Anna Money offers both free and paid business accounts
Anna Money is a business banking provider, with three different business bank accounts available, as well as a taxes add-on. The accounts are for sole traders, directors of registered limited companies or partners in Limited Liability Partnerships (LLPs). Here’s our review of Anna Money.
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What is Anna Money?
Anna Money is an app for managing your money as a business. It’s not actually a bank, but offers a business account to handle all the money into and out of your business. There are a couple of paid upgrades to the account or you can stick with the free pay-as-you-go account, which doesn’t have a monthly charge, but does charge for some individual transactions. We go into more detail on the accounts available below.
You can also use Anna Money for invoicing, keeping track of receipts, VAT filing and taxes. Some of these require paid upgrades to the account.
Before you jump in, it’s worth checking if you need a business account. Sole traders can simply use a regular, personal bank account for their business banking — this can be a separate one, if you want.
Anna Money account tiers and fees
There are three Anna Money account tiers, as well as an add-on for taxes. The lowest tier is pay-as-you-go, so you just pay for what you use, then you can choose to upgrade if there are features you use often.
| Pay-As-You-Go | Business | Big Business | |
| Monthly Fee | £0 | £14.90 +VAT (first month free) | £49.90 + VAT (first month free) |
| Transfers in (except own accounts) | 0.95% on each transaction | 50 free transfers each month then 20p per transfer | Unlimited free |
| Transfers out | Unlimited free | 50 free each month then 20p per transfer | Unlimited free |
| Transfers in/out of own accounts | £0 | £0 | £0 |
| ATM Withdrawals | Unlimited free | 3 free per month, then 1% fee per withdrawal (min £1) | Unlimited free |
| SWIFT Payments | 1% currency conversion fee | 2 free per month, £5 each after | 4 free per month, £5 each after |
| Currency Conversion | 1% fee | 1% fee | 0.5% fee |
| CHAPS Payments | Incoming only | 2 free per month, £5 each after | Unlimited free |
| Payment Link | 0.95% fee per payment | Free up to £200 per month, 0.5% fee after | Unlimited free |
| Expense Cards | Unlimited free | Up to 5 free, then £3 per card per month | Unlimited free |
| Cash Deposits | 0.95% per deposit | £300 month free, then 1% fee (min £1) | Unlimited free |
| Pots | Unlimited | 4 pots free, then £1 per pot per month | Unlimited |
| Invoicing | Included | Included | Included |
| Receipt Capture | Included | Included | Included |
| XLS VAT Filing | £4.50 + VAT per filing | £4.50 + VAT per filing | £4.50 + VAT per filing |
| Accounts Integration | Yes | Yes | Yes |
What is Anna + Taxes?
Anna + Taxes is an add-on you can pay for to get additional help with filing your taxes. It’s only for Limited Companies but will sort your bookkeeping, corporation tax, VAT and payroll. You can invite your accountant to it or sync with accounting software.
This is costly, at £24 per month plus VAT, but could be a worthwhile time-saver for larger businesses with lots of employees. You can get a 30-day trial with all accounts.
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Is it worth paying for the higher tiers?
It could be, but you don’t need to decide right away — you can use pay-as-you-go first to work out if you’ll need the account upgrades and at what level you’ll use them. You get things like invoicing and account integration with all the accounts but would have to pay small fees for money transfers and cash deposits. There are some other free business accounts that don’t charge for these, but may not offer invoicing or account integration.
Which businesses can get Anna Money?
Anna Money is for sole traders, directors of registered limited companies or partners in Limited Liability Partnerships (LLPs). Although, sole traders do not strictly need a business account.
Is Anna Money safe?
Anna Money isn’t a bank — therefore you don’t get FSCS protection on your deposits. However, as it’s an e-money institution, Anna Money is FCA regulated.
In lieu of FSCS protection, it safeguards your deposits, so it’s not loaning your money out. Your money is kept separate from the company’s own funds and nothing is done with it without your instruction.
Anna Money reviews
On our sister site, Smart Money People, customers have rated Anna 4.81/5, with many saying it’s great at reducing paperwork and financial admin. Some reviewers say it’s perfect for beginners and small low-income businesses.
There aren’t many negative reviews, but they’re mainly specific situations that customers have struggled with, such as their account closing or transferring money out of the account.
Summary: is Anna Money any good?
Simply put, the Anna Money Business account is pretty good. However if you go with the pay as you go option, the costs may stack up over time, and you could be better off with another free business account, or potentially paying for the upgrades. You get account integration and invoicing included with all the plans, which is a pretty good perk.
If you still have a fairly small business, you can probably use the pay as you go option with very few fees. The paid upgrades could be worthwhile once you grow the business, and you can make this decision down the line — although there’s no reason why you can’t switch banks.
If you don’t think Anna Money is quite right, you can see our comparison of other free business bank accounts to find the best one for you.
