If you’re a small business, independent freelancer, or an all-round digital nomad based in the UK, then it’s likely that you’ll need some sort of a business account.
One such entity that is looking to take this space by the financial horns is ANNA Money. While the platform isn’t a bank per-say, customers are given a current account, business debit card, and even assistance with chasing business invoices.
If this is something that you’re actively looking for, and you’re wondering whether ANNA Money is the right solution for your business needs, then be sure to read our comprehensive review. We’ll cover everything from how ANNA Money actually works, whether the platform is user-friendly, fees, security, and more.
By the end of reading our guide all the way through, you’ll have all of the necessary information required to ascertain whether or not ANNA Money is right for you.
Who is ANNA Money?
- 1 Who is ANNA Money?
- 2 How Does ANNA Money Actually Work?
- 3 How Much Does ANNA Money Cost?
- 4 What are the Different Tiers Offered by ANNA Money?
- 5 ANNA Customer Support Like
- 6 What do I Need to Open an Account With ANNA Money?
- 7 Is ANNA Money Safe?
- 8 ANNA Money Review: The Verdict?
- 9 Anna Money
- 10 Pros
- 11 Cons
Absolutely No Nonsense Admin, or simply ANNA, is a UK-based solution for small business owners. In a nutshell, the platform provides UK business owners with a seamless business account that makes sending and receiving money simple, as well as ensuring that invoices are sent and paid on time.
Launched in 2018, ANNA Money now claims to have over 6000 customers in the UK. Although this might sound relatively low, the platform is still very much in its infancy.
At the time of writing, ANNA is only available to UK residents that are either director of a UK-based limited company, or a non-limited partnership or sole trader. As such, if you’re a casual freelancer without a UK status of directorship, then you won’t be eligible to open an account with ANNA Money.
When you first access the ANNA Money website, you’ll see that the company has decided to utilize a rather casual approach to its brand. By this we don’t mean that the platform is in any way unprofessional. On the contrary, ANNA Money has adopted a simple, straightforward, and layman approach in how it markets its services.
It is important to note that although ANNA Money customers have access to payments and a fully-fledged debit card, the company is not a bank or building society. Instead, ANNA Money brand themselves as a mobile business account.
So now that you know who ANNA Money is, let’s find out a little bit more about what you actually get as an account holder.
How Does ANNA Money Actually Work?
ANNA Money offers a range of key products and services to its UK-based customers. Let’s explore its main offerings in more detail.
One of ANNA Money’s hallmark services is its ability to provide UK business current accounts. This means that you’ll be given a UK account number and sort code, which means that you can send and receive funds with ease. Whether you want to pay a supplier or get paid by a customer, ANNA Money makes the process super easy via the mobile App.
The ANNA Money current account also supports Faster Payments, meaning that you can transfer funds to another UK account instantly. If you need to transfer funds to a client or supplier based overseas, then this goes through the SWIFT network.
Business Debit Card
As ANNA Money is not a bank, they don’t offer any credit-based products. As such, credit cards and overdrafts are out of the question. However, what you will get is a fully-fledged debit card backed by MasterCard.
The ANNA Money business debit card allows you to withdraw money from ATMs, as well as purchase goods and services online. As we will discuss further down in our review, certain limitations are placed on your business debit card depending on what tier status you have.
If you and your business has a need to create and distribute invoices on a regular basis, ANNA Money can help. The platform allows you to easily create invoices from within the App, and if the client is a regular one, the pre-saved template feature makes future invoices even more seamless.
An additional feature to note is the ANNA Money invoice chasing option. The platform utilizes machine learning within its set-up, meaning that the App can chase unpaid invoices on your behalf. This is a really useful feature if you deal with multiple clients.
So now that you know what ANNA Money offers, in the next part of our review we are going to explore fees.
How Much Does ANNA Money Cost?
Although ANNA Money comes at a cost, the platform offers new customers a three month free trial. This allows you to test the platform out fully before committing to a monthly subscription. In fact, ANNA Money must be confident in what their service offers, as three months seems like an unusually long trial.
Nevertheless, ANNA Money charges a flat monthly fee of £11 per month. While this might sound somewhat expensive, you need to remember that you are getting more than just a current account.
When you take into account the business debit card, invoice creation and chasing, free ATM withdrawals, and 24/7 customer service, the fees are fairly reasonable.
What are the Different Tiers Offered by ANNA Money?
ANNA Money offers five different account tiers, which ranges from A through to E. Your account tier will essentially determine what account limits you will be accustomed to.
When you first register an account, you’ll be placed onto tier A. This permits a maximum card balance of just £1,500. Your inbound and outbound transaction limits will amount to £2,000 and £1,000 per month, respectively.
Although it is all but certain that these limits will not suffice for your business needs, as soon as you activate your business debit card, your account is automatically moved to tier B. This means that your account limits are increased quite significantly.
For example, you will be able to send and receive up to £40,000 per month, and you can keep upto £25,000 on your business debit card.
If the limits imposed by tier B are not enough for your business needs, then you can apply to be upgraded to a higher tier. You can do this easily through the mobile App at the click of a button.
The highest tier available at ANNA Money is tier E. This permits a maximum business debit card balance of £700,000. You’ll also be able to perform inbound and outbound transactions to a volume of £500,000 per month.
If the above limits are still not suitable, then you can contact ANNA Money directly to request higher limits. The platform also claims to offer lower prices if your business has a monthly income of £1 million or more.
So now that we’ve covered fees, in the next part of our ANNA Money review we are going to explore customer support.
ANNA Customer Support Like
Customer support is one of the greatest selling points of challenger business account providers like ANNA Money. The key point here is that traditional high street banks are well-known for their shoddy customer support. The largest banks have millions of customers to deal with, meaning that the all-round customer service that you receive is at times sub-par.
This is where ANNA Money is different.
ANNA Money offers a UK-based live chat facility that operates 24 hours a day, 7 days a week. What we really liked about ANNA Money is that they are clear about waiting times.
They advise that most customers will need to wait around 10 minutes before being connected to a live agent. Although this might be slightly longer than you would like, it’s actually not too much of an issue.
As soon as the agent is ready for you, you’ll receive a real-time notification on your phone, meaning you can jump straight into the conversation.
Alternatively, you can also send the support team an email at email@example.com.
ANNA Money also note that in the very near future they will be looking to support other channels such as Skype, Slack, and even Google Assistance.
Although ANNA Money does list a telephone support number, this is only available to those that have had their business debit card lost or stolen. If this is the case, you can contact the team at 02033 938 688.
Now that we’ve covered customer support, in the next section we are going to show you how to get started with ANNA Money.
What do I Need to Open an Account With ANNA Money?
If you like the sound of what ANNA Money offers and you want to open an account, then you’ll need to follow some really simple steps. In fact, ANNA Money claims that most business accounts can be opened in less than 10 minutes.
Step 1: Head over to the ANNA Money Homepage
First and foremost, you’ll need to visit the official ANNA Money homepage, which you can do by clicking on this link .
Once there, you’ll need to click on the “SIGN UP” button.
Step 2: Enter your mobile number and download the App
You will need to enter your UK mobile number. ANNA Money will then send you a text message with instructions on how to download the mobile App.
Take note, the App is only supported on Android (Google Play) and iOS (iTunes Store) devices. As such, if you’re a Blackberry or Windows owner, then you won’t be able to get the App.
Step 3: Enter your personal information
Once you’ve got the ANNA Money App installed on to your phone, you’ll then need to enter some personal information. Initially, this will include metrics such as your full name, home address, and date of birth.
After that, you will then need to provide ANNA Money with details about your company. Don’t forget, you can only use ANNA Money if you are a UK resident, and a director of a limited company, or a non-limited sole trader or partnership.
This includes details of all shareholders that have a stake of 25% or more in your company.
Step 4: Verify your identity
Before ANNA Money is able to open your business account, you need to verify your identity. You can actually do this from within the App with ease. For this, you will need to upload a copy of your:
- Government issued ID: Passport or driving license
- Proof of address: Bank statement or utility bill (no older than three months)
Step 5: Activate your business debit card
Although the account opening process usually takes no longer than 10 minutes, you’ll initially be given a tier A account. In order to upgrade to tier B, and thus, significantly increase your limits, you’ll need to activate your business debit card.
When it arrives in the post, access the ANNA Money App, and enter some of the details found on the front of your card to get it activated.
Is ANNA Money Safe?
It is important to note that as ANNA Money is not a bank or building society, you are provided with less safeguards that an traditional financial institution. Ultimately, this means that your funds are not protected by the UK’s FSCS scheme.
However, ANNA Money is in fact regulated by the Financial Conduct Authority (FCA) for the purpose of issuing electronic money.
ANNA Money Review: The Verdict?
In summary, ANNA Money is a really useful App for those that seek seamless access to business account services. You’ll get a fully-fledged UK current account and business debit card, and you’ll even get assistance with invoicing. This is especially useful if you find yourself constantly having to chase client payments.
While on the one hand some might argue that the monthly subscription of £11 is a bit expensive, it’s actually quite reasonable when you consider what you actually get for your money. Even better, you have the chance to try the ANNA Money App for a total of three months before committing financially.
Ultimately, once you’ve tested out the platform yourself, you’ll know whether or not you think it’s worth the money.