What is ANNA Money?
ANNA Money is a business current account for startups, freelancers and creatives. You can connect your personal and business current accounts from other banks to ANNA to view balance and payment history in the ANNA app.
How ANNA works
Anna Money app gives you a chance to open a business account in 3 minutes. The registration process is quick and efficient. The bank does not look at your credit score. Also, you do not have to deposit any minimum amount in the account. To use Anna business account, you only need Anna debit card and Anna app.
- ANNA Business account. This account gives you services that you expect from a traditional current account. This includes direct debits. However, overdrafts are not allowed.
- ANNA debit card. ANNA Money UK offers a MasterCard debit card and ANNA virtual card. Moreover, ANNA provides you with additional debit cards that you can give to other employees and manage the individual spending controls.
- ANNA Money app. Just like the regular digital banking apps, ANNA app gives you advantageous features, including personalized spending reports.
- Cash-back. You will have 1% cashback on various business expenses you make.
- Invoice service. ANNA creates invoices for you. More so, it politely gives reminders for due payments. Therefore, you can keep your account in good order as it matches invoices with the payments.
- 24/7 customer care support. ANNA Money customer service team based in the UK gives you support through the chatbox on the app. They aim to get back to you in less than 10 minutes.
- Open banking. You can connect the ANNA app to your other personal or business accounts. Thus, you will efficiently and quickly monitor transactions and budget in one place.
How do you sign up on ANNA?
The simple registration process includes the following steps:
- Enter your mobile number on the sign-up page on the website
- Download the app
- Verify your ID using your driving license or passport
- Answer some straight-forward questions about your business
- You are all set
ANNA Business Account Fees
ANNA business account is free when you are starting up. How much you will pay later depends on how much you use ANNA. For instance, if you don’t use your account one month, you don’t pay anything the next one. ANNA pricing tiers are below.
|£0 a month,VAT included||£4.90 a month, VAT included||£9.90 a month, VAT included||£19.90 a month, VAT included|
|Monthly incoming volume||under £500||£500–£2,000||£2,000–£20,000||£20,000–£500,000|
|Free ATM withdrawals||Up to £100 per month||Up to £300 per month||Up to £2,000 per month||Up to £5,000 per month|
|Free UK transfers, in and out||2 per month||4 per month||35 per month||200 per month|
|Personal payment link for accepting payments||Up to £200 per month, then 1% fee applies||Up to £200 per month, then 1% fee applies||Up to £200 per month, then 1% fee applies||Up to £200 per month, then 1% fee applies|
|Conversion (markup) fee||0.5%||0.5%||0.5%||0.5%|
|Free foreign payments||2||2|
|Payments in and out no included in the free allowance||£5 per payment||£5 per payment||£5 per payment||£5 per payment|
All plans include ANNA virtual cards, ANNA debit cards, direct debits, invoice management tools, auto-match payments to invoices, CSV reports, tax reminders, integration to accounting software (Xero), and VAT estimation. Note that bespoke plan is available. If you plan to exceed the standard limits, ANNA Money can offer you a plan tailored to your business.
Is ANNA right for your business?
If you live in the UK, ANNA business current account is suitable for you as a sole trader and for SMEs as well. However, if you do overseas transactions or travel a lot, ANNA charges foreign fees. Also, you will not have any international bank transfer services. Most importantly, the app includes the most innovative features. The invoices and expenses support you get goes unmatched.
Is ANNA Bank Safe?
The fact that ANNA is regulated by the Financial Conduct Authority makes your account secure. Wirecard Card Solutions company is responsible for issuing the cards. It also has a license for electronic money. Furthermore, you will have a private and secure PIN for the MasterCard debit card that protects your account. In case you lose the card, or it gets stolen, you can block it on the app.
Advantages of ANNA business bank account
- With the free version, you can give ANNA a trial without having to invest any amount. At the same time, you get to enjoy the admin features.
- You will have an easy registration process and a quick set up that is uncommon for business accounts.
- The app is easy to use.
- The expense and invoice services are well integrated into the ANNA application. This saves you from the trouble and inaccuracy involved when creating invoices.
- The reminder feature on the app is advantageous to you because you will always remember the due dates. More so, you don’t have to keep on following up on payments as the app does that for you.
- ANNA Money customer service support team is available 24/7and gives you a response within 10 minutes. You are assured of a refund in case no customer support is offered.
- Open banking allows you to connect other accounts through the app.
Disadvantages of ANNA business bank account
- In case you are making transactions in foreign currency, extra charges apply.
- As much as it offers plenty of services for your business account, ANNA is not a bank. Therefore, other business financial requirements will need you to have a traditional bank account.
- Services that are useful for traditional business current accounts are available in ANNA like debit transactions. However, credits and overdraft services are not available.
Final Thoughts on ANNA Business Account Review
While you will find other online business account services, ANNA prides itself in the fact that it efficiently and accurately integrates banking with invoicing and management of expenses. To a degree, the app features accounting services. The tiers are affordable as compared to its competitors. Finally, ANNA provides you with a competitive and acceptable choice if you are looking for administrative work and banking services from the same platform as a tech-savvy business owner.