’ll receive your debit card within five working days of acceptance.
Services offered by this provider may change over time. Always check Ts&Cs.