ANNA Money
ANNA Money offers a UK business account with a built-in AI admin assistant that creates and sends invoices, categorises expenses, and tracks tax deadlines from chat commands. It's designed for freelan…
💬 Verdict
ANNA Money is a solid choice for freelancers and new businesses who want a zero-cost business account with built-in invoicing and admin automation, especially if they value quick setup and don't require FSCS protection or deep accounting integrations. It's less suitable for established businesses with employees, complex invoicing needs, or those who live in Xero or QuickBooks. Bottom line: if you want a no-fuss way to manage admin on a budget, ANNA delivers—just understand the trade-offs on protection and integrations.
ANNA Money
Free plan available — no credit card required
📊 Pros & Cons
Pros
- 👍 AI assistant genuinely reduces admin by creating invoices and categorising expenses from simple chat commands.
- 👍 Free tier includes a business account, debit card, and invoicing without ongoing monthly costs.
- 👍 Fast setup with no credit checks, making it accessible to new businesses and those with poor credit.
- 👍 Good tax reminders and expense reporting help users avoid missed deadlines and simplify self-assessment.
Cons
- 👎 Not a regulated bank, so funds are not FSCS protected; you're relying on e-money safeguarding.
- 👎 No native integrations with popular accounting tools like Xero or QuickBooks.
- 👎 Free plan has limitations on features like multi-user access, advanced invoicing, and support.
- 👎 International payments and cash deposits cost extra, which can catch users off guard.
- 👎 Customer support is primarily via in-app chat and may not be as responsive as dedicated business banks.
🎯 Use Cases
ANNA's AI assistant creates professional invoices from simple commands and sends them directly, making it ideal for freelancers who need quick, easy billing.
Built-in reminders for deadlines and automatic expense categorisation help self-employed users stay on top of tax payments without manual admin.
The AI categorises spending automatically and snapshots receipts, giving small business owners a clear picture of cash flow and expenses.
It provides a functional UK business current account with a debit card, but lacks lending, overdrafts, or multi-user features on the free tier.
International transfers carry higher fees and are not a core strength; you're better off with a dedicated multi-currency provider.
🔌 Integrations
🔍 Deep Dive
International payments incur fees, cash deposits are charged, and paid plans (starting around £4.90/month) are required for features like multi-user access, advanced invoicing, and priority support. Card replacement may also cost money.
Minimal — the AI chatbot and simple setup make it easy to get started, even for beginners.
Businesses that need international banking, integrated accounting software, or access to loans and overdrafts should look elsewhere.
❓ Frequently Asked Questions
Is ANNA Money really free?
Yes, ANNA Money offers a free business account with no monthly fee, including a UK sort code and account number, debit card, and basic invoicing. However, some features like international payments and cash deposits cost extra, and paid plans add advanced functionality.
Can I open an ANNA Money account if I have bad credit?
Yes, ANNA Money does not perform a credit check when you open a business account. It's designed to be accessible for new businesses, freelancers, and those with poor personal credit.
How does the AI assistant actually help my business?
The AI assistant helps by creating and sending invoices, categorising expenses, reminding you about tax deadlines, and answering admin questions. You can often just chat to it in plain English, and it handles routine tasks automatically.
What are ANNA Money's limits on the free plan?
The free plan includes a full UK business account with no monthly fee, but has limits on invoicing, card usage, and access to support. For example, you may pay per transaction or for cash deposits, and some advanced tools are only available on paid plans.
Does ANNA Money integrate with accounting software like Xero or QuickBooks?
ANNA Money does not currently offer direct integration with Xero or QuickBooks. Instead, it provides its own bookkeeping and expense categorisation tools, and you can export data if you need to use external software.
How long does it take to set up an ANNA Money account?
Setup is usually fast and can be done in under 10 minutes through their mobile app or website. You'll need to provide your personal details, business information, and complete identity verification, which often takes just a few hours to approve.
Is ANNA Money safe and FSCS protected?
ANNA Money is an electronic money institution (EMI), not a bank, so funds are safeguarded in segregated accounts rather than FSCS protected. This is standard for fintech accounts, but you don't get the same £85,000 government protection.
