Tide and Anna Money are two leading small business bank accounts in the UK.
Both banks work hard to offer convenience for smaller businesses, sole traders and freelancers at affordable pricing. But which is better?
Our comparison aims to analyse each bank’s features, pricing, user experience, and pros and cons, enabling you to make an informed decision.
Is Anna or Tide the Better Choice?
A real-world comparison between the two accounts finds very little to differentiate them. Both are well-priced, have brilliant APPs, and offer lots of time-saving functionality.
As of 2023, we think Tide just edges it. Its pricing is more competitive, at £5 cheaper than the comparable Anna account. You also get access to 24/7 legal advice, which is a nice perk for a small business owner. Finally, they’re offering a free £50 account opening incentive.
Anna wins over, however, on its built-in VAT filing features and the ability to invite your accountant into the app rather than providing them with a CSV. It also allows international payments, which Tide currently does not. We’re also impressed with Anna’s 24/7 support status page which shows just how quickly you’ll get help. At the time of writing, it was 44 seconds!
Anna vs Tide: Banking Features
For the purposes of this table, we’ll compare the Tide Pro and the Anna Business account: both paid options. Both providers have several account tiers, including free options, so you’ll need to visit their own pricing pages for more specific research.
| Feature | Tide Pro Account | Anna Business |
|---|---|---|
| Monthly Account Fee | £9.99 | £14.99 |
| Minimum Balance Requirement | None | None |
| UK ATM Withdrawals | £1 | £1 (3 free per month) |
| Bank Transfers | 20 free per month, then 20p | Free |
| International Payments | Not offered | 1 free per month, then £5 per payment, plus 0.5% currency conversion fee |
| Free Invoice Generator | Yes | Yes |
| Cash Deposits | Post Office – 0.5% PayPoint – 3% | Paypoint – 1% |
| Using Your Card in a Foreign Currency | standard MasterCard rates | 0% fee for non-GBP transactions |
| Customer Support | Phone, email, and chat support | Phone, email, and chat support |
| 24/7 Legal Helpline | Yes (via Irwin Mitchell LLP) | Not available |
| Overdraft Facility | Not available | Not available |
Tide vs Anna: how do the Account Charges Compare?
As you can see from this table, both accounts are very evenly matched, with Tide being very slightly cheaper on a couple of points.
| Fees | Tide Pro | Anna Business |
|---|---|---|
| Monthly account fee | £9.99 | £14.99 |
| Banks Transfers (UK) | 20p | 50 free (then 20p each) |
| ATM withdrawal fee (UK) | £1 | 3 free per month, then £1 per withdrawal |
| International Card payments | Mastercard standard rates | 1% conversion fee for transactions made in non-GBP |
| Replacement card fee | £5 | free |
| Account closure fee | free | free |
| Fees for cash deposits | £2.50 for deposits up to £500 or 0.5% of cash amount for deposits over £500 (at Post Offices) 3% (at PayPoints) | 0.7% or £3 minimum (at Post Offices) |
| Fee for payments in and out | 20p each | £0 |
| Direct Debits | 20p each | £0 |
Anna vs Tide Interest rates
Neither Anna it Tide offer interest rates, unlike traditional banks. This is perfectly normal for the challenger bank and e-money space.
Paying in Cash and Cheques
Both Anna and Tide allow you to pay in cash at largely comparable prices.
Neither allows the paying in of cheques.
Tide vs Anna Bank: Which Has the Better Mobile App?
When it comes to mobile banking, Tide and Anna Bank both offer easy-to-use and intuitive mobile apps that are designed to help small businesses manage their finances on the go. Here’s a comparison of the mobile apps of both Tide and Anna:
| Mobile App Features | Tide | Anna Bank |
|---|---|---|
| Availability | iOS and Android | iOS and Android |
| Easy Account Setup | Easy | Easy |
| Balance Check | ✓ | ✓ |
| Invoicing | ✓ | ✓ |
| Expense Tracking | Upload and store receipts | Upload and store receipts |
| Real-time Notifications | ✓ | ✓ |
| Auto-match payments | ✓ | ✓ |
| Chase Invoices | X | ✓ |
Tide Vs Anna Bank Accounts: Which is Safer?
Here’s a comparison of the safety and security measures offered by Tide and Anna:
Tide
Various security features, including two-factor authentication, biometric login, and data encryption safeguard tide accounts.
The app uses SSL encryption to ensure that data is transmitted securely.
Tide accounts, offered via Clear Bank, are covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 in case the bank fails.
ANNA
Anna Bank accounts are also protected by two-factor authentication and data encryption to ensure the security of customer information.
The app also provides a feature to freeze or unfreeze the account instantly in case of suspected fraud.
Anna accounts do not benefit from (FSCS) deposit protection of up to £85,000.
Compare Anna Money Vs Tide
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
- 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
- No overdraft facilities
- Foreign Currency Transactions carry charges
- Not protected by the UK’s FSCS scheme.
– You must be at least 18 years old.
– You must be a sole trader, a director of a limited company (and listed on Companies House) or a partner in a Limited Liability Partnership (LLP).
– You must have a UK residential address.
– Charities/trusts and other high-risk businesses are not eligible.
– Businesses not based in the UK are excluded.
£50 cashback with promo code EXPERT£50
Tide Free Business Account
Monthly Fee
£0Bank Transfers
20pCard Purchases
£0Overdraft
NoFSCS Protection
YesAccessibility
Access your Tide account via the web or the mobile app
- Transparent pricing
- Account upgrades
- Convenient features
- Cashback option
- Integration with accounting software
- Ease of use
- Limited customer support
- Cheque deposits
- Cash deposit fees
– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.
