Business accounts for sole traders at a single monthly fee: is Amaiz any good?
Sole traders sometimes use a personal account for their business finances, but keeping them separate is actually much more practical.
If you’re finally considering a business-only account, Amaiz is certainly packed with features, although not necessarily the cheapest option. Let’s have a look at it.
What is Amaiz?
Amaiz is a new fintech company that offers digital-only current accounts to sole traders. It’s brand new (the full launch happened in June 2019) and its account features bring together banking, invoicing and accounting.
Amaiz doesn’t do personal accounts, but says it will soon start offering business accounts for limited companies too.
How does Amaiz work?
You can open Amaiz in a few minutes from the app. You get an account and a debit card, plus a series of useful app features to manage your business finances:
- Freeze your card on the go. If you lose it or it gets stolen.
- Push notifications and live balances. So that you can always keep track of what you’re spending and when.
- Jar sub-account. Exactly what the name says. You can set money aside, for example, to save for an incoming expense or a holiday or anything else.
- Spending charts and analysis. Including automatic spending categorisation that divides your expenses into categories.
- Invoicing tool. You can create invoices and send them to your customers directly from the app.
- Accountancy advice included. From ACCA certified accountants that can be contacted via email or live chat in the app.
- Accounting software integration. At the moment, it’s available with FreeAgent. Amaiz says Sage and Xero are coming soon.
The account does (almost) all you can expect: you can make bank transfers, set up and manage your direct debits and load cash into the account at every Post Office in the UK. Amaiz says standing orders will also be available soon.
The card lets you make payments and withdraw cash from ATMs both in the UK and abroad.
How much does Amaiz cost?
After a free one-month trial period, Amaiz costs £9.99 a month. UK card payments, bank transfers and ATM withdrawals are all included in the fee. Using the card abroad comes for a fee instead:
- Card payments outside the UK. 0.5% of the transaction in the European Economic Area, 1% anywhere else.
- ATM withdrawals outside the UK. £1.25 + 0.5% in the European Economic Area, £2 + 1% anywhere else.
Is Amaiz safe?
Amaiz isn’t a fully licensed bank, so there’s no deposit protection on your funds.
However, it is fully regulated by the Financial Conduct Authority to hold electronic money. Your money will be held in a separate client account that cannot be touched by Amaiz. So your deposits can’t be lent out and are safe even if the company were to go bust.
Pros and cons
- Have your account up and running in a few minutes.
- Get a one-month free trial to see if Amaiz is really what you’re looking for.
- A very comprehensive business account with loads of features.
- Freeze your card from the app if it gets lost or stolen.
- Free accounting advice included in the price.
- Extra fees if you use the card abroad.
- No overdrafts or credit facilities available.
- Very new, so not all the planned features are available yet.
As we said, Amaiz isn’t the cheapest business account on the market, especially if you sometimes need to take your card abroad. Starling Bank, for example, offers solid business accounts that come with both zero monthly fees and fee-free spending abroad.
However, the wide range of features, including invoicing and budgeting tools and even accounting advice, partially make up for that. An Amaiz account is certainly a commitment but can be extremely practical and give you great peace of mind. When it comes to business money, sometimes it may be worth spending a bit more and having all you need in the same place, so that you can concentrate on your work.
Frequently asked questions
Ask an Expert