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Feline sounds aside, ANNA stands for “Absolutely No-Nonsense Admin.” ANNA isn’t a bank, but it offers a business debit card and an app that helps you manage your banking and invoices, doing a good chunk of the admin work for you.
After signing up for ANNA through their quick online sign up process, you will receive your digital account. The features you’ll have access to include:
ANNA is also planning a whole lot of handy new features, such as the ability to connect your business account with your accounting software, to do international money transfers and to do your tax calculation and HMRC filing automatically.
ANNA has four pricing tiers that customers can choose from:
Card payments are always free in the UK, but a foreign transaction fee will be applied if you use the card abroad.
ANNA promises that you can set up an account in 10 minutes and that the card will be on its way the same day. For a business account, it does seem pretty fast and stress-free to sign up to, and obviously you can do it online.
Eligible businesses include limited companies (you need to be the director to sign up) and non-limited businesses that are structured as a partnership or sole trader. You must be living in the UK.
Here’s what you’re going to need:
ANNA is suitable for sole traders and SMEs that do the vast majority of their transactions in the UK. Since it charges foreign transaction fees and doesn’t offer international bank transfers, it isn’t a good solution if you need to travel often or trade overseas.
The other thing to consider is that ANNA’s most innovative features are the support you get for invoices and expenses. If you have an efficient alternative in place, you probably don’t need ANNA.
ANNA is regulated by the Financial Conduct Authority, so the company that issues the card, Wirecard Card Solutions, has an electronic money licence. It is not a bank, so it doesn’t have a banking licence nor any regulator’s deposit protection in place. This also means that client money has to be kept separate from company money and can never be used to pay the company’s debts.
The Mastercard debit card is protected by a PIN and you can block the card in the app if it gets lost or stolen.
While there are other business accounts available, ANNA’s strongest selling point is that ANNA it really integrates banking with expense management and invoicing (and even accounting, to a degree). Few business account providers offer the same services and account types at ANNA’s price, which makes it very competitive.
All in all, ANNA's looks like a good choice for a tech-savvy business owner who’s looking to do all their admin and banking from the same app. However, keep in mind that there are better options if you do much of your business abroad.
Oh and of course, ANNA only works for you if you’re fine with the miaowing thing. Not much of a cat person? You may have to find an alternative. Sorry about that. Our business banking main page can help though.
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