ANNA Money

ANNA Money review

ANNA Money (Absolutely No-Nonsense Admin) is a UK-based digital business account provider offering a business current account, invoicing tools, and expense management. Designed for freelancers, sole traders, and small businesses, ANNA Money simplifies financial admin with AI-powered features.

Key features of ANNA Money

1. Business current accounts

• Quick account setup: Open an account in minutes via the mobile app.
• UK account number and sort code: Suitable for business payments and transfers.
• No FSCS protection up to £85,000: ANNA Money is not a bank.
• Direct debits and standing orders: Easily manage recurring payments.

2. Invoicing and expense management

• Automatic invoice creation: Generate and send invoices directly from the app.
• Payment tracking: Get real-time updates on invoice payments.
• Expense categorisation: AI automatically sorts business transactions.
• Receipt scanning: Upload and store receipts digitally for bookkeeping.

3. Business debit card

• Instant virtual and physical card issuance.
• Contactless payments: Works with Apple Pay and Google Pay.
• Real-time spending notifications: Keep track of expenses on the go.

4. AI-powered admin support

• Automated reminders: Alerts for unpaid invoices and bills.
• Tax estimation tools: Helps prepare for VAT and self-assessment tax.
• Customer support via chat: 24/7 human and AI-assisted help.

5. International payments

• Supports overseas transactions with competitive exchange rates.
• Multi-currency payments: Manage international transfers efficiently.

ANNA Money fees and pricing

1. Business current account fees

• Starter Plan: Free, includes limited features.
• Pay-as-you-go Plan: From £4.90 per month, includes standard features.
• Premium Plan: £14.90 per month, includes additional perks.

2. Transaction fees

• UK payments: Free within the ANNA network.
• ATM withdrawals: Free up to a limit, then a small fee applies.
• Foreign transactions: Competitive FX rates with minor charges.

3. Additional costs

• Cash deposits via PayPoint: Fees apply per transaction.
• Premium customer support: Included in higher-tier plans.

Pros and cons of ANNA Money

Pros

• Fast and simple account setup.
• Integrated invoicing and expense tracking.
• AI-powered admin support for effortless financial management.
• Real-time notifications and tax estimation tools.
• Affordable pricing with a free plan available.

Cons

• Limited cash deposit options, only available via PayPoint.
• Not a fully licensed bank, meaning no overdrafts or loans.
• Transaction limits on free and lower-tier plans.
• No physical branches, as it is a digital-only service.

How ANNA Money compares to competitors

Who should use ANNA Money?

• Freelancers and sole traders: Ideal for those who need a simple, AI-driven business account.
• Small businesses: Offers integrated invoicing and bookkeeping tools.
• Entrepreneurs needing real-time admin support: AI-powered features reduce admin workload.
• Businesses with regular invoicing needs: Automatic invoicing and reminders help streamline payments.

Our verdict

ANNA Money is a digital-first business banking solution designed to simplify admin, invoicing, and expense tracking. With its AI-powered features, real-time notifications, and low-cost pricing, it is a great choice for sole traders, freelancers, and small businesses. However, those needing loans, overdrafts, or extensive cash deposit options may find traditional banks more suitable.

For entrepreneurs and small businesses seeking an easy-to-use, affordable, and AI-driven banking solution, ANNA Money provides an efficient and modern alternative to traditional banking.