Amaiz

Amaiz business banking review

Amaiz is a UK-based digital banking service designed specifically for sole traders and small businesses. It offers a mobile-first business current account with integrated bookkeeping and financial management tools to simplify banking for entrepreneurs and freelancers.

Key features of Amaiz

1. Business current accounts

• Designed for sole traders and small businesses: Streamlined features tailored to self-employed individuals.
• Fast account setup: Accounts can be opened and verified quickly through the mobile app.
• UK account number and sort code: Enables seamless payments and transfers.

2. Integrated bookkeeping and expense management

• Auto-categorisation of transactions: Helps users track expenses efficiently.
• Invoicing tools: Generate and manage invoices directly from the app.
• Receipt capture: Scan and store receipts digitally for record-keeping.

3. Business debit card

• Instant card issuance: Physical and virtual debit cards available.
• Contactless payments: Compatible with Apple Pay and Google Pay.
• Real-time notifications: Track spending with instant alerts.

4. Digital banking services

• Mobile app-based banking: No physical branches, fully digital service.
• Direct debit and standing order support: Set up and manage recurring payments.
• Bank transfers: Send and receive payments via Faster Payments.

5. Customer support and assistance

• 24/7 customer service: Support via chat, email, and phone.
• Financial guidance: Business banking insights and tax-related tips.

Amaiz fees and pricing

1. Business current account fees

• Monthly subscription fee: £9.99 per month.
• No transaction fees on UK payments.
• International payments: Charges may apply for overseas transfers.

2. Card fees

• No fees for UK card transactions.
• ATM withdrawals: Free up to a limit, after which a small fee applies.
• Foreign currency transactions: Subject to a currency conversion charge.

3. Additional costs

• Premium support services: Available at an extra cost.
• Replacement card fee: Charges apply for lost or damaged cards.

Pros and cons of Amaiz

Pros

• Fast and easy account setup via mobile app.
• Integrated bookkeeping tools to simplify financial management.
• Real-time spending notifications and expense tracking.
• No UK transaction fees for payments and transfers.
• 24/7 customer support for business banking needs.

Cons

• Monthly subscription fee of £9.99, unlike free alternatives.
• Limited to sole traders and small businesses.
• No cash deposits, as it is a fully digital service.
• Limited lending and credit services, with no business loans or overdrafts.

How Amaiz compares to competitors

Who should use Amaiz?

• Sole traders and freelancers: Ideal for those who need a simple, integrated business account.
• Small business owners: Provides a hassle-free way to manage expenses and bookkeeping.
• Entrepreneurs needing real-time financial insights: Auto-categorisation and receipt scanning improve financial management.
• Users who prefer mobile-first banking: Fully digital service with no branch dependency.

Our verdict

Amaiz is a specialist digital banking solution for sole traders and small businesses, combining a business current account with expense management and bookkeeping tools. While it offers strong financial tracking and 24/7 customer support, its monthly subscription fee and lack of cash deposit facilities may be drawbacks for some users.

For freelancers and entrepreneurs looking for an all-in-one banking and financial management solution, Amaiz presents a convenient and efficient alternative to traditional banks and free business banking providers.