ANNA Business Account Review [2024]: Features, Fees, & Alternatives

What is ANNA Money?

Founded in 2017, ANNA or ANNA Money is a UK-based 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. 

They have served over 100,000 businesses, received the FStech Awards in 2020, and are a finalist for the British Bank Awards’ Best Business Banking Provider in 2023. 

ANNA Money Featured Reviews

Tanesia Jones rated ANNA Money ⭐⭐⭐⭐⭐

I registered as a sole trader in 2021 and chose ANNA as my business banking. I’m on a pay-as-you-go package, so my fees depend on how much I work each month. I love how flexible it is! 

If I have any issues or queries, I send a quick message on the chat and someone comes back to me within a few minutes. (…)

The ANNA app makes it SO easy to file a tax return - my first one, I’d never done it before, but with the help of Anna, it took me about half an hour. I couldn’t believe how simple it was! It meant I’ve not needed to pay for an accountant which has saved me a small fortune (...)

Source: Trustpilot Review

Yasmeen Ong rated ANNA Money ⭐⭐⭐⭐⭐

Highly recommended, especially for new business!

I applied for a business account with Anna Bank for my newly incorporated company. I love the app which is easy to use. A professional-looking business debit card was delivered to me a few days after I had opened an online account. Customer service is excellent. Highly recommend!

Source: Trustpilot Review

Based on 2,635 ANNA Money reviews on Trustpilot, they received a score of 4.5 out of 5.

ANNA Business Account Features

With ANNA, you get business accounts based in the UK which act like business current accounts. ANNA business accounts come with a UK sort code and account number, and you also get IBAN to accept international payments.

Here are the highlighted features:

• Get UK business accounts and sort code details.
• Inbound payments in GBP, EUR, USD, AUD, CAD, BHD, BGN, CNH, HRK, CZK, DKK. HKD, HUF, ILS, JPY, KES, KWD, MXN, NZD, NOK, OMR, PLN, QAR, RON, SAR, SGD, ZAR, SEK, CHF, THB, TRY, UGX and AED. 
• Outbound payments in GBP, EUR, USD, AUD, CAD, CHF, and NOK
• Make international transfers in Euros, US Dollars, and GBP sterling with fair, up-to-the-minute exchange rates and no additional fees.
• Connect to a Payoneer account and access your EUR and USD details, receive transfers, receive transaction notifications, and initiate transfers from a Payoneer account to ANNA.
• Get a physical Mastercard® debit card and issue a virtual card upon signup for immediate payments.
• Use your ANNA debit cards for international payments worldwide.
• Schedule recurring payments.
• Connect to Apple Pay and Google Pay.
• Provide co-workers with their own debit cards, set spending limits, and let the ANNA app manage expenses.
• Create money-saving pots in your business account for taxes, salaries, or other expenses.
• Earn 1% cashback on various business expenses using your ANNA debit card.
• 24/7 customer support team with a commitment to respond within 10 minutes.

ANNA is not a bank and doesn't provide overdrafts or bank loans. You can't deposit cheques directly into your ANNA account. But it's easy to connect your other accounts to ANNA using Open Banking for simple transfers.

Let's explore more details on how to receive, send, and exchange funds with ANNA business accounts.

Receiving Funds with ANNA Business Account

In partnership with Payoneer, ANNA can give you a SWIFT and IBAN or ABA number. These details cover everything you need to receive payments from most countries.

You can receive payments in GBP, EUR, USD, AUD, CAD, BHD, BGN, CNH, HRK, CZK, DKK, HKD, HUF, ILS, JPY, KES, KWD, MXN, NZD, NOK, OMR, PLN, QAR, RON, SAR, SGD, ZAR, SEK, CHF, THB, TRY, UGX and AED 

ANNA supports the following types of inbound payments:

• Faster Payment Service (FPS): Usually instant, arriving within a few minutes. However, it may take up until the end of the next working day. The maximum inbound payment through FPS is GBP 1,000,000
• BACS payment: Takes up to 3 working days to arrive. The maximum inbound payment through inbound payment with BACS is GBP 10,000,000.
• SWIFT payment: It takes up to 5 working days to arrive, and the payment must originate from a country supported by ANNA.
• SEPA: Payments from other SEPA countries, processed in Euros. Generally, these payments take 1 working day to be credited to your account.

ANNA does not support CHAPS payments, and these typically bounce back within 5 working days.

You can also refer to a list of support countries for inbound payments. Payments originating from banks in countries not listed will be rejected, and the funds will be returned to the sender.

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. 

Sending Funds with ANNA Business Account

Here are the payment types and methods available with ANNA:

Local Payments via FPS

You can make quick GBP payments through the Faster Payments Service (FPS). 

These electronic transfers within the UK can be done online, over the phone, or at a bank's self-service machine. The transaction should arrive within minutes in case the receiving account also uses FPS. However, it may take up to 2 hours in some cases.

Currently, ANNA Money accounts support receiving BACS payments but do not enable sending them. Moreover, CHAPS payments are not supported by ANNA at the moment.

International Payments with ANNA’s Partner

ANNA is currently in the beta testing phase for its international service. They partnered with Currencycloud, which enables users to make international payments in GBP, EUR, and USD. 

However, support currencies for outbound payments include GBP, EUR, USD, AUD, CAD, CHF and NOK. 

Payments may take up to 5 business days or longer, depending on the recipient’s bank and intermediary banks involved.

You can refer to ANNA's list of supported countries for outbound foreign payments for more information.

Direct Debits 

You can set up electronic direct debits with your ANNA account details. 

Upon the initial setup of the service, it may take up to 5 working days to become available. The service is protected by the Direct Debit Guarantee Scheme, meaning if there is a mistake with a direct debit, you will be entitled to a refund.

Please note that ANNA only supports electronic direct debits, and paper direct debits are not available.

For the outbound payments, you cannot make a payment greater than GBP 250,000. In some cases, ANNA may request information about the source of funds to execute the payment. 

Cards    

Every ANNA money account 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.

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. 

Further details can be found in the ANNA app. 

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

Foreign Exchange

ANNA does not offer foreign exchange services. For international transfers, FX services are performed by its partners, Payoneer and Currencycloud.

ANNA Business Account Limits 

These limits apply to each individual account.

For more information, please refer to ANNA Account Limits information page. 

Other services

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

• Invoice software: You can create and send invoices online, and have ANNA chase unpaid invoices for you. 
• 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 such as Pay in 3, SME lending, and grant finder.
• ANNA Payroll on the go: You can make bulk payments through the app. 
• Receive payouts from selected merchant partners, including Stripe, WorldPay, SquareUp, SumUp, PayPal, Amazon, and Barclaycard PDQ.
• Open banking: ANNA is partnered with TrueLayer, Europe’s leading provider of Open Banking services. This means you can connect your other bank accounts in the ANNA app and see all of your business transactions in one place.
• Integration with accounting software: such as Xero and Sage.
• Receipt scanner and expense reports: Snap receipts and ANNA will match them to transactions. All of your expenses are automatically categorised and summarised in reports, so you can see exactly where your money’s going.
• Free tools: like an invoice spreadsheet template and VAT filing add-in for Excel.

ANNA Money Features Rating is 3.5/5

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, tax services, and business tools add valuable features.

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 could be a notable drawback for certain businesses.

ANNA Business Account Fees

There are 3 tiers of ANNA business accounts 

• Free: pay as you go
• Business: ideal for small businesses
• Big Business: ideal for larger businesses

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. 

You will be charged a monthly fee and different service fees depending on which plan you choose.

ANNA Money Fee Rating is 3.5/5

ANNA Money offers a flexible fee structure with attractive features like a free account option, free local transfers within free allowances, and cashback. 

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.

ANNA Money Customer Support

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.

 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

You can also find their registered office address as the following:

Brunel House,
2 Fitzalan Road,
Cardiff, Wales, CF24 0EB

Correspondence address: PO Box 1130, Cardiff, CF11 1WF

ANNA Money Customer Support Rating is 4.5/5

ANNA's customer support boasts 24/7 availability, swift response times, positive user feedback, and service guarantees. Although there is room for improvement in expanding communication channels., ANNA's support is a strong aspect of their service offering.

Requirements for Opening ANNA Business Account

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:
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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. 

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 driving license or a valid passport, take a recent photo of yourself to either your bank, solicitor, or accountant to get it certified
• Identity documents for other directors and partners: if they cannot provide documentation right away, ANNA might ask for other documents.
• Proof of address: such as a utility bill, council tax bill, or bank statement (dated within the last three months). 

🔍 Tip: Find out where to find proof of address in the UK 

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 who can join ANNA, 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 in just 3 - 10 minutes, and you can anticipate receiving your ANNA Mastercard® within 5 working days.

ANNA Money Ease of Opening an Account is 4/5

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 3-10 minutes is notably swift. However, it's restricted to resident businesses. 

ANNA Money Alternatives