ANNA business account review: is the admin help worth the monthly cost?

ANNA is not the cheapest business account. It is not a bank either. But if invoices, receipts, VAT and admin are the bits of business you avoid until the last minute, ANNA has a real argument.

By Sam Morris

ANNA is worth considering if admin is your problem.

If you just want the cheapest possible business account, Mettle or Starling will usually make more sense. They are hard to beat for simple, low-cost business banking.

But ANNA is not really trying to be the cheapest bank-style account. Its pitch is different. It gives you a business account, invoicing, receipt scanning, payment chasing, bookkeeping support and tax tools in one app.

That is useful for sole traders, consultants, contractors, small limited companies and service businesses that spend too much time chasing invoices or sorting receipts.

The trade-off is simple. ANNA costs more than some free accounts, ordinary ANNA balances are not FSCS-protected, and it does not offer traditional banking features such as overdrafts, lending or branch support.

So the question is not just "is ANNA good?" The better question is: is ANNA worth paying for if it reduces your admin?

Open an ANNA business account →

ANNA business account at a glance

Feature	ANNA business account
Best for	Sole traders and small businesses that want banking plus admin tools
Provider type	E-money account, not a bank. ANNA Mastercard issued by PayrNet Ltd (FCA FRN 900594)
FSCS protection	No FSCS protection on ordinary ANNA e-money balances
Safeguarding	Customer funds safeguarded in segregated accounts under e-money rules
Pricing	Pay as you go £0/month, Business £19.90 + VAT/month, Big business £49.90 + VAT/month
Invoicing	Yes (included on paid plans; add-on on Pay as you go)
Receipt scanning	Yes
Tax filing	MTD for VAT and MTD for Income Tax Self Assessment (HMRC-recognised); Corporation Tax tools for limited companies
Xero integration	Yes (live bank feed via Open Banking; also QuickBooks and FreeAgent)
Cash deposits	PayPoint cash top-ups, £1,000/day and £10,000/month limits, 1% fee (paid plans get some free deposits)
Overdraft or lending	No standard business overdraft or lending
Biggest weakness	More expensive than free providers and not a bank

What is ANNA?

ANNA stands for "Absolutely No Nonsense Admin".

That name tells you a lot. ANNA is not just a place to keep business money. It is built around reducing the small admin jobs that sole traders and small company directors often hate.

The account gives you UK account details, a debit card, payment tools and the usual app-based banking basics. But the real point is the extra layer around it:

• creating invoices
• chasing unpaid invoices
• scanning receipts
• storing documents
• categorising expenses
• preparing tax records
• filing VAT returns
• sharing access with an accountant
• connecting to accounting software such as Xero

That makes ANNA more admin-led than providers like Starling or Monzo. Starling feels more like a bank account with extra tools. ANNA feels more like a business admin app with an account attached.

That is not a criticism. For the right user, it is the whole point.

Is ANNA a bank?

No. ANNA is not a bank.

ANNA is an e-money account. The ANNA Mastercard is issued by PayrNet Ltd, an electronic money institution authorised by the FCA (FRN 900594). Ordinary ANNA business account balances are not protected by the Financial Services Compensation Scheme.

Eligible deposits at UK authorised banks are protected by FSCS up to £120,000 per person, per authorised bank. That protection does not apply in the same way to ordinary e-money balances.

Instead, e-money firms safeguard customer money. In plain English, customer funds are held in segregated accounts, separate from the provider's own money, under e-money safeguarding rules.

That is still a form of protection. It is not meaningless.

But it is not the same as FSCS.

For ANNA's typical customer — a sole trader, small contractor or small limited company using the account for working cashflow — this may not be a deal-breaker. If you usually hold a few thousand pounds for invoices, expenses and VAT, you may decide the admin tools matter more.

If you hold large reserves, client money, grant funding or tax balances, you should think harder. You may prefer to keep larger cash balances with an FSCS-protected bank account and use ANNA for admin and day-to-day payments.

One more nuance worth knowing: ANNA's business savings product is delivered through a partnership with Griffin Bank and is FSCS-protected up to £120,000 on eligible deposits. That is genuinely separate from your ordinary ANNA business account balance, which is not FSCS-protected. Keep those products distinct when comparing protection.

What ANNA is good at

ANNA makes the most sense when admin is the problem.

If your business is simple, UK-only and already organised, you may not need it. If you regularly forget invoices, lose receipts or put bookkeeping off until January, it becomes more interesting.

Invoicing and chasing payments

ANNA's invoicing features are one of its strongest points.

You can create and send invoices from the app, track whether they have been paid, and use ANNA's chasing features when customers are late.

That matters for:

• sole traders
• consultants
• small trades
• designers
• photographers
• marketing freelancers
• contractors
• service businesses
• small limited companies

A normal bank account lets you receive money. ANNA tries to help you get paid in the first place.

That is a real difference. Note that invoicing is included with the Business and Big business plans, but available as an add-on on Pay as you go.

Receipt scanning and expense capture

Receipt capture is another obvious fit.

If you buy tools, fuel, software, materials, postage, parking, travel or small business supplies, receipts quickly become messy.

ANNA's receipt scanning and document handling features are useful because they bring the expense record closer to the payment itself. That can make bookkeeping easier and reduce the "box of receipts" problem at year-end.

It does not remove the need for good records. It just makes it less painful.

Bookkeeping categorisation

ANNA also leans into automatic bookkeeping categorisation.

The practical benefit is that payments, expenses and documents can be sorted more quickly. For very small businesses, that may be enough to keep on top of day-to-day admin without immediately paying for a separate bookkeeping app.

For more complex businesses, ANNA may still not replace full accounting software. But for a simple sole trader or one-person company, it can reduce the admin load.

VAT and tax tools

ANNA's tax features are another reason people consider it.

For VAT-registered businesses, ANNA offers VAT filing tools and is HMRC-recognised for Making Tax Digital for VAT. That can be useful if you want your banking, receipts and VAT records closer together.

In March 2026, ANNA also gained HMRC recognition for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), branded "Auto Accountant" inside the app. That matters because MTD for Income Tax becomes mandatory from April 2026 for sole traders and landlords with combined gross self-employment and property income over £50,000. ANNA has made this part of its core pitch for sole traders who need to start filing quarterly.

This needs a clear caveat.

MTD for VAT is not the same as MTD for Income Tax, and neither is the same as Corporation Tax. MTD for Corporation Tax was shelved per HMRC's July 2025 Transformation Roadmap and is not proceeding, although limited companies still have normal Corporation Tax filing duties.

So ANNA's tax tools may be useful, but do not assume they remove the need for an accountant, tax advice or proper year-end records, particularly for limited companies with anything more than the simplest accounts.

Try ANNA's tax and admin tools →

Where ANNA falls short

ANNA is useful, but it is not the right account for everyone.

It is not the cheapest option

If you only want a place to receive payments and make UK transfers, ANNA may be more than you need.

Mettle, Starling and some other digital accounts can be cheaper for basic banking. Mettle is particularly awkward for ANNA because it includes FreeAgent if you meet its account activity condition.

That means ANNA needs to justify its cost through admin convenience, not just banking.

The free tier may not be enough

ANNA's Pay as you go plan has no monthly fee, but it charges 0.95% commission on incoming payments. For a business taking £5,000 a month in client payments, that is roughly £47.50 a month in receiving fees — already more than the £19.90 + VAT Business plan, which removes the incoming commission and adds free transfer allowances.

The important point is this: do not choose ANNA because you saw "free" and assume that will cover your actual use.

Check:

• monthly account cost
• 0.95% incoming payment commission on Pay as you go
• card and transfer fees
• cash top-up fees and free allowances
• invoice limits
• payment link fees
• international payment costs
• tax feature availability on your plan
• transaction allowances

For some businesses, the paid plan will be worth it. For cost-minimisers, it may not.

It is not FSCS-protected like a bank

Ordinary ANNA business account balances are not FSCS-protected.

That will not bother everyone. But if you want the clearest possible deposit protection, a UK bank account is simpler.

It is not built for lending or overdrafts

ANNA does not offer a standard business overdraft or traditional business lending in the way a bank might.

If you want borrowing, asset finance, invoice finance or a longer-term bank relationship, ANNA is probably not where you start.

Cash is workable but limited

ANNA does support PayPoint cash top-ups, with daily limits of £1,000 and a monthly limit of £10,000, and a 1% deposit fee. Business and Big business plans get some free deposits each month.

That is fine for a business that takes a small amount of cash occasionally. It is not the right account for a cash-heavy retail or hospitality business. If your business regularly takes cash, compare ANNA against Starling, Tide, Zempler or high-street banks before deciding.

ANNA pricing

ANNA's pricing has three tiers, taken from ANNA's own pricing page:

• Pay as you go — £0/month, 0.95% commission on incoming payments, charges per outgoing transfer beyond the free monthly allowance.
• Business — £19.90 + VAT/month, removes the incoming commission and adds free transfer and card allowances.
• Big business — £49.90 + VAT/month, with higher allowances and additional features.

Pricing changes from time to time, and feature inclusions can move between tiers, so check anna.money/pricing before applying.

The broader model is clear enough:

• ANNA can be free to start, but Pay as you go has a real cost for businesses with regular incoming payments.
• Paid plans add capacity and features.
• The account makes most sense if the admin tools save enough time to justify the cost.

This is why ANNA is different from Mettle or Starling.

With Mettle, the appeal is obvious: free business account, no standard UK transfer fees, and FreeAgent included if you meet the monthly activity requirement.

With Starling, the appeal is also clear: a proper UK bank, FSCS protection, no monthly account fee, and a strong app.

With ANNA, the value is more subjective.

If it saves you hours of invoice chasing, receipt sorting and VAT or Self Assessment admin, the fee may be easy to justify. If you are already organised and use separate accounting software, it may feel expensive.

Who is ANNA best for?

Sole traders who hate admin

ANNA is a strong fit for sole traders who want one app for banking, invoices, receipts and tax records.

This includes consultants, creatives, trades, online service providers and small local businesses.

If you are still deciding whether you need a separate account at all, start with our guide to do sole traders need a business bank account?.

ANNA is not necessarily the cheapest sole trader option. But it may be one of the more useful ones if admin is the part you struggle with — and especially if you are likely to be pulled into MTD for Income Tax from April 2026.

Small limited companies

ANNA can also suit simple limited companies.

A one-person company that sends invoices, pays expenses and wants admin support may find it useful. The same applies to small service companies that do not need branch banking or lending.

But if your limited company holds larger balances, needs multiple directors with access, wants lending, or has more complex accounting needs, compare carefully.

ANNA is not trying to be a full high-street business bank.

Contractors and freelancers

For contractors, the answer depends on the software setup.

Many contractors use FreeAgent, often through Mettle or NatWest. If FreeAgent is central to how you manage salary, dividends, tax and director records, Mettle may be better value.

ANNA is more attractive if you do not already use FreeAgent and want invoices, receipts and admin handled inside the same app.

VAT-registered small businesses

ANNA becomes more interesting for VAT-registered businesses because of its VAT and MTD tools.

If you hate VAT admin, the ability to keep records, receipts and VAT filing closer together may be worth paying for.

But again, check exactly which tax features are included in your plan. Some VAT and tax features sit inside ANNA's +Taxes product line and may need a paid plan or add-on, depending on what you need.

ANNA vs Mettle

This is the most important comparison.

Mettle is hard to beat if you fit its eligibility and want FreeAgent included. It is free, backed by NatWest, and suitable for many simple sole traders and limited companies.

ANNA is different.

ANNA's advantage is not that it is cheaper. It usually will not be. Its advantage is that more of the admin sits inside the account itself.

Choose Mettle if:

• you want the lowest cost
• you fit the eligibility
• you want FreeAgent included
• you are happy using a separate accounting platform
• your business is simple and digital

Choose ANNA if:

• you want invoices, receipts and admin inside one app
• you hate chasing payments
• you want VAT, Self Assessment and tax tools close to the account
• you are willing to pay for admin help
• you do not need traditional banking features

For a wider comparison of free and low-cost accounts, read our guide to Mettle vs Tide business account.

ANNA vs Starling

Starling is the better pure business bank account.

It is a full UK bank, eligible deposits are FSCS-protected up to £120,000, and it is strong for simple business banking.

ANNA is better if admin is the priority.

So the comparison is fairly simple:

• Starling for banking.
• ANNA for admin.
• Starling if you want free and bank-like.
• ANNA if you want help with invoices, receipts and tax tasks.

If you already have an accountant and accounting software, Starling may be enough.

If you do not want to think about admin until the app reminds you, ANNA may suit you better.

ANNA vs Tide

Tide and ANNA are closer competitors.

Both go beyond basic banking. Both are aimed at small businesses that want tools, not just an account number and sort code.

Tide is stronger as a broader business finance platform. It has business accounts, invoicing, expenses, paid plans and finance-related features, including a live Sage feed that ANNA does not offer.

ANNA is more focused on admin and tax. The brand is built around invoices, receipts, VAT and Self Assessment.

Choose Tide if you want a wider business account platform or your accountant uses Sage. Choose ANNA if the admin and tax assistant angle is what you actually need.

ANNA vs Monzo Business

Monzo Business is cleaner and simpler.

It is a full UK bank, and its app will feel familiar to anyone who already uses Monzo personally. Monzo Business Pro adds accounting integrations and extra features, but the account still feels more banking-led than admin-led.

ANNA is more specialised.

If you want a polished bank account with pots and a familiar app, Monzo may be better. If you want more help with invoicing, receipts and tax records, ANNA is the more natural comparison.

Should ANNA be your main business account?

ANNA can be your main account if your business is small, mostly cashless and admin-heavy.

It makes sense if you:

• send invoices regularly
• need to chase customers
• collect lots of receipts
• want VAT or Self Assessment tools
• dislike bookkeeping
• do not need lending
• do not deposit much cash
• do not hold very large balances in the account

It makes less sense if you:

• want FSCS protection on your main balance
• want the cheapest possible account
• need an overdraft
• need lending
• deposit cash often
• want a traditional bank relationship
• already use accounting software happily

For many businesses, the best answer may be two accounts: a bank account for holding larger balances and ANNA for admin-led day-to-day work.

A note on eligibility: ANNA's own materials describe the account as open to UK-resident sole traders, partnerships, LLPs and directors of UK limited companies. Community Interest Companies, registered charities and non-profit structures where donations are the main source of income are not part of ANNA's currently advertised eligible categories. If you run a CIC or charity, check with ANNA directly before assuming you can open an account.

Our view

ANNA is not the cheapest business account. It is not a bank. And it will not suit businesses that want traditional banking features.

But it does have a clear purpose.

If invoices, receipts, VAT and Self Assessment are the things you hate most, ANNA is worth comparing seriously. It is built for small business owners who want the boring admin handled closer to the bank account — and ANNA's HMRC-recognised MTD for ITSA approval makes it a serious contender for sole traders heading into the April 2026 deadline.

Cost-minimisers should start with Mettle or Starling. Businesses that want a full bank should look elsewhere. But admin-avoiders should have ANNA on the shortlist.

Check ANNA eligibility and pricing →

FAQ

Is ANNA a real bank account?

ANNA is a business account, but it is not a bank account in the traditional sense. ANNA is an e-money product, with the ANNA Mastercard issued by PayrNet Ltd (FCA FRN 900594). It gives you business payment features, but ordinary ANNA balances are not FSCS-protected.

Is ANNA FSCS-protected?

Ordinary ANNA business account balances are not FSCS-protected. Customer funds are safeguarded in segregated accounts under e-money rules. ANNA's separate business savings product is delivered through Griffin Bank and is FSCS-protected up to £120,000 on eligible deposits, but that should not be confused with the ordinary ANNA business account.

How much does ANNA cost?

ANNA has three plans: Pay as you go at £0/month with 0.95% commission on incoming payments, Business at £19.90 + VAT/month, and Big business at £49.90 + VAT/month. Allowances and feature inclusions vary, so check anna.money/pricing for the current detail before applying.

Is ANNA good for sole traders?

Yes, ANNA can be good for sole traders who invoice clients, scan receipts and want help with tax records. It is now HMRC-recognised for Making Tax Digital for Income Tax Self Assessment, which is particularly relevant for sole traders with combined gross self-employment and property income over £50,000 from April 2026. It is less suitable if you simply want the cheapest possible separate business account.

Is ANNA good for limited companies?

ANNA can work for small limited companies with simple needs. It is less suitable if the company needs lending, overdrafts, branch banking, regular cash deposits or the clearest FSCS-protected setup.

Does ANNA file VAT returns?

Yes. ANNA is HMRC-recognised for Making Tax Digital for VAT, and supports both the Standard VAT Scheme and the Flat Rate VAT Scheme. VAT filing sits inside ANNA's +Taxes product line; check which features are included on your plan before signing up.

Is ANNA better than Mettle?

ANNA is better if you want admin and tax features inside the banking app. Mettle is usually better value if you fit the eligibility and want FreeAgent included. For many simple sole traders and contractors, Mettle will be cheaper.

Can ANNA replace accounting software?

For a very small business, ANNA may cover a lot of day-to-day admin. For more complex companies, VAT-registered businesses or businesses with an accountant, it may still need to sit alongside proper accounting software.

Does ANNA accept CICs or charities?

ANNA's currently advertised eligible categories are UK-resident sole traders, partnerships, LLPs and directors of UK limited companies. Community Interest Companies and registered charities are not part of the standard eligibility, so check with ANNA directly before applying.

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Sam Morris is the pen name of the founder of comparebusinessbanking.com.