In this independent review, we take a look at the app-only business account ANNA* including how it compares to some of its business banking competitors such as Starling Bank* and Tide*. For a full comparison of business bank accounts, read our article 'Best business bank accounts' for more information. We recommend that you read the ANNA review in full but you can jump to specific sections using the following links:
- What is ANNA?
- ANNA key features
- How does ANNA work?
- ANNA business bank accounts
- How much does ANNA cost?
- Is ANNA safe to use?
- ANNA customer reviews
- Pros and Cons of ANNA
- ANNA alternatives
- Summary
What is ANNA Money?
ANNA (Absolutely No Nonsense Admin)* is a business account that works solely from your smartphone. ANNA was founded in 2017 by Boris Dyakonov and Eduard Panteleev and since then, has amassed over 100,000 business customers.
ANNA is not a UK-registered bank account but an e-money provider regulated by the Financial Conduct Authority (FCA) which means that you can spend using the Mastercard debit card in the UK and abroad, however, your money will not be protected by the FSCS (Financial Services Compensation Scheme).
ANNA is aimed at small non-limited UK businesses that are structured as a partnership or sole trader as well as UK residents that are directors of a limited company.
ANNA Money key features
- 1% cashback on select spending
- Cashback at selected retailers
- ANNA expense card
- No monthly fee on the Pay As You Go account (additional charges apply)
- App-only banking
- Add all of your personal and business accounts within the app
- 24/7 chat support
- Attach receipts to transactions
- £1 ATM withdrawal fee (some free withdrawals depending on the business account chosen)
- Up to 1% currency conversion fee
- 1% foreign transaction fee for foreign currency transactions
- Real-time accountant access
- Scheduled payments
- Send invoices
- Expense management
- Access to small business loans
- ANNA + Taxes
- ANNA FastTrack to Credit allows users to boost their credit score for £9 a month
How does ANNA Money work?
Anna is a business account designed for small business owners to help them manage their money on the go. ANNA claims that it only takes 3 minutes to open an account and you can expect to receive your business Mastercard in 5 working days. When opening an ANNA account you will need to verify your identity by providing a photo of your driving licence or passport. You may also be asked to validate your address and will need to provide a utility bill, council tax statement or bank statement that has been dated in the last 3 months.
You can choose between 3 business accounts with ANNA, each with different pricing levels. One account option is a Pay As You Go (PAYG) account which comes with no monthly fee. If you require additional account features, however, you can choose between accounts with a fee of £14.90 or £49.90 + VAT and we compare each of the ANNA Money business accounts in the table below.
ANNA Money business accounts
Below, we list the business accounts available with ANNA Money*. There are three business accounts to choose from with the option of no monthly fees for smaller businesses. We highlight the key differences between the different types of accounts in the comparison table below.
ANNA business account comparison
| Pay As You Go | Business | Big Business | |
| Monthly cost | £0 | £14.90 + VAT (1 month free) | £49.90 + VAT |
| Annual cost (if billed annually) | £0 | £149 + VAT | £499 + VAT |
| Free local transfers in and out | 20p per transfer | 50 free transfers a month (20p thereafter) | Unlimited |
| Free ATM withdrawals | £1 per withdrawal | 3 free withdrawals (£1 per withdrawal thereafter) | Unlimited |
| International payments | £5 per SWIFT payment | 1 free SWIFT payment (£5 thereafter) | 4 free SWIFT payments (£5 thereafter) |
| Currency conversion fee for transfers | 1% | 1% | 0.5% |
| Personal payment link for accepting payments | Payment link with 1% commission | Free up to £200 per month (1% commission thereafter) | Free |
| Free additional debit cards | 1 free card (£3 per extra card) | 5 free cards (£3 per card per month thereafter) | Unlimited |
| Free cash deposits | 1% commission fee | £300 free (1% commission fee thereafter) | Free |
| Pots | £1 per month per pot | 2 free pots (£1 per month, per pot thereafter) | Unlimited |
| Cashback on select purchases | 1% | 1% | 1% |
| ANNA + Taxes | £3 a month for 3 months then £24 + VAT | £3 a month for 3 months then £24 + VAT | £3 a month for 3 months then £24 + VAT |
ANNA cashback
ANNA business account holders can earn up to 1% cashback on select purchases with their ANNA Money debit card. You can choose which top three purchase categories you earn cashback via the money app and can earn a maximum of £100 cashback in any one month.
Examples of categories you can earn cashback on are shown below:
- Public transport e.g TFL or Trainline
- Utilities
- Tesco
- Plumbing and heating
- Delivery services e.g Royal Mail or DPD
ANNA + Taxes
ANNA + Taxes is an optional add-on which costs £3 per month for the first three months and then £24 a month + VAT. It comes with a range of features such as automated expense sorting, auto-calculations of VAT, Corporation Tax, and PAYE, as well as invoicing, payroll, and tools to minimise taxes. In addition, there is a tax AI chatbot to help with queries. This add-on may be particularly helpful for limited companies or businesses which are VAT registered.
How much does ANNA Money cost?
In the following table, we share the fees and charges that you can expect with an ANNA Money business account*. Exactly how much you will pay will vary depending on the type of business account you have chosen as some have free limits before you are charged a fee. We explain the differences between the accounts in the above comparison table.
ANNA fees and charges
| Monthly fees | £0 / £14.90 / £49.90 (+ VAT) |
| Local transfers in and out | 20p per transfer |
| ATM withdrawals | £1 |
| International payments | £5 per SWIFT payment |
| Transfer currency conversion fee | 1% |
| Foreign transaction fee for foreign currency transactions |
1% |
| Cash deposits | 1% |
| Additional debit cards | £3 per additional card |
| Personal payment link | 1% |
| Pots | £1 per pot per month |
| ANNA + Taxes | £3 a month for 3 months then £24+VAT per month |
| ANNA FastTrack to Credit | £9 a month |
Is ANNA Money safe?
ANNA Money business accounts are not protected by the Financial Services Compensation Scheme (FSCS) which means up to £85,000 of your money is not protected should ANNA go bust. However, as ANNA Money is an e-money institution ANNA says 'your deposits are still held in a bank account (in ANNA’s case with several regulated 3rd party institutions) and are subject to safeguarding requirements. That means the money isn’t loaned out or invested. It just sits there being really, really safe.'
ANNA is a distributor of PayrNet Limited which is authorised by the FCA under the Electronic Money Regulations 2011 (EMR's) with Firm Reference Number 900594.
If your ANNA debit card is lost or stolen it can be frozen within the app which can prevent anyone from using the card against your will.
ANNA Money customer reviews
ANNA Money is rated as 'Excellent' on the independent customer review website Trustpilot, with a score of 4.3 out of 5.0 stars from over 3,000 reviews. 84% of reviewers have rated it as 5 stars citing the app as easy and accessible and many have mentioned positive experiences with its 24/7 customer support. 10% have rated it as 1 star citing problems with account closures, problems logging in to the account and poor customer service.
ANNA Money pros and cons
Here are some of the pros and cons of the Anna account.
ANNA Money pros
- Easy to use app
- 24/7 customer service
- Option for no monthly account fees
- 1% cashback on select purchases
ANNA Money cons
- Money is not FSCS-protected
- Is not a UK-registered bank account
- Charges a fee for some transactions that are free with alternative business bank accounts
Alternatives to ANNA Money
Below, we compare ANNA to other app-only business bank accounts. We focus on the features available with the free account options in particular. Paid accounts will offer more features. For more information on each of the business bank accounts, read our independent reviews:
- Monzo business bank account review
- Starling Bank business bank account review
- Tide business bank account review
- Revolut business bank account review
You can also compare the bank accounts in our article, 'The best business bank accounts in the UK'. We have also partnered with Nerdwallet* to allow you to compare the UK's top business bank accounts in minutes.
ANNA vs Monzo vs Starling vs Tide vs Revolut
| ANNA* | Monzo | Starling* | Tide* | Revolut | |
| Monthly cost |
|
|
|
|
|
| Free UK transfers | NO | YES | YES | NO | NO |
| Free ATM withdrawals | NO | YES | YES | NO | NO |
| Fee-free spending abroad | NO | YES | YES | YES | NO |
| Categorised spending | YES | YES | YES | YES | YES |
| 24/7 customer support | YES | YES | YES | NO | NO |
| Cash deposits | YES | YES | YES | YES | YES |
| Cheque deposits | NO | YES | YES | NO | NO |
Summary
Overall, ANNA* may be a good option for a small business or start-up looking to manage their money on the go. The easy set-up process makes it appealing compared to having to visit a high street bank. There are some nice perks for business owners too.
One thing to consider before opening an ANNA account, however, is that it is not a UK-registered bank account and so business account customers cannot take advantage of an overdraft like they would with a usual business bank account. It does have limited options for borrowing credit, however, and is hoping to introduce a flexible credit option in the near future. It is also important to note that your money is not FSCS-protected with ANNA as it is registered as an e-money account. ANNA also applies some additional transaction charges that other accounts offer for free. To see how ANNA compares to other business bank accounts, read our article, 'Best business bank accounts in the UK'.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Nerdwallet, ANNA, Starling, Tide
