If you’re looking for an easy-to-use current account, ANNA Money could be a good choice for your limited company – and you can set up an account in under 10 minutes.
The account has been designed to support newly formed businesses, with time and money-saving admin tools to help them set up and grow their businesses easily.
Like Tide, ANNA* is one of the leading digital-first challenger banks in the UK. In this review, we analyse the benefits of an ANNA Money current account and consider the pros and cons for limited company owners.
*If you were wondering, ANNA stands for Absolutely No Nonsense Admin.
The ANNA Money current account
To open a new ANNA account, you just follow these simple steps:
- Enter your email address
- Download the app
- Enter a few details about yourself (you’ll need a form of ID and proof of address)
- Share some basic info about your business
The application process usually takes under 10 minutes, and you’ll receive a sort code and account number right away!
ANNA Money accounts are open to all types of business: sole traders, limited companies, and LLPs.
Because ANNA Money doesn’t provide credit facilities, which reduces the time required for credit checks, the process is remarkably fast.
You’ll receive your account details (including your account number and sort code) right away, along with an instant payment link so clients can pay you immediately.
Choose from 3 pricing plans
ANNA provides a free (PAYG) account, as well as Business and Big Business tariffs.
Free Pay As You Go account:
- There is no monthly fee.
- You pay 0.95% commission on incoming payments.
- No commission on outgoing transfers from your own accounts.
- Free ATM cash withdrawals.
- 0% commission on payments via your instant payment link.
Paid monthly tariffs:
- If you opt for one of the paid monthly tariffs (Business around £19.90–£22.90 + VAT/month, Big Business around £49.90–£59.90 + VAT/month; first month often free), you get more free transactions/allowances.
- Examples include free local transfers, extra debit cards for team members, and unlimited/no-commission incoming payments on higher plans.
- Free or more generous cash machine withdrawals.
- And extra features.
For many small companies, the Pay As You Go account will more than suffice. Unless you have a large number of incoming payments (where the 0.95% commission adds up) or need the inclusions of paid plans.
Click here to open an account.
Pros and Cons of Anna Money
Pros
- Quick sign up – get an account number, sort code, and instant payment link in minutes
- Suitable for all business structures (sole trader, limited company, LLP)
- Free business banking option – only pay for what you use with the free tariff (typically 0.95% on incoming payments)
- 24/7 customer support via live chat, with low wait times
- Track your money on your mobile – manage your business account, admin, and taxes all via the app
- Invoicing and expense tracking – ANNA’s tools can help you stay on top of the admin side of your new business
- Tax reminders and estimates so you stay on top of your books as you earn (including MTD-compliant VAT/Corporation Tax tools and auto-filing options)
- Free ATM withdrawals on Pay As You Go and Big Business plans
- High customer ratings (4.8+ on Trustpilot and similar sites)
Cons
- ANNA is online only, so you won’t get a dedicated account manager
- Not for all countries – ANNA is currently only available in the UK
- No cheques – you cannot scan or pay in cheques via ANNA
- No FSCS protection – ANNA is an e-money account, so it’s protected by the FCA but not covered by the £85,000 FSCS scheme (funds are safeguarded in segregated accounts instead)
Overall review
The ANNA Money account is a good option for small limited company owners who need an account for their new business quickly, without any hidden charges.
Of course, there’s no such thing as a ‘free’ business account, but assuming you only have a relatively small number of incoming payments at 0.95% commission, the costs will be very reasonable.
Sign up is free, and even at the PAYG level, you’ll get access to the excellent free admin tools to help start your new business off on the right foot.
Also worth a read – our summary of the Tide Business Bank Account (£50 Cashback)!