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What is Anna Money Banking?
Where ANNA Money (“Absolutely No-Nonsense Admin”) claims to be different is that it is not technically a bank. It promotes itself as a mobile business account, that provides admin support and tax reminders.
Established less than two years ago, ANNA Money is rapidly changing the landscape for integrating business banking with back-office accounting.
Ideally designed for sole traders, partnerships, and limited companies, this business bank account starts off with £0 monthly management fees and provides back-office support, like invoicing and automatic VAT calculating.
ANNA Money works with the clients to get the best out of their banking needs.
Key Details
Anna Business Account Pros & Cons
- Invoice generator and late payment chasing
- Networking events
- Link your other bank accounts with ANNA
- No credit facilities
- Limited client funds protection
Anna Banking Features
ANNA Money offers a business bank account in the UK, a debit card, and a sort code. Its points of difference are the back-office and admin services. Additionally, they offer some neat perks like functions, invoice chasing, and stock options.
A GBP Account
Accordeon buttonAs a UK-based financial service, Anna offers business accounts exclusively in GBP.
Payments
Accordeon buttonPayments can be made by direct debit, transfers, with the debit MasterCard or via the Faster Payments Scheme.
International payments can also be made via CurrencyCloud in GBP, EUR, and USD. Exchange rates are fair, and up-to-the-minute – with no additional fees. Payments can also be made overseas using the MasterCard.
Corporate Card
Accordeon buttonANNA Money business accounts come with a debit Mastercard issued by Wirecard Card Solutions Ltd (WDCS).
The card can be used for marking purchases online or in-store and to withdraw cash from ATMs. The debit card limit is based on the tier of the product you choose, starting off as low as £1,500.
Roles & Permissions
Accordeon buttonOne Account Manager operates the account. Individual card-holders and multiple users can access the account based on the tier level.
Accounting Tools
Accordeon buttonANNA Money is fully integrated with Xero. Link Xero via the app and see all the current transactions within the next 15 minutes. From then on, all future payments will show up immediately.
Its unique product is the invoicing service. Customised invoices can be created directly from the app, and ANNA Money support consultants will even automatically chase late payments for you. It also monitors what’s been paid into your account, and checks it against sent invoices.
As for keeping receipts, the app will prompt you to scan your receipt after each purchase. Then it stores the details and assigns an expense category, all without you having to type a thing.
Security
Accordeon buttonOne down-side is that because ANNA Money isn’t a bank, clients’ funds aren’t protected by the UK’s Financial Services Compensation Scheme (FSCS). However, it is regulated by the Financial Conduct Authority (FCA) which means that client money has to be kept separate from company money and can never be used to pay the company’s debts.
To further protect you and your information, ANNA Money’s tech team uses endpoint protection, firewalls, intrusion detection, intrusion prevention, encryption, and data loss prevention.
Perks
Accordeon buttonA fun entitlement for ANNA Money customers is the ability to own shares in the company. The ‘Equity for Mugs’ coffee mug once purchased, includes a small stock parcel, provided by investment platform Seedrs.
ANNA Money believes strongly in the community. In December of 2019, it held its ‘Totally Expensable Freelance Christmas Party’ at the Village Underground in London. Watch out for details of future networking events.
Customer Support
Accordeon buttonAnna Money offers 24/7 support. The fastest way is via the chat option in the app. You’ll be speaking to people based in the UK, and they promise you’ll be answered within 10-minutes.
The online help centre is packed with answers to frequently asked questions and is continually being updated. It’s highly likely your queries will be sorted out here, eliminating the need to contact the support team at all.
Additional Features Coming Soon
Accordeon buttonANNA Money is looking at improving on their customer support by offering chat options via Alexa, Slack, Skype, Siri, and Google Assistant.
Future additions to its expense management features are tax calculation and filing to HMRC as well as payroll projects.
Foreign currency deposits aren’t accepted by ANNA Money – yet. However, the team is actively working with Payoneer to make this a reality soon.
Plans & Pricing
ANNA Money accounts are broken down into Tiers, based on the business turnaround.
- £0 monthly fee – monthly income under £500 – maximum balance £5,000
- £4.90 – monthly income £500 to £2,000 – maximum balance £25,000
- £9.90 – monthly income £2,000 to £20,000 – maximum balance £120,000
- £19.90 – monthly income up to £500,000 – maximum balance £700,000
| £0 a month | £4.90 a month | £9.90 a month | £19.90 a month | |
| Monthly income | under £500 | £500–£2,000 | £2,000–£20,000 | £20,000–£500,000 |
| Business account, account no. and sort code |  | | | |
| Debit cards | 2 | 3 | 5 | Unlimited |
| Multiple user access |  | | Up to 3 users | Unlimited |
| Free UK transfers, in and out | 2 per month | 4 per month | 35 per month | Unlimited |
| 1% cashback on purchases | | | | |
| International transfers | Via Payoneer | Via Payoneer | Via Payoneer | Via Payoneer |
| Free ATM withdrawals | Up to £100 per month | Up to £300 per month | Up to £2,000 per month | Up to £10,000 per month |
| Invoice management | | | | |
| £0 a month | |
| Monthly income | under £500 |
| Business account, account no. and sort code | |
| Debit cards | 2 |
| Multiple user access | |
| Free UK transfers, in and out | 2 per month |
| 1% cashback on purchases | |
| International transfers | Via Payoneer |
| Free ATM withdrawals | Up to £100 per month |
| Invoice management | |
| £4.90 a month | |
| Monthly income | £500–£2,000 |
| Business account, account no. and sort code | |
| Debit cards | 3 |
| Multiple user access | |
| Free UK transfers, in and out | 4 per month |
| 1% cashback on purchases | |
| International transfers | Via Payoneer |
| Free ATM withdrawals | Up to £300 per month |
| Invoice management | |
| £9.90 a month | |
| Monthly income | £2,000–£20,000 |
| Business account, account no. and sort code | |
| Debit cards | 5 |
| Multiple user access | Up to 3 users |
| Free UK transfers, in and out | 35 per month |
| 1% cashback on purchases | |
| International transfers | Via Payoneer |
| Free ATM withdrawals | Up to £2,000 per month |
| Invoice management | |
| £19.90 a month | |
| Monthly income | £20,000–£500,000 |
| Business account, account no. and sort code | |
| Debit cards | Unlimited |
| Multiple user access | Unlimited |
| Free UK transfers, in and out | Unlimited |
| 1% cashback on purchases | |
| International transfers | Via Payoneer |
| Free ATM withdrawals | Up to £1,000 per month |
| Invoice management | |
Fees & Pricing
ANNA Money, like many of its UK competitors, is trying to keep fees as minimal as possible. The monthly account keeping fee allows customers to have a limited number of free ATM withdrawals, as shown here:
 |
 |
 |
|
| Additional Card Fees |
€3/month |
€2/card |
|
| Free Domestic Transfers | |||
| Free International Transfers | |||
| ATM Withdrawl Fees |
2.5% fee |
€1/withdrawal |
2% fee |
|
|
|
|
| Additional Card Fees | ||
|
€3/month |
€2/card |
|
| Free Domestic Transfers | ||
| Free International Transfers | ||
| ATM Withdrawl Fees | ||
|
2.5% fee |
€1/withdrawal |
2% fee |
FAQ
Who can open an ANNA Money business account?
Accordeon button Accordeon buttonCurrently, only a director of a UK-based limited company or a non-limited partnership or sole trader, can open an ANNA Money account.
What countries can I open an account in?
Accordeon button Accordeon buttonANNA Money accounts are for UK residents only.
What documents do I need to open an ANNA Money Account?
Accordeon button Accordeon buttonTo open an account, you need a valid ID like a passport, a bank statement or utility bill to confirm your address, company address, UTR number (for sole traders), company number (for limited companies and some LLPs) & a copy of the partnership agreement (if relevant)
How do I open an ANNA MoneyMoney bank account?
Accordeon button Accordeon buttonOpen an ANNA Money account directly via the smartphone app available in iOS and Android. The account could be ready to operate in as little as 10 minutes.
How can I access my account?
Accordeon button Accordeon buttonAnna has a user-friendly mobile phone app as well as access via a web browser.
Is my money safe?
Accordeon button Accordeon buttonAs ANNA Money isn’t a bank, clients’ funds aren’t protected by the UK’s Financial Services Compensation Scheme (FSCS). However, it is regulated by the Financial Conduct Authority (FCA).
User Reviews
Where do I start?? Such an amazing app, simple and straightforward. From signing up, the team helped me to process the application in the weekend and within the hour.
By Sisters Network Project May, 2020
Excellent service. Always get answers. Open business accounts in 5 minutes and got all questions answered in two minutes. Hope running business will be smooth. Thanks
By Mo Alam Nov’, 2019
Excellent Experience This is one of the best business banking apps I have found and feel like I can trust.
By Mgr Mar’, 2019Our Verdict
With a number of digital banks in the UK market, ANNA Money is rapidly proving that they are one to consider. For sole traders or smaller entities who need assistance with invoicing and back-office admin, this account could be a perfect choice.
For the first three months of activity, ANNA Money offers its clients zero maintenance fees, so new customers can get a feel for the services provided.
The benefits of opening an ANNA Money business account is that you get 24/7 UK based customer support, invoicing and back-office assistance. You’ll also get the option to acquire shares in the company, and meet and greet opportunities with networking events. For zero account-keeping fees for three months, this is the perfect opportunity to open this account and see all the value-add for your business.