For freelancers, small businesses, sole traders and those running side businesses opening up a bank account can sometimes be a difficult long process, but the App-based business account from ANNA offers you a solution to make life a lot easier.

Anna was founded in 2017 and has been designed specifically for small businesses as well as those who freelance or are registered as a sole trader, with the aim of removing the admin side of running a business. ANNA actually is an acronym for 'Absolutely No Nonsense Admin' and is often referred to as either Anna, Anna Money or Anna Business.

Check out our detailed Anna review below where we look into every aspect of this business account solution from how easy it is to join, the fees and pricing to the pros and cons as well as alternative options.

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Anna Business account - Our Thoughts

We're big fans of Anna and the offering they have for businesses of all sizes in the UK specifically for sole traders, freelancers and small businesses.

Having been designed for these types of customers it means everything works exactly as it should and has been created so you have the best experience and the hassle of the financial side of the business is reduced as much as possible.

Anna is great for: Sole traders, small businesses and freelancers

Anna is not so good for: Larger companies and those that deal in foreign currency often

The main things we love about Anna include:

• The ability to open an account in as little as 3 minutes
• Free account option with no monthly fees
• No credit check
• Option to register a company for free when you open a business account
• Make card payments in any country for free
• Easy to use and nicely designed App
• 24/7 customer service (via live chat in the app)
• Payment reminders
• Create invoices within the app
• Free direct debits
• Your own payment link you can send to receive payments without sending your account details
• Give colleagues or staff their own debit card and manage it via the app, this is great for tracking business expenses
• Integrates with Xero and has the ability for you to give your account access

The not-so-good things include:

• Not currently protected by the FSCS scheme
• Can't open joint accounts
• No option for credit
• You can't currently pay cheques into your Anna account
• Can only receive Dollars or Euros in terms of foreign currency and you'll need a Payoneer account for this

So if you're looking to quickly open a small business bank account and mainly do transactions within the UK then Anna may be a good option for you.

From the con side of things, if your business operates in various countries then it may not be the best option for you or if you need overdrafts or credit options then it may be worth considering an alternative small business bank account.

Anna Business Pricing

Anna business bank account currently offers three different business account options:

Pay as you go - No monthly fees, just pay for what you use

Business - All the main features most businesses need

Big Business - For those wanting extra

You'll find a full breakdown of the Anna monthly fee and individual fees and monthly pricing below:

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What are the main Anna features?

As you'd expect from a business account you'll get an array of features include:

• Anna App - free to download and designed specifically for businesses like yours
• Physical Mastercard debit card - sent to you within 5 working days
• Virtual cards - Instantly available after you've signed up and been approved
• Deposit funds into your account from thousands of locations
• Free direct debits
• Compatible with Apple Pay and Google Pay
• Real time updates on your business account

How long does it take to open an Anna business account?

One of the best features of Anna is the ability to open a business account in a matter of minutes, it can take as little as 3-4 minutes from start to finish which is extremely quick so a great option for those looking to open an account.

You open your free account via the Anna app and it's all very straight forward and user-friendly. The Anna app will guide you through the process and answer any questions you may have.

They will send your ANNA Mastercard debit card in the post within 5 working days after you've signed up, meaning you'll be able to use it in physical locations normally within the week.

Am I eligible for an account?

If you run a small business, are a freelancer or sole trader then as long as you meet the criteria below there is a good chance you'll be eligible for an account.

• You must be 18 years old or older
• A photo of your full driving license or passport (if you don't have one of these, you can take a recent photo to a bank, solicitor or account to get it certified)
• Proof of address such as a utility bill, council tax bill or bank statement that is dated within the last 3 months
• Have your business details

Can I use Anna business card when abroad?

Yes, you can use your Anna Mastercard debit card abroad and there are no fees when you use it abroad for making payments.

This can be useful for small business owners who tend to go abroad often and want to be able to pay for business transactions using their card whilst in that country.

You can also use the card for international payments if dealing with payments in another country, note that fees do apply to these.

Can I deposit cash or cheques with Anna?

You can deposit cash into your Anna account via Paypoints, these are located across the UK in various different locations but are typically found in supermarkets and convenience (corner) shops.

The limit to deposit cash via this method is £300 per transaction and up to £500 per day (currently a limit of £1,000/month), there may be fees for this so please check the fees on the Anna website.

You can't currently deposit cheques into Anna but you can simply deposit these into other accounts and then transfer it across.

What are the Anna bank account limits?

If your business grows you'll be happy to know that the limits for the Anna business account are large so you'll likely still be fine using them.

• Single card transaction - up to and including £30,000
• Maximum ATM withdrawal - £300
• Maximum account balance - £10 million
• Maximum inbound or outbound payment - £250k

Anna Money Reviews

You may have read our Anna money review but wondered what others and the thousands of customers think, if so then you'll find that Anna currently has over 2,700 reviews on Trustpilot.

With the majority rating them 5 out of 5 stars, with many speaking about the speed of opening an account, the customer service and ease of use of the app as the main reasons they love using their account.

Additionally, many mentioned the fact that Anna also has various business banking style features and Anna +taxes which makes their business admin much easier.

Free limited company registration

Anna now offer free limited company registration when you sign up and open a business account, although this costs just £12 via companies house normally, this is a great little perk that can save you money and make the process even quicker.

This tasks is quick and easy following the below steps:

1. Visit the Anna company registration page
2. ‍Choose the limited company name of your choice (you can also check if it's available)
3. Tell Anna about yourself and the company
4. Finish the sign up for free and Anna will cover the incorporaiton fee for you

What is ANNA +Taxes?

If you're really wanting to reduce your business admin then you should consider the Anna +taxes range of business tools that they offer.

This additional feature lets you  keep on top of your business admin as well as taxes. It will calculate things such as your income, expenses, corporation tax, VAT and much more. It can even go as far as submitting your taxes on your behalf.

You can also see all the dates when certain items are due, manage all of your documents relating to taxes and finances in one place and stay on top of all of your expenses by using the receipt tools.

Certainly, an option to explore if you know this is an area in your business life that needs more structure and help. You can open this within your Anna account itself or via the Anna money website directly.

Who are ANNA?

Anna money is an app-based business banking provider, they are not themselves a bank but partner with a banking solution to offer everything you'd expect with a traditional bank.

The company was founded in 2017 and currently has headquarters in the UK, specifically in Cardiff and currently has over 100,000 customers.

Is my money safe with Anna?

Although an Anna business bank account doesn't have the protection of the FSCS the money you have in your account will be 'safeguarded' which means they don't use that money for its own use i.e investing.

When you set up your account you will need to set a password but you can also allow the App to use your Face ID or Touch ID to verify who you are for logging in in the future.

You can also view Anna money on the FCA register.

Our final thoughts on Anna business accounts

If you're based in the UK (and a UK resident) then opening an Anna business account is a great option if you are a startup, small business, freelancer or sole trader and looking to be able to make payments easily and reduce your business's admin.

Currently, you can get 3 months of banking for free, this does save you money depending on which account you choose.

Although we try and keep our Anna business account review as up-to-date as possible it is always highly recommended to check the Anna.money website for the most up-to-date details in terms of fees and the account itself.

Frequently Asked Questions about Anna Money

Some of the most common questions that get asked about Anna business accounts include:

Are Anna business a bank?

No, Anna is not a business bank but instead, they offer e-money services as well as offering business accounts.

Who is eligible for Anna Money?

You can sign up for an Anna Money account if you're a director of a limited company, sole trader or a partner in a Limited Liability Partnership. If you fit these then you can apply and with a high acceptance rate the chances of getting an account are high if you fit these criteria.

Can I use an Anna Business Account Promo Code

Currently, with an Anna account you can get a free Anna account in minutes and no promo code is required for this, Anna don't typically offer any discount or coupon codes for sign ups so this is the best option if you're looking to save money when you sign up.

Who owns Anna bank

Anna is a UK-registered company that is 100% founder-owned, it is owned by the original founders Boris Dyakonov and Eduard Panteleev as well as Andrew Doman.

Do Anna offer a business credit card?

Unfornaltely not, they do offer you a business debit card however if you want a business credit card you may want to check out our Capital on Tap promo code.

Is Anna Bank any good?

The answer to this is very dependent on exactly the type of business you run and needs of it, but overall the majority of customers who have left Anna bank reviews have rated them favourable.

Our experience has been great opening business accounts via Anna money but as with any financial decision it is always recommended to do research yourself before making decisions.

What are the alternatives to Anna?

There are several different alternatives to Anna bank, we've covered these across our site and you can view our Zempler Bank review or just opt to use a Tide promo code and see what they have to offer instead.