ANNA Money vs Lili
Side-by-side comparison — pricing, features, ratings, use cases. Find which Neobanks fits you best.
🔍 Independently researched ·
📊 Data-driven
· ⭐ Ratings from G2 (real user reviews)
73/100
Free tier
UK freelancers, contractors, and small business owners who want a no-nonsense, AI-assisted business account to handle in
★ Best
💰 Pricing
🆓 Free tier available
Free account with monthly fee waived if sufficient usage; otherwise subscription may be required
Fee notes:
- No monthly account fee for standard account
- FX conversion fee: 1% on transactions in non-GBP (or 1.5% if not using card? Please check)
- International payments: no fee for receiving, but FX spread applies
- ATM withdrawals: free in the UK, £1.50 or 2% for international (varies)
- Card replacement: £10 for standard, free for Premium (if applicable)
⚠ Watch for:
- FX markup of 1% on foreign currency transactions can add up
- International ATM withdrawal fees may be charged by ANNA plus any ATM operator fee
- If you need to upgrade for accounting features, costs can increase significantly
- Card replacement fee (if applicable) may not be disclosed upfront
🔧 Features
✓ Free Tier✓ Ai Assistant✓ Invoicing✓ Tax Reminders✓ Uk Business
📋 Assessment
💪 Strengths
- The AI assistant is the undeniable standout. You can simply type 'send invoice to John for £500' in the chat and ANNA drafts, sends, and tracks it. For expense management, photograph a receipt and it categorises it appropriately, extracting key data. This direct, conversational interaction genuinely reduces manual admin, which is the whole point of the product.
- The free plan includes a full business current account, a debit card, and unlimited invoicing with no monthly fees. That's a rare offering in the UK—most comparable neobanks charge £5-£10 per month for similar entry-level features. For a freelancer just starting, this zero-cost entry is a massive draw.
- Setup is frictionless. There's no hard credit check, so even those with poor or unestablished credit can open an account. In practice, this can be done in under an hour, often in minutes if your ID is ready. This accessibility opens the door for many who would be rejected by high-street banks.
- Tax deadline reminders are genuinely useful. ANNA tracks VAT and self-assessment dates, notifying you via the app so you don't miss submissions. This is a small but vital feature that helps avoid penalties, a tangible saving that offsets any perceived limitations.
⚠ Watch out for
- ANNA is not a regulated bank, so deposits are not FSCS protected. Instead, they are safeguarded under e-money regulations, which means if ANNA were to go bust, you might not get your money back as quickly or at all, though safeguarding is designed to protect it. For some, this lack of FSCS cover is a dealbreaker, especially for larger balances.
- There are no native integrations with popular accounting tools like Xero or QuickBooks. You can export statements manually, but you can't sync transactions. For freelancers who already rely on these platforms, this creates extra manual work that other neobanks often solve with seamless integration—a significant gap.
- The free plan feels limited once you have a few employees or contractors. Multi-user access, for instance, is only available on paid tiers, which start at £4.90 per month. Advanced invoice customisation is also locked behind the paywall, so your invoices will look generic until you upgrade.
- Customer support is chat-only, with no phone line. Response times can be slow during peak periods, and while the AI handles routine queries well, complex issues may require multiple back-and-forths. This can be frustrating if you need urgent help with a payment or card issue.
🎯 Best for
UK freelancers, contractors, and small business owners who want a no-nonsense, AI-assisted business account to handle invoicing, expenses, and tax deadlines without extra admin overhead.
🚫 Who should skip
Businesses that need international banking, integrated accounting software, or access to loans and overdrafts should look elsewhere.
📚 Learning curve
Minimal — the AI chatbot and simple setup make it easy to get started, even for beginners.
🧑⚖️ 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 wi
38/100
Free tier
Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, t
💰 Pricing
🆓 Free tier available
Limited to 50 expense categories; no custom categories; standard support
Fee notes:
- No monthly account fees on either tier
- No ATM fees for withdrawals at in-network ATMs (over 30,000 fee-free ATMs)
- Out-of-network ATM fees: $2.50 per transaction
- International ATM withdrawal: 1% conversion fee plus out-of-network fee
- International purchases: 1% foreign transaction fee
⚠ Watch for:
- Foreign transaction fee of 1% on non-USD purchases
- ATM fees for out-of-network and international withdrawals
- Wire transfer fees for domestic and international wires
- Potential fee for expedited card delivery
🔧 Features
✓ Free Tier✓ Tax Bucket✓ Freelancer Focus✓ Expense Tracking✓ Us Only
📋 Assessment
💪 Strengths
- The Smart Save feature is a standout. You can automate a percentage of every deposit to be set aside for taxes. This removes the mental load of estimating quarterly tax payments and ensures you're not caught short when tax season arrives. The funds are held separately from your spending, which helps avoid accidental spending of money that should go to the IRS.
- Expense categorization is tailored for freelancers. It offers categories like Meals & Entertainment, Transportation, Travel, and Equipment, which are relevant to self-employed filers. You can also create custom categories. This makes it easy to organize expenses for tax time, and you can export your expense report to your accountant.
- Real-time cash flow insights provide a snapshot of your current income and expenses. The app shows your net cash flow for the month and predicts upcoming cash flow based on pending transactions. This is particularly useful for those with irregular income streams, as it helps with budgeting and planning.
- Receipt management is simple and efficient. You can take a photo of a receipt and attach it to a transaction with a date stamp. This reduces paper clutter and makes it easier to substantiate deductions. The app also captures the merchant and amount automatically, saving you time.
- There are no monthly account fees and no minimum balance requirements. This is ideal for freelancers who may not maintain a high balance. You're not penalized for variable income, and the free tier includes virtual and physical debit cards, along with free ATM access at a vast network of ATMs.
⚠ Watch out for
- There is no interest on your deposits. If you often keep a large balance, your money will not grow. This makes Lili less suitable for those looking to park funds long-term or who want to earn a return on their cash.
- The account is US-only. You cannot use the card internationally, nor can you send or receive foreign currency. That makes it unsuitable for freelancers who travel overseas or work with international clients.
- Lili does not offer payroll services or business lending. As your business grows, you may outgrow Lili and need to switch to a full-service bank or more advanced neobank that offers lines of credit, business credit cards, or invoicing integration with payroll.
- The free plan is quite basic. You get one sub-account for tax savings, but to truly organize your finances (e.g., separate savings for emergences or specific expenses), you will need to upgrade to Lili Pro ($9/month). This may frustrate budget-conscious users.
- Customer support on the free plan is limited to email and in-app chat. Some users report slow response times, and there's no phone support unless you're on the Pro plan. If you're not a Pro, you may feel the lack of reliable support.
🎯 Best for
Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, tax-aware business bank account.
🚫 Who should skip
Businesses with more complex needs like payroll, multi-member LLCs, international operations, or those wanting to earn interest on their business cash should skip Lili.
📚 Learning curve
Minimal — setting up the tax bucket and expense categories takes minutes, and the app is intuitive for freelancers who already manage their own finances.
🧑⚖️ Verdict
Lili is an excellent choice for US-based freelancers who want a simple, no-fee business account with automatic tax savings and expense tracking. However, if you need international capabilities, interest on your balance, or more advanced banking features like loans or payroll, you'd be better served
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseANNA MoneyLili
Freelancer Invoicing92—
ANNA's AI assistant creates professional invoices from simple commands and sends
Tax Deadline Tracking90—
Built-in reminders for deadlines and automatic expense categorisation help self-
Expense Management85—
The AI categorises spending automatically and snapshots receipts, giving small b
Everyday Business Banking78—
It provides a functional UK business current account with a debit card, but lack
International Payments35—
International transfers carry higher fees and are not a core strength; you're be
Freelancer Tax Preparation—95
The automatic tax bucket lets you set aside a percentage of income consistently,
Expense Tracking for Self-Employed—90
Automatic expense categorization and receipt matching are built for freelancers
Real-Time Cash Flow Monitoring—88
Lili provides real-time insights into income and spending, helping freelancers s
🧭 Which One Should You Pick?
Choose ANNA Money if...
- You are: UK freelancers, contractors, and small business owners who want a no-nonsense, AI-assisted business account to handle in
- 👍 AI assistant genuinely reduces admin by creating invoices and categorising expenses from simple chat
- 👍 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.
- 💰 Free tier available
- ⚠ Trade-off: Not a regulated bank, so funds are not FSCS protected; you're relying on e-money
Choose Lili if...
- You are: Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, t
- 👍 No monthly account fees or minimum balance requirements, making it accessible for freelancers with v
- 👍 Automatic tax savings bucket that lets you set aside a percentage of every deposit for quarterly tax
- 👍 Built-in expense categorization and receipt management tailored to self-employed users.
- 💰 Free tier available
- ⚠ Trade-off: US-only account; no support for international transactions, multi-currency, or n
❓ 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.
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.
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