ANNA Money business current account – review for limited company owners

If you’re looking for a simple-to-use current account for your business – which can literally be set up in under 10 minutes – the ANNA Money account could be a good choice for your limited company.

The account has been designed specifically for forward-looking small business owners and startups who typically do all of their administration online.

ANNA stands for Absolutely No Nonsense Admin. Why? Well… as well as providing an (almost) instant current account for business owners, it comes with a lot of extra admin features too.

Like Tide, ANNA is one of the leading digital-first challenger banks in the UK.

In this review, we look under the bonnet of the ANNA Money current account, and consider the pros and cons for limited company owners.

The ANNA Money current account

To open a new account, you simply have to follow these simple steps:

• Enter your email address.
• Download the app.
• Submit some basic details about you. You will need to scan a form of ID and proof of address.
• Submit some basic details about your business.
• The application process should be complete in under 10 minutes!
• You will have a sort code and account number right away.

The account is open to all business types – sole traders, limited companies, and LLPs.

Because ANNA Money doesn’t provide credit facilities – which reduces the time it takes to credit check applications – the process is remarkably fast.

You will receive your account details (including account number and sort code) right away, plus an instant payment link, so clients can pay you immediately.

Free, ‘Business’ and ‘Big Business’ account tariffs

ANNA provides a free (PAYG) account, as well as ‘business’ and ‘big business’ tariffs. With the free account, there is no monthly fee – you simply pay 20p per transaction in or out of your account, £1 for ATM cash withdrawals, and 1% commission each time a client uses the instant payment link.

Put simply, if you opt for one of the paid monthly tariffs, you get more free transactions, free cash machine withdrawals, and extra debit cards for team members.

For many small businesses, the PAYG account will more than suffice – unless you have a large number of monthly transactions.

Click here to open an account.

Pros

• Rapid signup – you will have an account number, sort code, and instant payment link within minutes.
• All main business types – the account is available to all types of business structures (sole trader, limited, LLP).
• Free business banking option – only pay for what you use with the free tariff – typically 20p per transaction.
• 24/7 customer support – ANNA’s customer support team is available 24/7 to help via live chat. With low wait times.
• Completely mobile banking – you can manage your current account, admin, and taxes all via the app.
• Invoicing and expense tracking – ANNA’s feature-rich admin tools can help you keep track of your business’s finances.
• VAT and tax management – ANNA can help you manage VAT and tax obligations.

Cons

• No branches – ANNA does not have any physical branches, so no ‘dedicated account manager’.
• Not available in 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, not a ‘bank account’. These types of accounts are protected by the FCA but not covered by the £85,000 FSCS.

Overall review

Overall, the ANNA Money account is a good option for small limited company owners who need a free business banking account quickly, without any extortionate charges.

Of course, there is no such thing as a ‘free’ business account, but assuming you only have a relatively small number of transactions each month @20p a time, the costs will be very reasonable.

You can always sign-up with no tie-ins and try out some of the excellent free admin tools provided within the app.

Also worth a read – our summary of the Tide Business Bank Account (£50 Cashback)!