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. Amaiz has been featured as one of our best business bank accounts for startups and beginners.
What is Amaiz?
How does Amaiz work?
- 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?
- 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 in the European Economic Area, £2 anywhere else.
|UK ATM charge||Free|
|Account software integration|
|Accounts software integration platforms||Free Agent|
|Additional cards||Only allowed one card at present|
|Additional card fee||N/A|
|Requires credit check||They conduct a soft credit check - they check your name against credit agencies, but do not report any of your information to credit score checking sites|
|Credit check details||They conduct a soft credit check - they check your name against credit agencies, but do not report any of your information to credit score checking sites|
|Freeze card from app or online banking|
|Current account switch guarantee|
Doing business overseas with Amaiz
|Overseas transaction details||EEA transaction charge = 0.5% Intraregional = 1%|
|Overseas ATM charge||European = £1.25, Other ATMs £2|
|International transfer charge||N/A|
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
Amaiz vs the alternatives
Business banking accounts ratings
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