If you’re looking for an easy-to-use business account, ANNA Money could be a good choice for your limited company or sole trader business – and you can set up an account in under 10 minutes.
The account has been designed to support newly formed businesses, with time and money-saving admin tools to help them set up and grow their businesses easily.
Like Tide, ANNA* is one of the leading digital-first business account providers in the UK. In this review, we analyse the benefits of an ANNA Money account and consider the pros and cons for sole traders and limited company owners.
*If you were wondering, ANNA stands for Absolutely No Nonsense Admin.
The ANNA Money business account
To open a new ANNA account, you just follow these simple steps:
- Enter your email address
- Download the app
- Enter a few details about yourself (you’ll need a form of ID and proof of address)
- Share some basic info about your business
The application process usually takes under 10 minutes, and you’ll receive a sort code and account number right away!
ANNA Money accounts are open to all types of business: sole traders, limited companies, and LLPs.
ANNA Money doesn’t provide overdrafts or loans, and the application process is designed to be quick.
You’ll receive your account details (including your account number and sort code) right away, along with an instant payment link so clients can pay you immediately. The app also provides invoicing, receipt capture and tools for Making Tax Digital for Income Tax. For more on the rules, read our MTD deadlines guide.
Choose from 4 pricing plans
ANNA provides a free (PAYG) account, as well as Grow, Business and Big Business tariffs.
Free Pay As You Go account:
- There is no monthly fee.
- The first £1,000 of incoming payments each month is free, then you pay 0.95% commission.
- Unlimited outgoing transfers.
- Free ATM cash withdrawals.
- You can send clients an instant payment link, although payment processing charges may apply.
Paid monthly tariffs:
- Grow (£12.90 + VAT/month): 15 included bank transfers a month, then 27p each, with two cards.
- Business (£22.90 + VAT/month): 60 included bank transfers a month, then 20p each, with five cards.
- Big Business (£59.90 + VAT/month): unlimited bank transfers and cards, with further allowances for international payments and other services.
- Examples include included bank transfers, extra debit cards for team members, and different incoming payment allowances.
- Free or more generous cash machine withdrawals.
For many small businesses, the Pay As You Go account will more than suffice, unless you have a large number of incoming payments (where the 0.95% commission can add up) or need the inclusions of paid plans.
Click here to open an account.
Pros and Cons of Anna Money
Pros
- Quick sign up – get an account number, sort code, and instant payment link in minutes
- Suitable for all business structures (sole trader, limited company, LLP)
- Free business account option – only pay for what you use with the free tariff (0.95% on incoming payments above the first £1,000 each month)
- 24/7 customer support via live chat
- Track your money on your mobile – manage your business account, admin, and taxes all via the app
- Invoicing and expense tracking – ANNA’s tools can help you stay on top of the admin side of your new business
- Tax reminders and estimates so you stay on top of your books as you earn (including MTD-compliant VAT/Corporation Tax tools and auto-filing options)
- Free ATM withdrawals on Free and Big Business plans
- Customer reviews available on Trustpilot and other review platforms
Cons
- ANNA is online only, so you won’t have access to bank branches
- Not for all countries – ANNA is currently only available in the UK
- No cheques – you cannot scan or pay in cheques via ANNA
- No FSCS deposit protection – ANNA is an e-money account, not a bank. Customer funds are subject to safeguarding rules rather than the FSCS bank deposit scheme. See our FSCS business accounts guide.
Overall review
The ANNA Money account is a good option for sole traders and small limited company owners who need an account for their new business quickly, with the charges clearly set out.
Of course, there’s no such thing as a ‘free’ business account, but assuming you have relatively modest incoming payments, the costs can be reasonable. Just remember the 0.95% charge on amounts received above the £1,000 monthly allowance.
Sign up is free, and even at the PAYG level, you’ll get access to the excellent free admin tools to help start your new business off on the right foot.
Also worth a read – our summary of the Tide Business Bank Account (£50 cashback), plus our Zempler Business Go review!