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 cardsIt can be issued right after signup and used to make payments.✔  
Personal payment linkGet a web link to send to clients or use on social media profiles.✔ 
Easy DepositsDeposit funds into the account at thousands of locations.✔ 
Apple Pay/Google Pay compatibilityUse your phone to pay contactless, with no limit✔ 
Co-worker debit cardsIt can be provided to co-workers with spending limits and automatic expense sorting.✔ 
Real-time updatesGet real-time updates on payments in and out of the account.✔ 
Free direct debitsFree on all plans✔ 
Scheduled paymentsCan be set up to be automatically sent at a later date✔ 
CashbackEarn 1% cash back on certain business expenses, up to £100 per month✔ 
FastTrack to CreditAvailable for a monthly fee of £9, it can help boost credit scores after three months✔ 
ANNA Pay in 3Allows for the spread of repayment for business purchases over three months✔ 

What Types of Business Accounts does Anna Offer?

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

ServicePay as You Go AccountBusinesses AccountBig Business
Monthly FeeNo monthly fee; just pay for what you use£14.90 + VAT per month£49.90 + VAT per month
Local Transfers In and Out20p per transfer* (50 free per month)50 free per month, then 20p per transferUnlimited*
Card Payments in Any CountryFreeFreeFree
ATM withdrawals£1 per withdrawal* (3 free per month)3 free per month, then £1 per withdrawalUnlimited*
Pay Cash In1% per transaction* (Up to £300 per month)Up to £300 per month, then a 1% fee appliesUnlimited*
International Payments£5 per payment* (1 free per month)1 free per month, then £5 per payment4 free per month, then £5 per payment
Currency Conversion Fee for Transfers1%1%0.5%
Personal Payment Link for Accepting Payments1% per transaction* (Up to £200 per month)Up to £200 per month, then a 1% fee appliesUnlimited*
Pots£1 per pot per month* (2 free per month)2 free pots per month, and £1 per pot, per month for additional potsUnlimited free pots
Additional Debit Cards£3 per card per month* (Up to 5 included)Up to 5 included, then £3 per card per monthUnlimited*
Prices for Pay as You Go are shown before VATThe free allowances and discounts included in this plan are worth £35Some 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.

Eligibility Criteria

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.

You can

  • 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.

Payroll Service

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 has an excellent average review score, with 4.6 out of 5 stars on Trustpilot, from more than 2600 reviews.

85% of users give it 5 stars, citing positives such as the customer service, the easy-to-navigate APP, and the invoice facility.

8% award it 1 star with the most negatives mentioning account freezes, blocked transactions and poor international exchange experiences.

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?

Is Anna Business Bank Account Safe?

Can You Deposit Cash into Anna?

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