Amaiz business account review
Business accounts for sole traders at a single monthly fee: is Amaiz any good?
![Amaiz Amaiz](https://www.finder.com/niche-builder/5f560d79c2fdc.png)
Sole traders sometimes use a personal bank account for their business finances. However, it’s much more practical to keep your business and personal finances separate. It can also help when you come to do your tax return.
If you’re considering a business-only account, you might want to look at Amaiz. This business account is certainly packed with features, but it’s not necessarily the cheapest option. Amaiz has been featured as one of our best business bank accounts for startups and beginners. So let’s take a closer look.
Amaiz is a relatively new fintech company that offers digital-only current accounts to sole traders and limited companies. It fully launched in June 2019 and its account features bring together banking, invoicing and accounting.
You can open an Amaiz account 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:
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.
Amaiz costs either £4.99 a month or £9.99 a month, plus VAT, depending on the plan you choose. It also offers business accounts for established and growing businesses which cost £24.99 or £99 per month.
UK card payments, bank transfers and ATM withdrawals are all included in the fee. You can withdraw up to £500 a day. Using the card abroad will cost you though:
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Product Name | Amaiz Starter |
Overseas transaction details | EEA transaction charge = 0.5% Intraregional = 1% |
Overseas ATM charge | European = £1.25, Other ATMs £2 |
International transfer charge | N/A |
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.
Email support | |
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Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
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.
Get started by visiting Amaiz's website and sign up for an account. If you have read this review and decided that Amaiz’s account is not for you, you can also compare other business bank accounts on the market.
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