What are the pros and cons of signing up with an app-based bank account and tax platform, Anna, aimed specifically at startups, freelancers, sole traders and small companies?
Designed for UK small to medium-sized businesses, freelancers, and startups, the ANNA Business Bank Account offers a comprehensive digital banking experience.
It integrates key functionalities such as banking, invoicing, expense tracking, and tax management into a single mobile app to drastically reduce administrative burdens.
This review will examine ANNA’s features, pricing, and customer support to help you determine whether it is suitable for your operational needs.
- What are the Pros and Cons of Anna?
- What are the Anna Bank Account Features?
- What Types of Business Accounts does Anna Offer?
- Fees and Charges
- Who Owns Anna Bank?
- Eligibility Criteria
- What are the Anna App Features?
- What are Anna Bank Account Limits?
- International Payments and Bank Transfers
- Security: Is Anna Money Safe?
- Payroll Service
- Anna Money Reviews and Ratings
- Anna Business Account FAQs
ANNA Money Pay as You Go Account
Monthly Fee
£0Bank Transfers
20pCard Purchases
£0Overdraft
NoFSCS Protection
NoApp Access
Access your ANNA Money account via the web or the mobile app
Anna Business Bank Account Review: Our Verdict
The ANNA Business Bank Account is a streamlined banking tool particularly suited to sole traders and startups in the UK.
Its most notable feature is the intuitive mobile app, which seamlessly integrates banking with administrative tasks, enabling business owners to manage their finances efficiently. The app’s automation tools, such as invoicing and expense tracking, are highly praised for enhancing daily business operations.
One significant advantage of this account is its rapid setup process. Many users report activation in less than ten minutes, underscoring ANNA’s commitment to quick service. The 24/7 UK-based customer support also ensures continuous assistance, enhancing user satisfaction.
However, there are some drawbacks to consider. Although funds are safeguarded, ANNA is an e-money institution that does not provide FSCS protection. The absence of cheque deposit and overdraft facilities may also deter some businesses.
Despite these limitations, ANNA’s focus on “Absolutely No Nonsense Admin” makes it an attractive option for those who value digital convenience and streamlined operations over traditional banking features.
ANNA Business Account: At A Glance
This table provides a quick overview of the ANNA Business Bank Account, highlighting essential aspects such as account types, monthly fees, top features, key limitations, and security measures.
| Aspect | Details |
|---|---|
| Account Types | Pay As You Go, Business Plan, Big Business Plan (+Taxes) |
| Monthly Fees | £0 for Pay As You Go, £19.90 + VAT for Business Plan, £49.90 + VAT for Big Business Plan |
| Top Features | Instant invoicing, 24/7 UK-based support, automated tax tools, integration with Xero and QuickBooks |
| Key Limitations | No FSCS protection, no cheque deposits, GBP-only account |
| Security Measures | FSCS does not cover funds. Security features include two-factor authentication, app-based payment verification |
| Learn More | Visit ANNA Money |
ANNA Business Account Key Features
The ANNA Business Account is specifically designed to streamline financial operations for UK small businesses, emphasising efficiency and automation.
Automated Invoicing: ANNA simplifies invoicing by enabling quick creation and dispatch of professional invoices. It also automates payment reminders for overdue invoices, promoting a healthy cash flow by reducing the need for manual follow-ups.
Integrated Expense Tracking: The app enhances expense management by allowing you to photograph receipts, which are then automatically logged and categorised. This feature ensures compliance with HMRC regulations and minimises manual data entry, facilitating easier tax preparation.
Tax Reminders and Support: ANNA ensures you never miss a tax deadline. The +Taxes add-on offers robust tax management tools, including VAT calculation and direct filing with HMRC, essential for limited companies needing detailed tax oversight.
Co-worker Cards: ANNA allows the issuance of debit cards to team members, with spending limits set by the main account holder. This feature aids in managing team expenses efficiently, ensuring all spending is automatically tracked and categorised.
Real-time Notifications: Receive instant alerts for all transactions, improving financial management.
Mobile Integration: The ANNA card integrates smoothly with Apple Pay and Google Pay for secure, convenient contactless payments.
Payment Links: Generate custom payment links for swift online transactions, enhancing customer convenience.
Pros and Cons of the ANNA Business Account
- Efficient Invoicing and Admin Support: ANNA automates invoicing, expense categorisation, and receipt capture, freeing business owners to focus on core activities.
- Xero Integration: Offers seamless integration with Xero, facilitating automatic transaction imports and improving financial management.
- Quick Account Setup: Account setup takes under ten minutes, allowing businesses to start operations quickly.
- 24/7 Customer Support: Provides round-the-clock support through in-app chat from a UK-based team, ensuring assistance is always available.
- Comprehensive Tax Tools: The +Taxes add-on automates bookkeeping, VAT, Corporation Tax, and payroll tasks, simplifying compliance for limited companies.
- No FSCS Protection: As an e-money institution, ANNA safeguards funds but lacks FSCS protection, meaning funds are not secured by the government’s compensation scheme in the event of insolvency.
- Limited Joint Account Options: While additional cardholders can be added, ANNA lacks full joint account capabilities, potentially not meeting the needs of all businesses.
- No Cheque Deposits: The inability to process cheque deposits may inconvenience businesses that frequently receive cheque payments.
- GBP-Only Account: Restricted to GBP, the account does not support multi-currency balances, limiting businesses involved in significant international transactions.
- Transaction Fees on Pay As You Go Plan: The “Pay As You Go” plan charges a 0.95% commission on incoming payments, which can increase costs considerably for businesses with high transaction volumes.
Who Should Consider the ANNA Business Account?
The ANNA Business Account is particularly suited to small companies, freelancers, and sole traders who aim to streamline their financial administration. Automating invoicing and expense tracking significantly reduces the time spent on routine tasks, enabling business owners to focus more on growth rather than paperwork.
However, ANNA may not be ideal for businesses requiring overdraft facilities or seeking FSCS-backed protection. As an e-money institution, ANNA ensures funds are safeguarded but does not offer the comprehensive protection typically provided by traditional banks under the Financial Services Compensation Scheme (FSCS).
Moreover, it does not support cheque deposits, which could be a critical limitation for businesses that regularly handle cheque transactions. Businesses with substantial cash reserves or those involved in frequent international transactions might need to explore other banking solutions that better address these needs.
ANNA Money Pricing: Is It Right for Your Business?
ANNA Money’s tiered pricing structure is designed to cater to the varying needs of businesses, ranging from startups to established enterprises. Below is a detailed breakdown of the costs associated with each plan:
| Payment Type | Pay As You Go Plan | Business Plan | Big Business Play (+Taxes) |
|---|---|---|---|
| Monthly Fee | £0 | £19.90 + VAT | £49.90 + VAT |
| Local Payments In and Out | 0.95% commission into your account. No commission on transfers from your own accounts. | 60 free local transfers per month, 20p per transfer after that. 2 free CHAPS payments per month, £5 per payment after | Unlimited free local bank transfers and CHAPS payments. |
| International Payments | 1% currency conversion fee | 2 free SWIFT payments per month, £5 per payment after that. 1% currency conversion fee. | 4 free SWIFT payments per month, £5 per payment after that. 0.5% currency conversion fee. |
| ATM Withdrawals | £0 | 3 free withdrawals per month. 1% commission after that, minimum £1 per withdrawal | £0 |
| Cash Deposits | £300 per month free, then 1% commission after that. £1 per deposit. Maximum deposit of £1,000 per day and £10,000 per month. | Up to 5 free cards. £3 per card per month after that | £0 |
| Personal Payment Link | 0.95% commission. | Free up to £200 per month, then 0.5% commission. | Unlimited with no commission |
| Extra Expense Cards | £0 | Up to 5 free cards. £3 per card per month after than | £0 |
| Pots | Unlimited | 4 free pots, then £1 per pot per month. | Unlimited |
| XLS VAT Filing | £4.50 + VAT per filing | £4.50 + VAT per filing | £4.50 + VAT per filing |
| +Taxes Add-On | £24 per month + VAT (£3 a month for 3 months) | £24 per month + VAT (£3 a month for 3 months) | £24 per month + VAT (£3 a month for 3 months) |
| Learn More | Visit ANNA | Visit ANNA | Visit ANNA |
Each plan includes a free trial for the first month, allowing businesses to explore ANNA’s features without any initial financial commitment.
ANNA distinguishes itself by integrating comprehensive administrative tools that streamline financial management, making it an attractive option for businesses prioritising digital efficiency. Unlike traditional banks, which may offer features like FSCS protection, ANNA focuses on automation and operational efficiency. While other digital-first banks such as Starling or Monzo provide modern banking solutions, they often lack the extensive administrative support and specialised tax services available with ANNA.
Ease of Use
The ANNA Business Account epitomises simplicity, catering to small business owners prioritising a straightforward banking experience. Its user-friendly app enables even those with minimal technical skills to manage their finances efficiently. The registration process is quick, typically completed in under ten minutes, allowing immediate financial management.
Once active, the account offers features that enhance time efficiency and financial oversight. Real-time transaction notifications help you stay informed about your financial status, essential for effective cash flow management and budgeting.
ANNA excels at automating administrative tasks such as generating invoices, categorising expenses, and sending tax deadline reminders. This significantly reduces the time spent on manual bookkeeping and ensures compliance with HMRC regulations.
The platform also incorporates tools like automated lending checks, which streamline obtaining financial support by minimising paperwork. User feedback consistently praises the app for its ease of use and the substantial time savings, particularly in simplifying complex financial tasks.
How Safe is ANNA Money?
ANNA Money operates under the Financial Conduct Authority (FCA) regulation and possesses an e-money licence via PayrNet Limited, ensuring adherence to stringent financial regulations.
Although ANNA is not categorised as a traditional bank, it prioritises the security of funds by segregating customer deposits into accounts at regulated third-party institutions. This segregation acts as a vital safety measure in the event of insolvency.
However, it’s essential to understand that these safeguards are distinct from the protections offered by the Financial Services Compensation Scheme (FSCS), which insures bank deposits up to £85,000. FSCS does not protect money held with ANNA.
In terms of app security, ANNA Money implements cutting-edge security measures, including two-factor authentication (2FA) and 3D Secure for transaction processes. These features significantly bolster user identity verification and enhance fraud protection measures.
Committed to maintaining high data security standards, ANNA rigorously complies with data protection regulations, including the General Data Protection Regulation (GDPR). This compliance ensures that your personal and financial information is not only securely stored but also managed with the highest level of care, providing peace of mind regarding the safety of your data.
How Effective is ANNA Money’s Customer Service and Support?
ANNA Money excels in customer support, assisting promptly via multiple digital channels. The in-app chat service, available 24/7, typically responds within 40 seconds—a standout feature that underscores their commitment to efficiency. If response times exceed 10 minutes, ANNA pledges to refund that month’s service fee, highlighting their dedication to rapid support.
For tailored support needs, ANNA offers several dedicated email addresses:
- support@anna.money for general customer care
- security@anna.money for security-related issues
- hello@anna.money for general enquiries
Although telephone support is unavailable, these digital avenues ensure efficient problem resolution. This robust support system positions ANNA as a dependable partner for small business owners who value reliable and swift customer service.
What Do Customers Say About ANNA Business Account?
The ANNA Business Account is highly regarded, with a robust Trustpilot score of 4.6 out of 5 from over 2,600 reviews, where 85% of customers have given it a 5-star rating. Users often praise the quick setup, responsive customer support, and user-friendly invoicing features.
Despite the predominance of positive feedback, there is a small percentage of dissatisfaction, with 8% of reviews marked as 1-star. These negative reviews typically highlight issues such as account freezes and blocked transactions. Additionally, some users have expressed concerns over the international payment process, particularly regarding unclear fees and currency exchange challenges.
However, ANNA’s commitment to “Absolutely No Nonsense Admin” continues to strike a chord, particularly for its automation capabilities and intuitive app design, making it a favoured choice among small businesses seeking efficient financial management tools.
What is the Eligibility Criteria for an ANNA Business Account?
To open an ANNA Business Account, you must satisfy the following criteria:
- UK Residency: Applicants need to be UK residents.
- Business Registration: Your business must be legally registered in the UK, which encompasses structures like limited companies, sole traders, and partnerships.
- Director’s ID: Company directors are required to provide a valid identification form.
- Unique Taxpayer Reference (UTR) Number: Sole traders should provide their UTR number.
- Age Requirement: The primary account holder must be at least 18 years old.
ANNA offers favourable conditions for sole traders, with no minimum turnover requirement, making it suitable for businesses at any growth stage.
Step-by-Step Guide to Apply for an ANNA Business Account
Setting up an ANNA Business Account is streamlined for efficiency, reflecting the fast-paced nature of business ownership. Here’s a concise guide to getting your account operational swiftly:
- Download the App: The ANNA Money app is available from the App Store or Google Play Store. This app is crucial for managing accounts and utilising its full range of features.
- Submit Identification: To verify your identity, upload a valid ID, such as a passport or driving license.
- Link Business Details: Input your business information, including company name, registration number, and address. Sole traders will need to provide their Unique Taxpayer Reference (UTR) number.
- Verify Identity: Complete the identity verification in the app, which typically requires taking a selfie and confirming your details.
- Average Timeline: The application process generally takes under ten minutes, allowing you to access your account’s benefits almost immediately.
Prepare all necessary documents in advance for a smoother application.
How Does ANNA Money Compare to Starling Bank and Tide?
| Feature | ANNA Money | Starling Bank | Tide |
|---|---|---|---|
| Monthly Cost | £0 to £49.90 + VAT | £0 | £0 to £69.99 + VAT |
| Overdraft Availability | None | Not currently accepting applications | None |
| FSCS Protection | No, funds are safeguarded | Yes, up to £85,000 | Yes, up to £85,000 |
| Customer Support | 24/7 in-app chat | 24/7 in-app chat and phone support | In-app chat, no 24/7 support |
| Key Features | Automated invoicing, tax tools, expense management | Real-time notifications, business loans, and multi-currency accounts | Expense management, accounting integrations |
| Learn More | Visit ANNA | Visit Starling | Visit Tide |
ANNA stands out for its admin-focused features, including automated invoicing, tax tools, and real-time expense tracking. With flexible pricing from £0 to £49.90 + VAT and 24/7 in-app support, it’s built for businesses that value simplicity and efficiency.
Unlike Starling, ANNA doesn’t offer FSCS protection or access to business loans, but it excels in day-to-day financial admin. Starling, meanwhile, suits businesses needing traditional banking extras like multi-currency accounts and FSCS coverage.
Compared to Tide, ANNA offers similar admin tools but with stronger support and a clearer focus on tax and invoicing. Tide’s plans go up to £69.99 + VAT and lack FSCS protection or overdrafts, like ANNA.
For small businesses seeking easy, fast, admin-friendly banking without the need for credit or FSCS backing, ANNA remains a strong contender.
Anna Business Account FAQs
ANNA offers a tiered pricing structure tailored to various business sizes and needs. The “Pay As You Go” plan eliminates monthly fees but includes a 0.95% fee on incoming payments. The “Business Plan” costs £19.90 per month plus VAT, and the “Big Business Plan” is priced at £49.90 per month plus VAT. Each plan has specific allowances and transaction costs, making it crucial to choose one that aligns with your business’s needs.
ANNA imposes a daily cash deposit limit of £1,000 and a monthly limit of £10,000. These restrictions are significant if your business frequently deals with substantial cash transactions.
Setting up an ANNA Business Account is quick and efficient, typically taking less than ten minutes. The process requires minimal paperwork, and account details are provided immediately upon registration.
ANNA integrates effectively with major accounting software like Xero and QuickBooks. This feature facilitates the automatic import and reconciliation of transactions, simplifying financial management tasks.
ANNA supports international payments but only in GBP, lacking multi-currency balance capabilities. Conversion fees apply to foreign transactions, which could be a drawback for businesses engaged in significant international trading.
