ANNA Business Bank Account review
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
23rd November 2020
4 minute read
ANNA is an app-based business banking provider, ideal for start ups, sole traders and freelancers who need a space to organise their finances. Established in 2017, they now provide business bank accounts that allow you to cut down your admin and concentrate on the important task of running a successful business.
Features include an easy setup process, round the clock support, payment reminders and an intuitive system for passing on your admin. All of this combined means that small businesses and individuals have a simple introduction to business banking, with 3 months of no fees to get you started.
Getting a business bank account through ANNA is a great option for those just starting out and would like a versatile space to organise the finances and reduce admin.
Money Guru Rating: 4.7/5
- Pros and cons
- Eligibility criteria
- App features
- Spending abroad
- Fees and charges
Pros and Cons
Offers an app-based business bank account
Get your new account within 10 mins
Free account usage for 3 months
Create invoices in-app
If you don’t use your account, it’s free for that month
Sends reminders on your behalf
Instant notifications to your device
Innovative app to manage your finances on-the-go
Free direct debits
Earn 1 % cashback on business expenses
Open Banking integration available
No hidden fees
10-min response time on chat support
Introductory period only 3 months
Debit card takes 5 working days to arrive
Pay a minimum of £5 after 3 months
No accounting software integration
Limited free local transfers
ANNA stands for Absolutely No-Nonsense Admin, which makes it ideal for those sole traders, freelancers or start ups who haven’t got the time to be chasing invoices. The intuitive features of the Anna business bank account mean that small businesses can get on with the important stuff, saving time and money in the process.
- Business Bank Account – this free account gives you an introduction to ANNA that is more appropriate for freelancers and sole traders, in that the maximum balance is £5000 and your monthly income must be less than £500.
- Premium accounts – the premiums options scale up depending on how much you plan on using the account itself, with varying maximum balances and monthly income amounts to suit most small and medium sized businesses. Choose between paying £4.90, £9.90 and £24.90, depending on your requirements
- Over 18 years of age
- Personal details (name, address and DOB)
- Acceptable photo ID such as a driving licence or passport
- Business details and proof of address
- Companies House number or other relevant details
- Unique Taxpayer Reference
The ANNA smartphone app has a host of useful features, alongside being able to view your balance on the go. You can also create invoices, automated sorting and useful reminders to ensure you don’t miss a bill or payment.
Create invoices allows you to set up quick invoices and send them out, all through ANNA’s smartphone app. This means you can save time by not having to go back to your computer, and get on with more important tasks for the day.
Auto-match payments to invoices is amazingly useful for making sure you don’t let any unpaid invoices slip through the cracks, and is part of the way ANNA automates processes to keep you on track when managing your money.
Chase invoices is another great feature that saves you time, as you can simply send a chat message to ANNA to chase an invoice and it will send out an automated reminder to the recipient.
To access your ANNA business banking account, you will be required to set up a password to login, but you can also make use of your in-built security features such as Touch ID and Face ID if your smartphone supports them.
The latest technology is used to secure your account so you can rest assured your money is in safe hands. ANNA also have a section of their team dedicated to security, who monitor accounts and ensure that your finances are kept safe at all times.
According to ANNA’s help centre you never need to worry about hidden fees while spending abroad, which is ideal for those looking to work outside the UK. Since the debit card you receive is a Mastercard as well, you should receive the best rates, as long as you always spend in the local currency.
However, whilst you can perform international transfers in Euros and US Dollars, you can’t currently receive foreign currency into your account. They instead recommend the service Transferwise to complete incoming international transfers.
Fees and charges
Once you have used up your standard 3 months of free business banking you will have to move onto a monthly fee. You will have the option of choosing £4.90, £9.90 or £24.90 per month, which is based on how much you expect to earn per month and how much you expect to keep in your account.
Since you have to pay a monthly fee, it means that the ANNA account doesn’t have many additional fees that you will be charged for while using the account, as you can make transactions, transfer and spend abroad for free.
You will be able to get your questions answered using ANNA’s help centre, but you will also get a lot of answers through the chat function. This is available through the app and will allow you to create invoices, chase invoices, make international transfers and get further support from the ANNA team, who should be available 24 hours per day.
Summary - 4.7/5
Getting a business bank account through ANNA is a great option for those just starting out and would like a versatile space to organise the finances and reduce admin. Automated features and reminders mean that ANNA stands out from the crowd as a smart-account that should, in practice, save you a lot of time (as long as you make the most of the features available).
Whilst 3 months of free business banking isn’t huge, it still gives you more than enough time to give ANNA a trial run and even then, the premium options work out cheaper and only rise as your business brings in more money. As a business owner, it works with you, rather than against you, so is definitely worth a try if you’re looking to switch, or set up a brand-new account.
Are you thinking of opening an ANNA business bank account? Head over to our business bank account tables to find out more, using the button below.