ANNA is an acronym for Absolutely No Nonsense Admin, which should give you a good idea of what this app values. Founded in 2017, ANNA is a challenger company that aims to make business banking and taxation as simple as possible for sole traders and SMEs. The question is, how does an ANNA business account compare to rivals in an increasingly crowded marketplace?
Does ANNA support business banking?
ANNA is set up exclusively for business customers and their accountants.
Personal customers can apply for an ANNA account, but they will not gain many benefits from doing so. It’s designed for accounting and tax administration.
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ANNA is operated exclusively through an Apple or Android app, and is not connected to any high street bank. This means that you’ll need to manage your account online.
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What business banking accounts does ANNA offer?
An ANNA account comes in three pricing tiers, each of which offers different services:
- Free account, as the name suggests, carries no monthly fees but you will need to pay for every transaction you make.
- Business account costs £14.90 + VAT month but offers a handful of free transactions.
- Big Business account costs £49.90 + VAT per month but most of the transactions you undertake will be free of charge.
We will elaborate on the fees you’ll pay on a per transaction basis in due course.
Features that you’ll find on an ANNA account are:
- Debit card for use with your business account
- Ability to send, track, and chase invoices within the app
- Calculate tax and file returns to HMRC
- 1% cashback on business purchases
- Ability to store business documents in the cloud for easy access
- Option to link your ANNA account to external bookkeeping software of choice
- 24/7 customer service
Be aware that ANNA does not offer a business overdraft to customers, or any other lines of credit.
Is my company eligible for an ANNA business bank account?
If you are an established SME or sole trader in the UK, there is little reason to believe you will not be accepted for an ANNA account. You’ll just need to provide photographic ID and proof of your British residency, alongside your Unique Taxpayer Reference or Companies House number.
How do I set up an ANNA business bank account?
To open an ANNA account, just download the app on your smartphone or tablet and follow the prompts on the screen. You will likely have your account open in as little as three minutes, and you’ll receive your debit card within a week.
What are the advantages of setting up an ANNA business bank account?
There’s a lot to love about ANNA if you’re a sole trader or the owner of an SME, or even an accountant that works with such a body. This app is dedicated to making life as simple as possible, especially where tax is concerned.
You can pay funds into your ANNA account at any location that offers PayPoint services, and anything that is paid into your account will be automatically sorted for your convenience.
You can move your balance into various different pots within the app, so you will have everything you need for a tax return lined up – and you can submit your return within the app, minimising hassle.
What are the drawbacks of setting up an ANNA business bank account?
An ANNA account is fairly comprehensive, but that comes at a price. You will likely need a paid account to take advantage of everything ANNA has to offer, and this is not the cheapest challenger app on the market, especially if you also need to pay for external bookkeeping software – though this should not be necessary.
ANNA is not a bank, so while it is governed by the FCA, your money will not be protected by the FSCS. This is especially pertinent when we consider the parent company of ANNA, FIBR Technologies SA, which has been declared bankrupt.
This is because while ANNA is HQed in the UK, it has roots in Russia. Former owners of the parent company were sanctioned following the invasion of Ukraine, hence the bankruptcy of its parent company.
While a full analysis has since been conducted and confirmed that no further economic sanctions are required, some customers may still feel uncomfortable entrusting their money to such a business.
What fees are involved with running an ANNA business bank account?
As we discussed previously, you can choose from one of three tiers to your ANNA account. The charges associated with these break down as follows. Business and Big Business accounts are free for one month.
| Type of transaction | Free account | Business account | Big Business account |
|---|---|---|---|
| Monthly fee | Free | £14.90 + VAT | £49.50 + VAT |
| UK bank transfers | 20p | 50 free per month, then 20p | Free |
| Overseas bank transfers | £5 per payment | 1 free, then £5 per payment | 4 free, then £5 per payment |
| ATM withdrawals | £1 | 3 free per month, then £1 | Free |
| Cash deposits | 1% per deposit | £300 free, then £1 per deposit | Free |
| Currency conversion Fee | 1% | 1% | 0.5% |
| Extra debit card | £3 per month | 5 free, then £5 per month | Free |
Be aware that prices quoted are prior to the application of VAT unless otherwise stated.
What is ANNA’s reputation among business banking customers?
ANNA enjoys a great reputation online, boasting a TrustPilot score of 4.7 from 5, based on over 2,000 reviews. The consensus is that customer service is exemplary, with the team at ANNA able and willing to answer any questions quickly, and the layout of the app is extremely intuitive and user-friendly. As ANNA prides itself on making financial services simple, this is welcome news!
Summary
ANNA is an innovative and comprehensive financial app, and such qualities come at a price. If you’re prepared to meet ANNA’s asking price, which operates on a sliding scale, you will be rewarded with a great service. Just shop around and check if you need all the services that ANNA has to offer before committing to this particular provider.