ANNA Money vs Monese
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
57/100
Free tier
Recent expats and migrants who need a functional UK or EU mobile account quickly without proof of address, especially as
💰 Pricing
🆓 Free tier available
Standard plan: free account, card, and app; limit of £200/month free ATM withdrawals (2% fee after), 0.35% FX fee on spending in non-account currencies after free allowance, cash deposit limit £1,000/month
Fee notes:
- FX markup: 0.35% on Standard for spending in non-account currencies; Premium and Metal have no FX markup
- ATM withdrawal fee: Standard - 2% after free £200/month allowance; Premium and Metal - free unlimited
- International transfer out: £0.50 flat fee (Standard), free for Premium and Metal
- Card replacement: £4.95 for Standard, free for Premium and Metal
- Cash deposit: 1% of amount (Standard), free up to limit (Premium and Metal)
⚠ Watch for:
- Inactivity fee: £1/month after 12 months of no transactions (waived if account balance over £50)
- Cash deposit fee on Standard is 1% of amount, even under limit
- Failure to have enough balance for subscription fee may incur charges
- Currency conversion for cash withdrawals may use different rate
🔧 Features
✓ Free Tier✓ Mobile App✓ No Address Proof✓ Multi Currency✓ Credit Builder
📋 Assessment
💪 Strengths
- One of Monese's biggest selling points is its inclusive onboarding: you can open an account without proof of address. This is a lifeline for expats, migrants, and people in transitional living situations. The process is entirely smartphone-based and takes minutes, instantly providing you with UK sort code and account number, plus a Euro IBAN, so you can start receiving salary right away.
- The app is genuinely well-designed. Real-time spending notifications arrive instantly, and the built-in budgeting categories automatically sort expenses, making it easy to see where money goes. Card management is comprehensive — you can freeze/unfreeze the card, set spending limits, and get PIN reminders, all from your phone. The user experience is fluid, with no lag, and the navigation is intuitive even for less tech-savvy users.
- Multi-currency functionality is a practical asset for frequent travelers or cross-border workers. With both GBP and EUR accounts, you can hold, receive, and send money in either currency. The app supports transfers to over 30 countries, and you get competitive exchange rates on paid plans. For freelancers working with European clients, having a local-currency account avoids costly conversions and speeds up payment clearance.
- The credit builder feature is a smart addition for users with thin credit histories. It reports your account activity to credit agencies (Equifax in the UK, for example), helping you build a positive credit score over time. This is especially valuable for newcomers who need to establish financial credibility for future loans or mortgages. The feature is easy to opt into and operates in the background without affecting your normal spending.
- Monese is upfront about its fee structure and offers a range of paid plans that unlock higher allowances and lower fees. The flexibility means you can start free and upgrade as your usage patterns become clearer. The Classic plan, at £5.95/month, offers one free ATM withdrawal of up to £200 per month, which is useful for cash-dependent users. This tiered approach lets you control costs based on your needs.
⚠ Watch out for
- ATM withdrawal fees are a significant drawback, even on paid plans. The free plan charges £1.50 per withdrawal (and €2 in Europe), which can drain your balance if you frequently need cash. The Classic plan includes a single free withdrawal up to £200, but any additional or larger amounts incur fees. For a product targeting migrants who may rely on cash, this feels punishing, and alternatives like Starling Bank offer fee-free ATM withdrawals globally.
- The lack of FSCS protection is a major concern for those using Monese as a primary savings or salary account. Because Monese is an EMI, not a bank, your funds are not covered by the UK's Financial Services Compensation Scheme, which protects up to £85,000 in bank failures. Instead, funds are safeguarded in segregated accounts, but this is not equivalent to FSCS coverage. Savers with substantial balances should consider holding money elsewhere.
- The 'free' plan feels limited for active users. While account opening is free, you get no free ATM withdrawals, and spending abroad incurs a 2% charge (with a £2 minimum) on the base plan. To get reasonable allowances, you must switch to a paid plan, which costs money even in months when you barely use the account. This can feel like a hidden cost for people who are not heavy users.
- Monese only offers GBP and EUR accounts. If you need to hold or transact in other currencies, you'll incur conversion fees. For example, sending money in USD or receiving payments in other currencies is not supported, which may be limiting for globetrotters or remote workers with clients outside these regions. Multi-currency neobanks like Revolut or Wise offer broader currency support with interbank rates.
- Customer support is primarily in-app chat and email, with no phone line. Response times can vary, and while the support team is generally helpful, the lack of phone support can be frustrating for urgent issues like card loss or fraud. Some users report delays in resolving complex queries, and the knowledge base, while decent, does not cover every edge case.
🎯 Best for
Recent expats and migrants who need a functional UK or EU mobile account quickly without proof of address, especially as a first banking step.
🚫 Who should skip
People who want FSCS deposit protection, lower FX fees, unlimited free ATM withdrawals, or a full suite of banking products like overdrafts and savings accounts.
📚 Learning curve
Minimal — setup and everyday use are straightforward, though you should review the fee table to avoid surprise charges.
🧑⚖️ Verdict
Monese is an excellent choice for expats, migrants, and anyone who needs a UK or EU account without the usual address hurdles. It's also a solid secondary account for travel and daily budgeting. However, those seeking a full-fledged bank with FSCS protection, fee-free ATM access, or multi-currency b
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseANNA MoneyMonese
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
Opening a UK bank account before or just after relocating—95
Monese doesn't require proof of address, so expats, students, and workers can ge
Everyday spending and budgeting on a mobile app—85
The app provides instant payment notifications, spending categories, and card fr
Receiving salary in GBP or EUR as a freelancer or expat—80
Local UK account details and a Euro IBAN let you receive transfers in both major
🧭 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 Monese if...
- You are: Recent expats and migrants who need a functional UK or EU mobile account quickly without proof of address, especially as
- 👍 No proof of address required, making it one of the most accessible accounts for expats, migrants, an
- 👍 Fast, smartphone-only onboarding with a UK sort code and account number plus Euro IBAN options, so y
- 👍 App is well designed with instant spending notifications, budgeting categories, and card freezing/ma
- 💰 Free tier available
- ⚠ Trade-off: ATM withdrawal fees and foreign transaction charges can add up quickly, especial
❓ 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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