ANNA Business Account Review
ANNA business current accounts are provided by Absolutely No Nonsense Admin Ltd. You can compare product features, costs and current deals in the table below, or read on for a full review.
ANNA Business Account Review
Founded in 2017, ANNA Money is an online-only platform focused on providing business accounts. It is one of a number of ‘challenger’ companies with a fully digital approach to business banking, turning down a traditional high street presence in favour of a mobile app.
ANNA offers three types of accounts tailored to suit the needs of sole traders, directors of limited companies and partners in limited liability partnerships (LLPs). As well as a free account, there are two paid-for accounts to choose from, each with differing monthly or yearly fees and additional charges. ANNA accounts share similar features with business accounts from both online-only and high street providers.
Read on to find out more about the features of an ANNA account, and how these compare to what is offered by other companies.
Pros and cons of ANNA
There are several factors to consider before deciding whether an ANNA account will suit your business needs.
Pros of an ANNA business account
Anna Money offers a range of benefits for business users. These include:
- same day set-up
- Mastercard debit card that can be used globally
- extra cards for other members of the business (fees may apply)
- 24/7 support
- free invoicing tools and tax return reminders
- full integration with accounting software platform Xero
- pricing that adapts to the needs of the business
Cons of an ANNA business account
As well as benefits, there are some potential downsides to bear in mind too, such as:
- no branches – some people may prefer in-person support
- no cheque deposits
- no overdrafts or loans available
- fees for local transfers, international payments and extra cards on its free account, with some fees to pay on other accounts
What features does ANNA offer customers?
An ANNA business account includes the following features:
- a Mastercard sent to you, plus a virtual card to use before it arrives (and after, if you prefer)
- same day set-up
- tiered pricing, so you only pay for the features most suited to your business
- first month free with Business and Big Business accounts
- full integration with Apple Pay and Google Pay
- ability to set up direct debits
- full integration with accounting software programme Xero
- tax return reminders
- tax predictions – ANNA predicts how much tax your business will owe to HMRC at the end of the financial year
- ability to link your other personal and business accounts with ANNA, so you can see them all in the same place
- customised invoices and payment reminders available in-app
- personalised payment link to send to clients
- extra debit cards for expenses
- receipt storage for expenses in-app
- ATM cash withdrawals
- student discount – first three months free and subsequent months for £1
- 1% cashback when spending at selected retailers
- 24/7 in-app support
How does ANNA compare to other digital banks?
ANNA Money is one of several digital banking providers to have launched in the UK in recent years.
The following table compares ANNA to some other digital banking providers.
|Tide||Starling||Cashplus||CountingUp||Mettle||Anna||Revolut||Card One Money||Acorn||Fair Everywhere||Monzo|
|FSCS protection||Yes (with ClearBank)||Yes||Yes||No||No||No||No||No||No||No||Yes|
|Free UK transfers||No (20p per transfer)||Yes||Yes (with limits)||No (30p per transfer)||Yes||Yes (with paid plans, limits apply)||Yes (with limits)||No||No||No||Yes|
|Cash deposits||Yes (for a fee)||Yes (0.7% fee, min £3)||Yes (0.5% fee)||Yes (for a fee)||Yes||Yes (1% fee may apply)||No||Yes (for a fee)||Yes (for a fee)||Yes||Yes (£1 fee)|
|Free ATM withdrawals||No (£1 fee)||Yes||No (fees apply)||No (£1 fee)||Yes||Yes (with paid plans, limits apply)||No (2% fee)||No (£1.50 fee)||No (£1.50 fee)||No (£1.50 fee)||Yes|
|Integration with accounting software||Yes||Yes||Yes||Yes (built-in)||Yes||Yes||Yes||Yes||No||Coming soon||Yes (with paid account)|
|International transfers||No||Yes||Inbound only||Yes (through a partner)||No||Yes (through a partner)||Yes||Yes||Yes||Yes||Outbound only|
|Create and send invoices||Yes (for a fee)||Yes (for a fee)||No||Yes||Yes||Yes||Yes||No||No||No||Yes (with paid account)|
Source: NerdWallet, November 2022
» COMPARE: Free business bank accounts
What do ANNA customer reviews say?
Generally, customer reviews of ANNA’s business account service are positive.
Trustpilot: 4.7 out of 5, based on over 2,110 reviews, with 85% rating it as ‘5-star’.
Apple Store: 4.5 out of 5, based on 700 reviews.
Google Play: 4.0 out of 5, based on over 1,100 reviews.
This information was correct as of 28 November 2022.
Are there any special offers on ANNA Money?
ANNA Money offers your first month free when you open a Business or Big Business current account (usually £14.90 + VAT and £49.90 + VAT per month respectively).
ANNA business accounts offer sole traders and small business owners a way to manage their finances online. These accounts offer many helpful tools that automate much of the admin associated with the smooth day-to-day running of a business, such as tax return reminders and customised invoices.
The ‘pay as you go’ account offers a range of features useful to those just starting out, without costly monthly fees and commitments. There is also the option to upgrade to paid accounts with more functionality as and when your business requires.
If managing your finances through an app seems convenient for you, then an ANNA account may be suitable. However, if you want to deposit cash or cheques at a high street branch or get support in-person, then ANNA Money may not be the right choice.
As with any financial decision, you must keep in mind what may work best for you and your business, and consider a range of options before choosing a business bank account.
It is worth noting that there are some business activities that ANNA prohibits, which include gambling, gaming and adult entertainment.
What is ANNA business banking?
ANNA (or Absolutely No Nonsense Admin) business banking is a digital business current account, with online-only access.
ANNA aims to appeal to sole traders, small limited companies and limited liability partnerships (LLPs). It offers a maximum account balance of £10 million. ANNA provides accounts with no monthly fees, as well as paid accounts with more features for businesses that need them.
Is ANNA a bank?
ANNA Money provides e-money services and business current accounts, but is not a bank. However, the services provided are regulated by the Financial Conduct Authority (FCA), where ANNA is registered under its full name, Absolutely No Nonsense Admin Ltd.
Is my money safe with ANNA?
Yes, your money is safe with ANNA Money.
As ANNA is not a bank, any money held with them is not protected under the Financial Services Compensation Scheme (FSCS), unlike some other digital providers and high street banks. However, under Electronic Money Regulations, ANNA must keep customers’ money in a separate bank account to their own funds and cannot use it to fund or invest in projects.
How does an ANNA business account work?
ANNA business accounts are online-only, so you have to sign up on the ANNA Money website or through the ANNA mobile app. ANNA aims to get accounts set up in 10 minutes, so you can start to use the account quickly.
After sign-up, an ANNA business account works in a similar way to other current accounts. You can transfer money, pay for items in store or online and withdraw money from ATMs, though some of these actions may incur additional charges.
Does the ANNA business account have an app?
Yes, the ANNA business account is fully digital, running through their mobile app available on iOS and Android.
Does ANNA offer traditional support?
As ANNA is a digital-only provider, it does not have a high street presence. This means that it cannot offer traditional in-branch support.
That said, ANNA does offer 24/7 online support through email or through the in-app chat service, aiming to reply to all queries within 10 minutes.
How can I open an ANNA business account?
You can open an ANNA business bank account using the ANNA mobile app.
If you want to open an ANNA account, you will need:
- the ANNA mobile app
- a mobile number
- email address
- a form of ID
- proof of a UK home address
- proof that your business is located in the UK
If you do not have a form of ID such as a passport or a driving licence, you should take a recent photo of yourself to your bank, solicitor or accountant so that they can verify your identity.
You must be a UK resident to open an ANNA business account, though you can apply from outside the UK.
You may also need to provide your Unique Taxpayer Reference (UTR) if you are a sole trader, or your company registration number if you are opening a bank account for a limited company.
Once your details have been checked and registered by ANNA, you will be able to start using your business account. You will receive your Mastercard within five working days of acceptance.
Kristina is a writer at NerdWallet. A recent graduate trading French for finance, she has experience creating content for student newspaper Cherwell and an edtech company. Read more
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