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Freelancers and new small business owners often struggle when it comes to dealing with the financial admin that comes with running a business.
It can be difficult to know how you need to approach your first tax return, what paperwork you need to submit, and how much your company has spent over the previous year, for example. To help manage this process, and make running a business a little easier, there are several online and app-based solutions.
One of those is ANNA, which we look at here in more detail.
The pros and cons of ANNA
Before I drill down into our detailed review of ANNA, I've outlined some of the main advantages and disadvantages of the account and business card:
| Pros | Cons |
|---|---|
| ✔️ A useful online and app-based account that helps you to manage your invoices and banking. | ❌ Fees for foreign transactions. |
| ✔️ Mastercard offers free transactions and ATM withdrawals in your home country. | ❌ Cheque deposits are not supported. |
| ✔️ Easy application process. | ❌ No phone support. |
| ✔️ ANNA now offers a credit and overdraft solution, and works with loan partners if you need a loan solution. | |
| ✔️ Many tax-based features, such as the ability to automatically reserve money for taxes, auto-calculate and file VAT and Corporation tax, and automated tax reminders. | |
| ✔️ Register a company in the UK for free. |
This is a fairly decent set of pros and cons, and we’ll explore whether the positives outweigh the negatives depends on your situation and needs
What is ANNA?
ANNA, an acronym for ‘Absolutely No Nonsense Admin’, is a mobile-based business account that’s focused on the admin and tax side of managing your finances.
The company isn’t a bank — so they don't provide interest on account balances. This would normally mean that they also wouldn't provide credit, overdrafts, or business loans. However, ANNA has implemented credit and overdraft solutions, and they now work with several loan partners if you need loans for your business. As a baseline product, ANNA offer business accounts complete with a sort code and account number.
Along with a mobile app that helps you stay on top of everything, ANNA also provide customers with a Mastercard debit card.
The service uses both artificial intelligence and human insights, making paying and sending invoices easy and convenient. ANNA launched in the UK at the end of 2018, after beta testing the app via 2,000 initial customers.
How does ANNA work?
It’s really easy to get started with ANNA. Signing up with an account takes just 10 minutes, and your card will then be dispatched on the same day. In the meantime, you can begin using the app to manage your money.
You can also create an account through the ANNA website. There are a few documents that you’ll have to provide when you’re applying for your account:
- Identity documents, such as a driving licence or UK passport
- Proof of your current address, such as a bank statement or utility bill from the last three months
- Details of your company, including the names and addresses of any shareholders owning more than 25% of the business
It’s worth noting that you have to be the company director in order to apply for an ANNA account, whether it’s for a limited company, partnership, or sole trader.
It takes around five days for your new Mastercard to arrive, and from there you can use it to make payments and ATM withdrawals.
You’ll also be able to transfer and receive money and create invoices using the ANNA app. As we’ll see, there are many other features the account provides.
What features does ANNA have?
Several notable elements of the ANNA system make it a useful tool for your business:
- An app. The beating heart of ANNA’s service is the app. From here, you can manage just about every aspect of your business finance. It makes it super easy to organise your money and account for your spending.
- Notifications. The app will send you alerts to notify you when you have upcoming tax deadlines or invoices that are overdue.
- Invoicing. ANNA creates, sends, and chases your invoices, so you don’t have to. This can save you a lot of time and help you keep on top of your cash flow.
- 24-hour support. You can contact ANNA through the app at any time. They will get back to you within ten minutes. If not, they’ll refund your monthly subscription fee.
- Free cash withdrawals. You can take money out of an ATM in the UK without incurring fees from ANNA.
- Many tax-based features. ANNA gives you the ability to automatically reserve money for taxes, auto-calculate and file VAT and Corporation tax, and automated tax reminders.
- Register a company in the UK for free. You can officially register a company with Companies House through ANNA and completely avoid the usual fee.
With these features, you have a fairly comprehensive way of managing your business finances. The addition of the Mastercard debit card, you can also make purchases for your company.
What are the fees for ANNA?
ANNA has added a free account plan, which they previously did not have. On their free plan, there are no monthly fees, and you pay only for what you use (i.e. transaction fees). There is also a “Business” plan, which offers a certain number of free transactions per month for various transactions. Their Business plan comes with a monthly fee of £14.90, however, it also comes with a one-month free trial. Either through their free plan or the trial of the Business plan, this gives you the chance to try out the service and see whether it’s the right fit for you.
There are other fees associated with the account. For example, if you make a purchase or ATM withdrawal in a currency other than GBP, you will incur a charge.
For those who travel a lot on business, this is far from ideal. Plenty of other ‘challenger banks’ are free of these restrictions, so it’s a shame to see this one charging.
Who is ANNA for?
Anyone who is a director of a limited company, as well as those in partnerships and sole traders, can apply for an ANNA account. This is very much the target demographic, although it’s maybe hard to see how those in medium-sized enterprises would utilise these tools above others.
Those who are trying to reduce the amount of admin-related company work they have to do will find plenty of the features useful.
For new freelancers and small business owners, there is a lot that is appealing. Having reminders to pay taxes and chase invoices is especially useful, as it can take some time to get into the habit of doing these things.
The AI chatbot assistant is also helpful, allowing you to have a hands-free way of working. If you have multiple accounts, you can connect them all to the app and keep a better eye on your funds.
Those who are trying to reduce the amount of admin-related company work they have to do will find plenty of the features useful.
What are the drawbacks of ANNA?
ANNA is by no means a perfect service, here are several drawbacks that count against ANNA accounts:
- Foreign currency transaction fees. If you travel a lot for business, the withdrawal and purchase fees that you’ll be charged can seem prohibitive. This is particularly true when you compare ANNA to other companies such as Monzo and Revolut.
- Cheque deposits are not supported.
- No interest on your balance. While ANNA is not unique in offering a business account without interest, there are competitor services that do offer interest on your balance. So if this is important to you, you may want to shop around. You should note that a service that offers interest on a business account could still be a poorer choice when all factors are taken into consideration.
Of course, these drawbacks could be only minor annoyances depending on your situation and what you’re planning on using the service for.
Read Also: Revolut Vs Monzo – Which Is Best For You in 2025?
How safe is ANNA?
ANNA isn’t a bank and therefore doesn’t need a banking licence or any regulator’s deposit protection in place. However, it is regulated by the FCA, giving customers some peace of mind when it comes to using the ANNA account. The Mastercard is issued by Wirecard Card Solutions, and they have a licence to issue electronic money.
The ANNA app is also secured with a PIN, and if your card is lost or stolen, you can deactivate it using your mobile. Overall, ANNA seems like a safe service for consumers.
ANNA verdict
Ultimately, there are plenty of features that make ANNA an intriguing prospect, especially for freelancers and those who’ve just started their business.
The admin tasks of managing finances can sometimes be a little annoying, and ANNA does well to minimise the hassle of these simple tasks. The invoicing and reminder features allow you to keep on top of your money, and the app is simple to use.
ANNA offers a lot of features that are especially helpful for small businesses, such as helping you to automatically save money for taxes, auto-calculating and filing VAT and corporation tax, automated tax reminders, etc… And let's not forget the ability to register a UK business while forgoing the usual Companies House fee.
Their newly added free account plan helps to relieve the sting of paying a monthly fee right out of the gate. And if you decide that the value is worthwhile, their Business plan with a £14.90 monthly fee is available. Thankfully, both the free account plan as well as the one-month free trial on the Business plan gives you the opportunity to test out the features and see if they’re beneficial.
If you travel a lot for business, the fees for transactions abroad can soon mount up. Other services may provide a better experience here, and you'll want to carefully calculate expected fees to determine which provider best serves your needs. ANNA is not a comprehensive banking solution, but they offer a lot of features above and beyond many of their competitors, and they are worth taking a closer look into.
Overall, there are many positives, and for certain people, this tool could be a lifesaver.
