ANNA Money is a business current account and tax app for startups, small businesses, ecommerce stores, freelancers, and creatives in the UK. You can connect your personal and business current accounts from other banks to ANNA to view balance and payment history in the ANNA app.
Is ANNA Money a bank? ANNA is a mobile business account that provides admin support and tax reminders, not a bank. Your ANNA business account comes with a debit card, an account number and a sort code, but it does not offer credit, overdrafts, or loans.
- 1 How ANNA works
- 2 How do you sign up on ANNA?
- 3 ANNA Fees
- 4 Is ANNA right for your business?
- 5 Is ANNA Money Safe? Is ANNA Money Protected?
- 6 Advantages of ANNA business bank account
- 7 Disadvantages of ANNA business bank account
- 8 ANNA Money Business Account Alternatives
- 9 Final Thoughts on ANNA Business Account Review
- 10 More Information
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. Furthermore, 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 VAT. You can file your VAT return to HMRC through ANNA for free. However, automated VAT calculation involve a small fee. You can submit your VAT return from any Excel spreadsheet.
- Ecommerce, sales and accounting integrations. ANNA now integrates with Stripe, Google Pay, Sage, Shopify, WooCommerce, eBay and other accounting and ecommerce platforms. All your sales and profits are automatically loaded into ANNA and used to calculate and file your VAT to HMRC.
- 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 ANNA Money 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 Money business account is free when you are starting up. How much you will pay later depends on how much you use ANNA. For instance, Pay As You Go plan has no monthly fee, you only pay for what you use. ANNA pricing tiers are below.
|Service||PAY AS YOU GO PLAN: No monthly fee, just pay for what you use||BUSINESS PLAN: £14.90 + VAT per month||BIG BUSINESS PLAN: £9.90 a month|
|Local transfers in and out||20p per transfer||50 free per month, then 20p per transfer||Unlimited|
|Card payments in any country and currency||Free||Free||Free|
|ATM withdrawals||£1 per withdrawal||3 free per month, then £1 per withdrawal||Unlimited|
|Pay cash in||1% per transaction||Up to £300 per month, then 1% fee applies||Unlimited|
|International payments||£5 per payment||1 free per month, then £5 per payment||4 free per month, then £5 per payment|
|Currency conversion (markup) fee||0.5%||0.5%||0.5%|
|Personal payment link for accepting payments||1% per transaction||Up to £200 per month, then 1% fee applies||Unlimited|
|Additional debit cards||£3 per card per month||Up to 5 included, then £3 per card per month||Unlimited|
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 Money business 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 Money Safe? Is ANNA Money Protected?
The fact that ANNA is regulated by the Financial Conduct Authority makes your account secure. However, ANNA is not a bank so any money held with them is not protected under the Financial Services Compensation Scheme (FSCS). Wirecard Card Solutions company is responsible for issuing ANNA card. It also has a licence 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.
ANNA Money Business Account Alternatives
- Wise Business Account
- Revolut Business Account
- Monese Business Account (for UK registered companies)
- N26 Business Account
Final Thoughts on ANNA Business Account Review
While you will find other online business accounts services, ANNA prides itself in the fact that it efficiently and accurately integrates banking with invoicing, sale, accounting, ecommerce and management of expenses. 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.
- ANNA Money customer care: email@example.com
- ANNA Money email: firstname.lastname@example.org
- ANNA Money contact number: +44 203 393 8688
- ANNA Money address: PO Box 1130, Cardiff, CF11 1WF
- ANNA Money Twitter
- ANNA Money Facebook