ANNA Money vs Mettle
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
60/100
Free tier
UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in
💰 Pricing
🆓 Free tier available
All core features are included at no cost: no monthly fees, no UK payment fees, free electronic money transfers, no minimum balance. Some usage limits apply to card spending and ATM withdrawals, but there are no restrictions on account features.
Fee notes:
- No monthly account fee, setup fee, or closure fee
- No fee for UK Faster Payments or BACS payments
- Debit card purchases in foreign currencies incur a 2.99% non-sterling transaction fee
- ATM withdrawals in the UK are free, but ATM operator surcharges may apply
- International ATM withdrawals: likely a 2% platform fee (minimum £2) plus the 2.99% non-sterling transaction fee (check current terms)
⚠ Watch for:
- Non-sterling transaction fee of 2.99% applied to all purchases made in a foreign currency
- International ATM withdrawals may carry both a fixed fee and the non-sterling fee, resulting in higher effective costs
- Business account only supports GBP for domestic payments; international transfers require integration with third-party FX services that add their own conversion margins
- Some accounting integrations require a separate paid subscription (e.g., free with FreeAgent only while you hold a Mettle account)
🔧 Features
✓ Free Tier✓ Uk Sole Trader✓ Natwest Owned✓ Invoicing✓ Accounting
📋 Assessment
💪 Strengths
- No fees, truly free: Mettle charges no monthly fee, no minimum balance requirement, and no transaction fees for standard UK payments (including Faster Payments and Direct Debits). For a small business, this removes a predictable monthly cost, freeing up capital for growth. You can make unlimited UK transfers without worrying about per-transaction charges, which is rare among both traditional and digital banks.
- Free FreeAgent subscription: Every Mettle customer gets a complimentary FreeAgent account, normally costing around £120 a year. This is a significant saving for freelancers who need to manage their accounting, and it integrates seamlessly with Mettle—transactions appear automatically in FreeAgent, and you can create invoices directly from the accounting dashboard. This integration simplifies tax filing and financial reporting.
- Built-in invoicing and receipt capture: Mettle's app allows you to generate professional invoices in seconds, with customizable fields and the ability to schedule recurring invoices. You can also photograph receipts on the go, and Mettle uses AI to extract the total, date, and merchant, then attaches it to the corresponding transaction. This digitizes your admin, saving hours each month and making expense tracking effortless.
- FSCS protection and NatWest backing: Because Mettle is an arm of NatWest, your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This is a major trust advantage over many standalone neobanks that either lack FSCS protection or require a banking partner. For risk-averse freelancers, knowing their funds are safeguarded by a major UK bank is reassuring.
- FreeAgent integration with Xero support: Beyond FreeAgent, Mettle also integrates with Xero, allowing you to sync your transactions with your existing accounting setup. This flexibility is crucial for businesses that already use Xero and don't want to switch. The two-way sync ensures that payments made via Mettle are automatically reconciled, reducing manual data entry and errors.
⚠ Watch out for
- No cash deposits: If you operate in a cash-intensive business—like retail, events, or some trades—you cannot deposit cash into Mettle. The app has no facility to accept cash, meaning you'd have to keep a separate bank account and transfer money, creating extra admin and potentially delaying access to funds. For businesses that rely on cash flow, this is a major drawback.
- Eligibility restrictions: Mettle is only available to sole traders and single-director limited companies. If you have a partnership, a multi-director Ltd, a charity, or a trust, you cannot open an account. This narrow focus might be fine for many freelancers, but it excludes a substantial segment of business owners who might otherwise benefit from the free banking.
- Limited international features: Mettle doesn't offer foreign currency accounts, and international payments incur a 4.5% currency conversion fee (plus a £1.50 flat fee for non-UK transfers). For freelancers with clients abroad, this is expensive compared to specialist services like Wise or Revolut Business, which offer interbank rates and low fees. Mettle is best for domestic transactions only.
- No phone support and limited in-app help: While Mettle has an in-app chat and a comprehensive help center, there is no direct phone number to call. If you have a time-sensitive issue, the chat can be adequate, but some users may find the lack of phone support frustrating, especially in emergency situations. Response times can vary, and complex queries might require multiple interactions.
- Not suitable for businesses needing branch access: As a digital-only bank, Mettle has no physical branches. If you need to deposit cheques (though they are becoming obsolete), or prefer face-to-face banking, you'll be disappointed. Cheques cannot be paid in via Mettle; you'd need a separate NatWest account, which defeats the convenience.
🎯 Best for
UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in invoicing and easy accounting integration.
🚫 Who should skip
Businesses that deal with cash, have multiple directors or partners, or need international banking features — you'll quickly outgrow Mettle.
📚 Learning curve
Minimal — the app is intuitive and similar to consumer banking apps, with a short onboarding flow and straightforward invoicing tools.
🧑⚖️ Verdict
If you're a sole trader or a single-director company that operates digitally, Mettle is an exceptional, no-cost choice—especially with the free FreeAgent subscription. However, if you need cash deposits, international banking, or phone support, look elsewhere. Bottom line: Mettle is the best free di
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseANNA MoneyMettle
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
Invoicing freelancers and sole traders—95
Mettle has built-in invoicing tools that let you create, send, and track invoice
Tracking expenses on the go—90
Receipt capture and automatic expense categorization help sole traders keep pers
Streamlining accounting with an accountant—85
Mettle lets you share access with your accountant and integrates with accounting
🧭 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 Mettle if...
- You are: UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in
- 👍 No monthly fees, no minimum balance, and no transaction charges for standard UK payments.
- 👍 Built-in invoicing and receipt capture, saving time on everyday admin.
- 👍 FSCS protected up to £85,000 because it's backed by NatWest, adding trust versus unregulated neobank
- 💰 Free tier available
- ⚠ Trade-off: No cash deposit support, making it unsuitable for cash-heavy businesses.
❓ 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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