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. So let’s take a closer look.
What is Amaiz?
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 international transfers.
How does Amaiz work?
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:
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.
Spending reports. Access tailored financial reporting, with customisable banking statements.
Payment templates. Streamline the payment process with Amaiz’s template creation feature.
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.
International transfers. Transfer funds directly into more than 70 currencies.
The account does (almost) all you can expect: you can make bank transfers, set up and manage your direct debits, plus send money abroad.
The card lets you make payments and withdraw cash from ATMs both in the UK and abroad.
How much does Amaiz cost?
Amaiz offers three different pricing plans – a free option, Business + which costs £49 a month, plus VAT, or Enterprise which costs £99 a month, plus VAT. The paid-for accounts also have an onboarding fee. This is £100 for Business + and £250-£1,000 with Enterprise.
Faster Payment transactions and UK ATM withdrawals are free of charge and you can withdraw up to £850 per day. But there’s a £2 virtual card issuing fee, which rises to £10 for a plastic card. Certain transaction fees also apply.
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.
Amaiz rates and fees
Pros and cons
Pros
Have your account up and running in a few minutes.
A very comprehensive business account with loads of features.
Freeze your card from the app if it gets lost or stolen.
Different pricing plans to choose from, including a free option.
Cons
Pricing structure is a little unclear.
High monthly and onboarding costs.
No overdrafts or credit facilities available.
Not all the planned features are available yet.
Customer service information for Amaiz
Email support
Telephone support
In-app or live chat
Contact form
Branch support
The verdict
As we said, Amaiz isn’t the cheapest business account on the market, especially if you sometimes need to take your card abroad. Starling, 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, 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.
Frequently asked questions
Amaiz says it should take around 5-7 days for your card to arrive.
Amaiz’s account limits are as follows:
Bank transfer/direct debit maximum amount. £230,000.
Daily ATM withdrawal limit. £850.
Yes, there are. Anna is worth checking out as it’s quite similar to Amaiz and a bit cheaper for sole traders. Tide can also be a good idea.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism.
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By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools.
Is Tide’s current account for businesses right for your company? We take a closer look at all of the fees and features of a Tide account.
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