Anna Business Account Review 2025: AI Banking & Tax Filing

Anna is an AI-powered business banking platform serving over 200,000 UK small businesses with integrated current accounts, invoicing, tax filing, and expense management. Unlike traditional banks, Anna operates as an e-money institution with artificial intelligence handling transaction categorisation, VAT calculations, and customer support through a chat-based interface. The app even “miaows” when you make a payment. But does this automation genuinely deliver value for UK businesses?

This review examines Anna’s actual fees, features, and user experiences based on 4,500+ customer reviews to help you decide if it’s right for your business.

Review Summary Box

Best For: Sole traders and limited companies seeking AI-powered integrated banking, invoicing, and tax filing in one app
Main Pro: AI-powered expense categorisation with exceptional accuracy and MTD-compliant VAT filing built directly into the banking app
Main Con: No FSCS protection — funds protected through e-money safeguarding instead
Rating: 4.8/5

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Anna Business Account Pricing

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Anna Core Features (All Accounts)

• Banking essentials: UK sort code and account number plus IBAN for international payments. Physical Mastercard debit card arrives within 3-4 days. Instant virtual card available immediately upon signup for online payments. Works with Apple Pay and Google Pay for contactless payments.
• AI-powered expense categorisation: Anna’s smart AI automatically categorises transactions into HMRC-compliant expense categories, eliminating manual bookkeeping. Snap receipt photos and Anna extracts merchant name, amount, date, and VAT information automatically, matching receipts to transactions.
• Invoicing with chase functionality: Create and send professional-looking invoices in seconds with branded templates. Anna tracks when invoices are read and paid. If customers don’t pay, Anna automatically chases overdue invoices for you. QuickPay functionality allows customers to pay invoices via card or Apple Pay.
• Accounting sync: Automatic integration with Xero, Sage, QuickBooks, and FreeAgent. Share real-time access with your accountant directly through the app—no more email exchanges or manual data transfers.
• Multi-currency accounts: Separate business accounts with their own account details in USD, EUR, and CHF. Keep money in multiple currencies and control when and how to convert into GBP. Send and receive payments in GBP, USD, EUR, and CHF to and from 200+ countries via SWIFT and SEPA networks.
• Money-saving Pots: Create pots to organise money for taxes, salaries, or specific expenses. Manually move funds or set up automatic top-ups. Unlimited pots on Pay As You Go and Big Business plans. Business plan includes 4 free pots (£1 per additional pot monthly).
• 24/7 customer support: Cardiff-based customer support team available 24/7 via in-app chat. Typically responds within one minute according to customer reviews. AI-powered chat interface allows natural language commands to trigger banking actions.
• Open Banking connectivity: Connect external bank accounts through Anna’s partnership with TrueLayer to view all business finances in one place. Useful for sole traders managing multiple accounts or viewing personal and business funds together.
• Payment features: Scheduled payments, standing orders, Direct Debits (no extra charge), bulk payments for payroll, unique payment link webpage for online payments, QR code payment generation, instant payment notifications.
• Business cashback: Earn up to 40% cashback on over 150 business products and services including train travel, furniture, and business software.

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Anna Premium Add-Ons

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Anna Pros & Cons

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Anna Fees & Charges: The Reality

Incoming Payment Commission (The Hidden Cost)

0.95% commission on all incoming payments applies across all three plans. This fee structure significantly differs from traditional banks and many fintech competitors. Receive £10,000 monthly? That’s £95 in fees every month. For businesses with £50,000 monthly income, incoming payment fees reach £475/month (£5,700 annually)—regardless of which plan you choose.

Exception: Transfers from your own external accounts incur no commission. Incoming payment links on Business plan charge 0.5% commission after the first £200 monthly, but are free on Pay As You Go and Big Business plans.

Transaction Costs

Outgoing transfers: Pay As You Go and Big Business plans offer unlimited free UK bank transfers. Business plan includes 60 free transfers monthly, then 20p per transfer thereafter. For businesses making 100 monthly transfers on Business plan, that’s 40 chargeable transfers = £8 additional monthly cost.

International Payments

SWIFT payment fees: Pay As You Go charges 1% FX conversion fee with no free SWIFT payments. Business plan includes 2 free SWIFT payments monthly (£5 per payment after) plus 1% FX fee. Big Business plan offers 4 free SWIFT payments monthly (£5 per payment after) plus reduced 0.5% FX conversion fee.

Sending £5,000 internationally on Pay As You Go plan costs £50 in FX fees alone. Big Business plan reduces this to £25 (0.5% FX fee).

Cash & ATM Fees

• ATM withdrawals: Free on Pay As You Go and Big Business. Business plan includes 3 free withdrawals monthly, then 1% commission (£1 minimum) per withdrawal after.
• Cash deposits via PayPoint: Pay As You Go charges 1% per deposit. Business plan allows £300 free cash deposits monthly, then 1% commission (£1 minimum) after. Big Business plan offers free cash deposits.
• CHAPS payments: Business plan includes 2 free CHAPS payments monthly (£5 per payment after). Big Business plan offers unlimited free CHAPS. Pay As You Go can receive incoming CHAPS but cannot send outgoing CHAPS payments.

Reality check: A business receiving £10,000 monthly income (£95 commission), making 80 transfers on Business plan (£4 for 20 extra transfers), and depositing £500 cash monthly (£2 after free £300) pays approximately £101/month across all fees—significantly more than the £22.90 + VAT monthly subscription suggests.

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Anna App Performance

4.3/5 stars (Apple App Store, 995 ratings) | 3.4/5 stars (Google Play, 1,460 reviews)

Strengths: AI-powered chat interface allows natural language commands—type “international payment” or “create invoice” to trigger workflows. Automatic transaction categorisation with high accuracy. Instant payment notifications. Receipt scanning with automatic data extraction. Apple Pay and Google Pay integration works seamlessly.

Weaknesses: The chat-based interface, while innovative, can frustrate users preferring traditional menu navigation. Account opening takes 3-5 minutes when documents are clear, but may require additional time if ID photos are blurry or utility bills don’t match provided addresses. The app famously “miaows” when you make a payment—a quirky touch customers either love or find unprofessional.

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Opening an Anna Account: Eligibility, Process, and Restricted Industries

Anna’s onboarding typically completes within 10 minutes for straightforward applications. The entirely app-based process requires ID and proof of address readily available.

Who Can Apply? (Eligibility)

Anna accepts applications from:

• Sole Traders: Must be registered with HMRC for Self Assessment (or willing to register).
• Limited Companies: Must be registered with Companies House and listed as a director.
• Limited Liability Partnerships (LLPs): Partners in LLPs can apply for Anna accounts.

The “No Hard Credit Check” Advantage: While not explicitly stated in the documentation, Anna typically performs identity verification and anti-money laundering checks rather than traditional credit searches, making accounts accessible for business owners with poor personal credit history.

Timeline & Process

Account opening takes approximately 3-5 minutes when all required documents are provided and clear. Additional verification time may be needed if ID photos are blurry or utility bills don’t match the address provided. Once approved, digital access is immediate. Physical Mastercard debit cards arrive within 3-4 days via post. Virtual cards are available instantly for immediate online payments.

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Anna FSCS Protection & Regulatory Compliance

Anna is not FSCS protected—but your money is still safe through safeguarding. Understanding the difference between traditional bank protection and e-money safeguarding is crucial for making an informed decision about Anna.

How traditional banks protect your money:

When you deposit money into a traditional bank account, your bank uses those funds to generate profit—lending it to other customers through mortgages and business loans, or investing it in financial markets. Because your money is actively at risk through these activities, bank deposits are covered by the government’s Financial Services Compensation Scheme (FSCS) up to £85,000 (£170,000 for joint accounts). If your bank fails, the FSCS compensates you for lost deposits.

How Anna protects your money:

Anna isn’t a bank, so your money isn’t covered by the Financial Services Compensation Scheme (FSCS). However, your money is still safe since it’s not loaned out anywhere, and is covered by a procedure called safeguarding, which is applied to all e-money institutions.

Anna’s safeguarding arrangements:

• Your deposits are held separately from Anna’s business funds
• The money is not loaned out to other customers
• The money is not invested in financial markets
• Your funds just sit there, untouched and secure
• Legally, Anna cannot do anything with your money unless you authorise it—for example, when you withdraw cash, pay a bill, or make a card purchase

The key distinction: Because your money isn’t ‘at risk’ through lending or investment activities, it’s protected through regulatory safeguarding requirements rather than through the FSCS compensation scheme. Your funds are ring-fenced and separate from Anna’s business operations.

Regulatory oversight: Anna operates as an e-money institution regulated by the Financial Conduct Authority. Safeguarding requirements are legally mandated and regularly audited.

What this means practically:

• Best case: Your money sits safely segregated, completely protected from Anna’s business creditors
• Worst case: If safeguarding arrangements somehow failed (extremely unlikely given FCA oversight), there is no government compensation scheme to recover your funds

For businesses requiring FSCS protection: If the absence of FSCS protection concerns you—particularly if you maintain large balances or operate in a risk-sensitive industry—consider traditional banks or fintech platforms operating through fully-licensed banks (like Tide through ClearBank, which provides £120,000 FSCS protection).

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Anna User Reviews & Customer Experience

Trustpilot: 4.5/5 stars from 4,548 reviews—rated “Excellent”
Apple App Store: 4.3/5 stars from 995 ratings
Google Play: 3.4/5 stars from 1,460 reviews

What works: Customers consistently praise the straightforward application process, AI-powered automation, and responsive 24/7 customer support. “Fast, stress-free sign up. Straight away. The pricing is clear and reasonable.” Another reviewer highlighted: “Business Banking that works! Running a business is not easy but Anna makes it simple.”

Major issues reported:

• Account freezing (most serious complaint): “These people take control of your own money and demand all types of information about were it came from even though it can be seen to have came from HMRC.” Multiple users report sudden account freezes with excessive information requests. “We’re an established UK company that has had our money frozen randomly. The live chat said that because they did minimal checks when they signed us up that they are freezing transfers until the have more information.”
• Intrusive verification requests: “You are constantly bombarded with endless, relentless, intrusive questions regarding your business practices, customers and suppliers details.” Users report Anna requesting detailed information about business operations, customer details, and supplier relationships beyond standard banking verification.
• Payment delays: “Absolutely the worst banking experience I’ve ever had. They unnecessarily delay payments and ask for irrelevant documents.”
• Incoming payment commission frustration: The 0.95% commission on incoming payments surprises businesses expecting truly “free” banking, particularly for high-volume invoice payments.
• No phone support: Chat-only support frustrates users needing urgent assistance, despite generally positive response time reviews.

Positive highlights:

• AI categorisation accuracy: Users consistently praise automatic expense categorisation accuracy.
• Tax filing integration: “+Taxes makes VAT returns incredibly simple—just tap submit and it goes straight to HMRC.”
• Customer support responsiveness: “Exceptional 24/7 customer service. Our customer support team in Cardiff are available 24/7 and usually get back to you in under a minute!”

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Our Final Verdict & Anna Recommendation

Anna works well for low-to-moderate income businesses seeking integrated banking, invoicing, and tax administration in one platform. The AI-powered expense categorisation genuinely reduces administrative burden, and the +Taxes add-on (£24/month + VAT) delivering MTD-compliant VAT filing directly to HMRC provides significant value for VAT-registered limited companies.

However, the 0.95% incoming payment commission represents a hidden cost that accumulates rapidly. Businesses receiving £10,000 monthly income pay £95 in fees regardless of which plan they choose. For high-volume invoice-based businesses, this fee structure becomes prohibitively expensive compared to traditional banks or competitors offering free incoming payments.

The persistent account freezing complaints and intrusive verification requests represent serious concerns for established businesses requiring reliable fund access. While anti-money laundering compliance is legally required, the reported communication failures during account restrictions create unacceptable business-critical disruptions.

✓ Choose Anna if:

• You’re a sole trader or limited company with modest incoming payment volumes (under £5,000 monthly)
• You need integrated invoicing, expense tracking, and tax filing in one app
• You’re VAT-registered and want MTD-compliant digital filing (+Taxes add-on)
• You value AI automation for expense categorisation and receipt matching
• You need multi-currency accounts (USD, EUR, CHF) with conversion control

✗ Avoid Anna if:

• You receive high-volume incoming payments (£10,000+ monthly = £95+ monthly commission fees)
• You require FSCS protection for large business balances
• You cannot tolerate potential account freezing disrupting business operations
• You require phone support for urgent banking issues
• You prefer traditional menu navigation over chat-based interfaces

Alternative approach: Consider using Anna for invoicing, expense management, and tax filing (+Taxes add-on) while maintaining a traditional bank account with FSCS protection for receiving customer payments and holding larger balances. This hybrid strategy provides AI automation benefits while avoiding the 0.95% incoming payment commission and preserving government-backed deposit protection.

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Anna FAQs: People Also Ask

Is Anna a real bank?

No, Anna is not a bank. Anna operates as an e-money institution regulated by the Financial Conduct Authority. This means Anna provides electronic money services rather than traditional banking services. The key practical difference: your deposits are safeguarded (held separately and not lent out) rather than FSCS-protected (government-compensated if the institution fails).

Is Anna FSCS protected?

No, Anna accounts do not receive FSCS protection. However, your funds are protected through safeguarding requirements, which means your money is held separately from Anna’s business funds and cannot be lent out, invested, or used for any purpose without your authorisation. While safeguarding prevents losses from occurring, there is no government compensation scheme if safeguarding arrangements somehow fail.

Does Anna do a credit check when opening an account?

Anna performs identity verification and anti-money laundering compliance checks rather than traditional “hard” credit searches that affect your credit score. This makes Anna accessible for business owners with poor personal credit histories who might struggle to open accounts with traditional banks.

What does Anna actually cost?

The Pay As You Go plan charges £0 monthly fees, but the critical cost is the 0.95% commission on all incoming payments across all three plans. This means:

• Receiving £5,000 monthly = £47.50 in commission
• Receiving £10,000 monthly = £95 in commission
• Receiving £20,000 monthly = £190 in commission

Additional costs include 1% FX conversion fees, potential per-transfer charges on Business plan (20p after 60 free monthly), and ATM withdrawal fees on Business plan (1% after 3 free monthly).

How long does it take to open an Anna Business Account?

Account opening takes approximately 3-5 minutes when all required documents are clear and readily available. You’ll need valid ID (passport or driving licence) and proof of address. Additional verification time may be required if ID photos are blurry or utility bills don’t match the address provided. Once approved, digital access is immediate, with physical cards arriving within 3-4 business days.

Can I deposit cash into my Anna account?

Yes, you can deposit cash at thousands of PayPoint locations across the UK. Fees vary by plan:

• Pay As You Go: 1% per deposit
• Business: £300 free monthly, then 1% (£1 minimum)
• Big Business: Free cash deposits

Daily limit: £1,000 per day with monthly limit of £10,000 (subject to enhanced due diligence checks for higher limits).

Can Anna accept cheques?

No, Anna cannot accept cheques as a paying-in method. You’ll need to cash cheques elsewhere (such as at a traditional bank or Post Office) and then transfer the funds to your Anna account via bank transfer.

What accounting software integrates with Anna?

Anna integrates with Xero, Sage, QuickBooks, and FreeAgent—covering the major UK accounting platforms. You can also share real-time access directly with your accountant through the app without requiring third-party accounting software.

Can I receive international payments with Anna?

Yes, Anna supports incoming payments in GBP, USD, EUR, and CHF. You receive an IBAN for accepting international payments. When money reaches your Anna account, it is either credited in the same currency (if you have a currency account for that currency) or automatically converted to GBP and credited to your GBP account. Anna supports payments to and from 200+ countries via SWIFT and SEPA networks.

Can I send international payments with Anna?

Yes, Anna supports outbound payments in GBP, USD, EUR, and CHF. SWIFT payment fees vary by plan: Pay As You Go (1% FX fee, no free payments), Business (2 free monthly, £5 after + 1% FX fee), Big Business (4 free monthly, £5 after + 0.5% FX fee). Payments typically arrive within approximately 2 working days, though some situations may take longer depending on currency, country, and recipient bank.

What is the +Taxes add-on and is it worth it?

The +Taxes add-on (£24/month + VAT) provides MTD-compliant VAT calculation and filing, automatic Corporation Tax estimates, payroll software, Corporation Tax and Annual Accounts preparation for first-year businesses, and comprehensive business reports. Available for limited companies only.

Is it worth it? For VAT-registered limited companies, yes. Accountants typically charge £50-150+ per quarterly VAT return. At £24/month + VAT (approximately £28.80 monthly), +Taxes costs £345.60 annually—likely paying for itself after 2-3 VAT returns while also providing Corporation Tax calculations and payroll functionality.

Can multiple people access my Anna account?

Yes, Anna allows team access for co-founders, directors, and employees with flexible roles and permissions controlling who can see what, make payments, add users, or distribute expense cards. All team members pass verification on the Anna app for security. Expense card allowances vary by plan: Pay As You Go (unlimited free), Business (5 free, £3 per card after), Big Business (unlimited free).

Is Anna good for limited companies?

Anna is designed specifically for limited companies with features including automatic Corporation Tax calculations (+Taxes add-on), Companies House integration, director payroll, team access with permissions, and automated bookkeeping. However, the 0.95% incoming payment commission makes Anna expensive for limited companies with high invoice volumes. A company receiving £20,000 monthly pays £190 in commission fees—consider whether the integrated tax and accounting features justify this cost compared to traditional banks with free incoming payments.

What are Anna currency accounts?

Anna offers separate business accounts with their own account details in USD, EUR, and CHF. This allows you to keep business money in multiple currencies, control when and how to convert between currencies, hold currency until needed or until exchange rates improve, and make payments directly from your currency accounts without converting to GBP first. Useful for businesses operating internationally or receiving regular payments in foreign currencies.

Does Anna offer overdrafts?

No, Anna doesn’t provide standard overdrafts because it operates as an e-money institution rather than a bank. That said, it does offer other funding options, such as the FastTrack to Credit scheme for eligible businesses, which gives access to credit based on sales revenue with no interest or late charges. For larger financing requirements, ANNA also partners with external lenders.

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