ANNA Business Account Review [2024]: Features & Fees

Founded in 2017, ANNA or ANNA Money is an award-winning UK fintech that offers business accounts to small business owners, sole traders, startups, and independent freelancers around the UK.

ANNA stands for Absolutely No Nonsense Admin, representing the company's goal: to reduce the amount of time you spend on administrative tasks.

ANNA is not a bank, but they are regulated to conduct electronic money service activities by the UK’s Financial Conduct Authority (FCA). Under these regulations, ANNA must keep customers’ money in a bank separate from their own funds, and they cannot use customer money to fund their activities. 

Recently, ANNA introduced biometric re-authentication measures, such as selfie verification for unregistered devices and random checks, to enhance security and protect over 100,000 small businesses and sole traders across the UK from fraud.

Business Accounts

With ANNA, you get business current accounts based in the UK, which act like traditional business bank accounts.

ANNA business accounts support only GBP, meaning that you can hold only British Pounds in your account.

Each account comes with a UK sort code and account number, and you also get IBAN to accept international payments.

Highlight Features

• Send and receive fast UK bank transfers.
• Make CHAPS payments.
• Send international transfers in AUD, CAD, CHF, EUR, GBP, NOK and USD via SWIFT (partnered with CurrencyCloud).
• Connect to a Payoneer account to receive international transfers in GBP, EUR, USD, AUD, CAD, SGD, CNH, HKD, and more.
• Set up and manage electronic direct debits for free. All payments are protected by the Direct Debit Guarantee Scheme, which means that if there is a mistake with a direct debit, you will be entitled to a refund.
• Set up and manage scheduled and recurring payments.
• Make bulk payments to simplify payroll.
• Create money-saving pots in your business account for taxes, salaries, or other expenses.
• Create, manage, and share payment links with your payees. You can get your personal webpage with a link for use on social media profiles or elsewhere.
• Create and send professional-looking invoices with QuickPay functionality and have ANNA chase unpaid invoices for you. 
• Snap receipts and then ANNA automatically match with your payments on the go. All of your expenses are automatically categorised and summarised in reports.
• Submit your VAT return from any spreadsheet.
• Deposit cash at any PayPoints branch across the UK.
• Connect with accounting software like Xero and Sage and share access with your accountant.
• Connect with top ecommerce platforms such as Shopify, WooCommerce and eBay to export sales and profits to your ANNA account.
• Instant payment notifications to update you when a transfer comes in and out of your account.
• Link all your personal and business accounts to ANNA to view your finances in one dashboard (partnered with TrueLayer).
• 24/7 customer support team with a commitment to respond within 10 minutes.

ANNA currently limits transactions to and from certain countries and currencies. Before making transfers, please check the list of supported countries and currencies to avoid any delays.

In case of missing inbound payments, you can refer to ANNA's FAQ page on missing inbound payments for guidance or reach out to their support for assistance.

Lastly, there are account limits to keep in mind.

• Account balance: GBP 10,000,000
• Outbound payment: GBP 250,000 per transaction
• Inbound Faster Payment: GBP 1,000,000 per transaction
• Inbound BACS Payment: GBP 10,000,000 per transaction

However, you can contact the ANNA team to negotiate the default account limits to meet your business needs.

Debit Cards

Every ANNA account holder can receive a minimum of one physical and one virtual business debit card. The issued card will be a Mastercard® debit card in GBP.

The cards can be used to make purchases in-store, via the Internet, or over the phone, and you can use them to withdraw cash from ATMs. You can also issue cards to co-workers, set spending limits, and manage expenses via the ANNA app.

While the card is in GBP, you can make transactions in other currencies that are then converted into GBP by Mastercard®. You can view the FX rate used in your transaction history. ANNA may charge an additional foreign transaction fee. 

In addition, you can earn 1% cashback on eligible business transactions. Further details can be found in the ANNA app.

The card also supports Apple Pay and Google Pay, allowing you to make contactless payments using your iPhone or another Apple Pay-enabled and Google Pay-enabled device. Simply set up your ANNA card in the wallet app.

+Taxes

ANNA offers an add-on that aims to take the stress of managing your taxes. It provides a comprehensive solution to keep your finances organised and your business tax-ready.

Key Features of +Taxes:

• Automatically calculate and file VAT, Corporation Tax, and payroll directly with HMRC.
• Stay organised with automatic bookkeeping and practical tips to keep your records tidy.
• Avoid missed deadlines with personalised tax reminders tailored to your schedule.
• Automatically set aside funds into tax pots for upcoming tax bills.
• Get a real-time estimation of your Corporation Tax liability.
• Calculate and file payroll for your limited company.
• Access professional advice and answers to your questions about business taxes and accounting.
• Generate essential business documents, including Profit and Loss statements, balance sheets, and income statements.

You can try this feature for GBP 3 per month for the first 3 months. After that, you’ll need to pay GBP 24 monthly for a service.

Other Services

Besides, ANNA Money offers additional value-added services, including the following:

• Tax services: Once ANNA knows your tax profile, they will send you reminders via the app about upcoming HMRC requirements and tax estimations as you earn.
• Credit options: Through SteadyPay and other partners, ANNA offers credit solutions to improve your cashflow such as credit, SME lending, and grant finder.
• Receive payouts from selected merchant partners, including Stripe, WorldPay, SquareUp, SumUp, PayPal, Amazon, and Barclaycard PDQ.
• Free tools: Like an invoice spreadsheet template and VAT filing add-in for Excel.
• UK company registration service: Offers a service to register your UK business with Companies House and the option to set up your VAT, PAYE, or virtual office, depending on your selected plan. Also, ANNA can help you register your limited company as a landlord to help save more on taxes.

ANNA Money Feature Rating is 3.8/5

ANNA provides a robust suite of features tailored for UK-based small businesses, particularly those with a domestic focus. The incorporation of virtual debit cards, integration with digital wallets, cashback, and advanced tax services, which help simplify their financial and administrative tasks.

However, while ANNA does provide an IBAN for accepting international payments and supports a variety of inbound and outbound transactions in multiple currencies, the currency range and international transfer service overall is somewhat limited. Additionally, the absence of overdrafts and cheque deposits could be a notable drawback for certain businesses.

There are 3 tiers of ANNA business accounts, which are Pay As You Go, Business, and Big Business.

All accounts provide similar services, but there are variations in free quotas and fees.

Like many other fintechs, ANNA does not charge account opening fees. However, you will be charged a monthly fee and different service fees depending on which plan you choose.

Do note that the pricing structure is subject to change. Please refer to ANNA’s pricing page for up-to-date information.

Card Fees

We couldn’t find information about international card transactions and card conversion fees. Please contact ANNA Money for detailed information.

ANNA Money’s Fee Rating is 3.5/5

ANNA Money offers a flexible fee structure with attractive features like a free account option and free local transfers within set allowances. Its GBP 5 flat fee for international transfers and free pots in higher-tier plans add value for many users.

However, the various additional fees for exceeding transaction limits, currency conversion, and card services, as well as the steep monthly fees for higher-tier plans, could accumulate. The platform is likely more cost-effective for smaller businesses with lower transaction volumes and fewer international needs.

To get in touch with the ANNA team, they recommend reaching out through the ANNA in-chat app for the quickest response.

ANNA offers 24/7 support with a 10-minute response time. As per the ANNA support page, they promise to refund the monthly subscription in case of delays. You can also check expected response times through their Live Support Status.

Alternatively, you can also email them at the following address.

• For general enquiries: hello@anna.money
• For customer assistance: support@anna.money
• For money and data security: security@anna.money

ANNA Money’s Customer Support Rating is 4.5/5

ANNA’s customer support team boasts 24/7 availability, swift response times, positive user feedback, and service guarantees. Although those seeking face-to-face interaction might find the digital-only approach less ideal, ANNA’s support is a strong aspect of their service offering.

Eligibility 

• The applicant must be a UK resident
• The applicant must be at least 18 years old
• The applicant must manage or be a director of either a non-limited business or a limited organisation. In essence, sole traders, limited companies listed on Companies House, and Limited Liability Partnership (LLP) are all eligible.
• The applicant's business is located within the UK, with a UK residential address.
• For a non-limited business seeking to open an account, you are required to affirm the following:

When you open a business account, you can choose from a sole trader account or a limited company account. If your business is an LLP and registered with Companies House, choose the limited company account. If it is not registered with Companies House, select the sole trader account.

ANNA does not offer accounts to charities or businesses engaged in prohibited activities, such as gambling, adult entertainment, cannabinoids, and precious metals.

Required Documents

The application process for a business account with ANNA is 100% online. You can apply through the sign-up page or mobile app.

As part of the application process, you will need to supply basic information about yourself, your business, and your directors or partners. This includes:

• Your name, address and date of birth
• Your identity documents: passport or full driving license. If you don’t have a driver's license or a valid passport, the ANNA team might ask for some documents from the Proof of Identity Checklist.
• Identity documents for other directors and partners: if they cannot provide documentation right away, ANNA might ask for other documents from the checklist.
• Proof of address: such as a utility bill, council tax bill, or bank statement (dated within the last three months).

Depending on the type of business you are running, you will be asked for further documentation:

• Sole trader: Copy of a letter from the UK tax office (HMRC) showing your Unique Taxpayer Reference
• Partnership: Copy of the partnership agreement listing all partners. If this is out of date, ANNA will accept a solicitor letter that states the same information.
• Limited company and some LLP: Company registration number from Companies House. 
• Nurses, drivers, and contracted workers: Contracts with employing agencies and proof of membership in professional bodies or regulators.
• Businesses with physical premises: A utility bill or lease agreement displaying the business name and address.
• Consultancy work: Present LinkedIn profiles and relevant contracts.
• Building or construction services: A CSCS card along with supplier invoices, contracts, and insurance documents.
• Online sellers (pre-listing setup): Supplier invoices.
• Market traders: Supplier invoices, contracts, and confirmation from the market or a market trading license from the council.

After you have opened your account, ANNA will get in touch to find out a bit more about your business, such as your business website, online marketplace profile, and social media profile. If you don’t have any of these, ANNA will ask for other documentation.

For more information, please refer to the ANNA website Help Center regarding what is needed to open an ANNA account, and forms of business evidence.

According to the ANNA Money website, the process of opening an ANNA account can be completed within 10 minutes, and you can anticipate receiving your ANNA Mastercard® within 5 working days.

The Ease of Opening an Account for ANNA Money is 4.5/5

ANNA's account opening process is generally user-friendly and well-structured, featuring clear eligibility criteria and initial documentation requirements. Even though additional documentation may extend the process, ANNA's claimed opening time of just 10 minutes is notably swift. However, it's restricted to resident businesses.

Overall, ANNA’s account opening process is efficient and hassle-free for those who meet the eligibility requirements.