What are the pros and cons of signing up with app-based bank account and tax platform, Anna, aimed specifically at startups, freelancers, sole traders and small companies?
Anna, standing for ‘Absolutely No Nonsense Admin’, is designed to remove the administrative hassles for small business owners via convenience and simplicity.
Read our in-depth review of the Anna bank account below, covering key features, criteria for signing up, and a full breakdown of their fees. Our goal is to give you all the information you need to decide if this is the right account for you.
Anna Business Bank Account Review: Our Verdict
Anna is an excellent choice if you’re a small company, sole trader or freelancer wanting a simple account specifically designed to minimise your admin.
Anna claims you can open a business account in as little as 3 minutes, and the APP is well-designed and simple to use. Because they don’t offer credit, no credit check is required. Their reviews are largely very positive.
Reasons to Sign Up
We like the emphasis on minimising admin hassle. Automatic invoice reconciliation means your payments are matched without you needing to do anything, and the reminders about upcoming HMRC requirements are a nifty feature. The built-in tax platform will save you from having to fork out additional accounting software like Xero or Free Agent. They also have 24/7 customer support, promising to refund your monthly subscription if they take longer than 10 minutes to respond.
Reasons to Avoid
On the downside, Anna is not regulated by the FCA, nor will your account benefit from FSCS protection. They also don’t allow joint account holders, nor will you get an overdraft. You can’t pay in cheques.
What are the Pros and Cons of Anna?
Pros of Anna
- Quick Set Up
- No Fees for 3 Months
- In-App Invoice Creation
- Well designed App functionality
- Free Direct Debits
- 24/7 customer service via Live Chat
- Xero Integration
- Easy VAT submission to HMRC via App
- Includes a Receipt Scanner
- Free payroll service for directors
- Great reviews on Trustpilot and Smart Money People
Cons of Anna
- No overdraft facilities
- Foreign Currency Transactions carry charges
- Not protected by the UK’s FSCS scheme.
- Monthly subscription of £11 after the trial period
- No Joint Accounts
- Receiving money in foreign currency is limited to Euros or Dollars and requires a Payoneer account.
What are the Anna Bank Account Features?
|Virtual cards||It can be issued right after signup and used to make payments.||✔|
|Personal payment link||Get a web link to send to clients or use on social media profiles.||✔|
|Easy Deposits||Deposit funds into the account at thousands of locations.||✔|
|Apple Pay/Google Pay compatibility||Use your phone to pay contactless, with no limit||✔|
|Co-worker debit cards||It can be provided to co-workers with spending limits and automatic expense sorting.||✔|
|Real-time updates||Get real-time updates on payments in and out of the account.||✔|
|Free direct debits||Free on all plans||✔|
|Scheduled payments||Can be set up to be automatically sent at a later date||✔|
|Cashback||Earn 1% cash back on certain business expenses, up to £100 per month||✔|
|FastTrack to Credit||Available for a monthly fee of £9, it can help boost credit scores after three months||✔|
|ANNA Pay in 3||Allows for the spread of repayment for business purchases over three months||✔|
What Types of Business Accounts does Anna Offer?
- Pay as You Go – Completely free when starting up; fees increase the more you use Anna.
- Business – Anna’s £14.90 account gives you £35 of free allowances plus an allotted number of free transfers and withdrawals.
- Big Business – Anna premium accounts are highly flexible, depending on your stage of business growth. Monthly fees start at £49.90, depending on your requirements
Fees and Charges
|Service||Pay as You Go Account||Businesses Account||Big Business|
|Monthly Fee||No monthly fee; just pay for what you use||£14.90 + VAT per month||£49.90 + VAT per month|
|Local Transfers In and Out||20p per transfer* (50 free per month)||50 free per month, then 20p per transfer||Unlimited*|
|Card Payments in Any Country||Free||Free||Free|
|ATM withdrawals||£1 per withdrawal* (3 free per month)||3 free per month, then £1 per withdrawal||Unlimited*|
|Pay Cash In||1% per transaction* (Up to £300 per month)||Up to £300 per month, then a 1% fee applies||Unlimited*|
|International Payments||£5 per payment* (1 free per month)||1 free per month, then £5 per payment||4 free per month, then £5 per payment|
|Currency Conversion Fee for Transfers||1%||1%||0.5%|
|Personal Payment Link for Accepting Payments||1% per transaction* (Up to £200 per month)||Up to £200 per month, then a 1% fee applies||Unlimited*|
|Pots||£1 per pot per month* (2 free per month)||2 free pots per month, and £1 per pot, per month for additional pots||Unlimited free pots|
|Additional Debit Cards||£3 per card per month* (Up to 5 included)||Up to 5 included, then £3 per card per month||Unlimited*|
|Prices for Pay as You Go are shown before VAT||The free allowances and discounts included in this plan are worth £35||Some restrictions still apply – ask Anna if you need a bespoke plan for your business|
Who Owns Anna Bank?
Anna, short for Absolutely No Nonsense Admin, was founded in 2017 by Boris Dyakonov, Eduard Panteleev and Slava Akuloa. It has a headquarters in Cardiff.
The founders all have extensive experience: Dyakonov has co-founded Russia-based Bank24a. As Russian nationals living in the UK, all have expressed their solidarity with Ukraine and condemned the recent invasion.
ANNA Money provides e-money services and business current accounts but is not a bank. According to their website, Anna has 100,000 account holders at present.
To open an account with Anna, you must fulfil the following criteria:
- You be 18 years or older
- You must be a director of a Non-Limited Business; or a Limited Organisation for the company account.
- Provide a photo of your passport or driving license
- Companies House number
- UTR (Unique Taxpayer Reference)
What are the Anna App Features?
Anna has put a lot of effort into designing their APP, which has some of the best reviews of any banking APP.
- create invoices and send them directly
- auto-match payments to invoices
- authenticate payments via the APP to help prevent fraud
- chase an invoice simply by sending a chat message to ANNA for an automated reminder to go out
What are Anna Bank Account Limits?
- Max account balance – £10,000,000
- Max outbound payment – £250,000
- Max inbound Faster Payment (FPS) – £250,000
- Max inbound BACS Payment – £10,000,000
- Max single card transaction – £30,000
- Max Single ATM Cash Withdrawal – £300
International Payments and Bank Transfers
Sending Money Abroad: Anna is partnered with Currencycloud for international transfers in Euros, US Dollars, and GBP Sterling. . To send Money abroad, simply open up the ANNA app and type ‘international transfers’ into the chat. The team will ensure that your transfer is processed quickly and efficiently.
Receiving Money From Abroad: You’ll first need to open a Payoneer account which is currently a bit of a faff, requiring a similar ID verification process to setting up a bank account. From there, you link the Payoneer account to your Anna app, and you can receive transfers in Euros or US dollars.
International Card Transactions: Anna Money accounts come with a Mastercard Debit card that can be eased to make international payments at standard MasterCard rates.
Security: Is Anna Money Safe?
While the account doesn’t have the FSCS protection of a bank, it ‘safeguards’ your money, meaning it’s not permitted to invest it or use it for its own purposes. Online payments are also authenticated via the APP for fraud prevention purposes.
ANNA Money’s Director Payroll service offers free payroll for limited company directors with automated monthly calculation, instant filing with HMRC, and payslip storage, as well as being HMRC-approved. They plan to release additional features coming soon, including the ability to add additional co-directors and employees, plus pension deduction options.
Anna Money Reviews and Ratings
Anna had an excellent average review score, with 4.6 out of 5 stars average on Trustpilot, over almost 2000 reviews.
Anna has no public reviews on Reviews.co.uk and isn’t included in the Which? list of ‘Best & Worst Banks’.
Smart Money People rates it 4.71 out of 5 based on 31 reviews.
The APP has excellent reviews, with 4.7/5 on Google Play out of 1.1k reviews.
Anna Business Account FAQs
Is Anna Business Bank Account Good?
Anna business account has an excellent average review score, meaning most users are extremely happy with the service provided.
Is Anna Business Bank Account Safe?
Anna is not as safe as a high street bank, since is it not regulated by the FSCS scheme, which protects you when financial firms fail.
Can You Deposit Cash into Anna?
You can pay cash directly into your Anna account via any Paypoint. You can deposit £300 of cash at a time, with a daily limit of £500 and a monthly limit of £1000. Paying in cash will cost you 1% per deposit. Anna Business and Big Business customers receive several free deposits each month.
Is Anna money a bank?
Anna is an app-based banking provider as opposed to a real bank. As such, it is not FCA regulated.
Is Anna money any good?
Anna money has a largely positive review score with Trustpilot and Smart Money People, suggesting most users feel it is a good account.
What business tools does Anna money offer?
Anna Money offers handy business tools for invoicing, document storage, tax calculation and filing, and bank account connection.