Provider review
ANNA Money
The best tax tooling in the market for a sole trader who files their own return. The everyday balance is safeguarded rather than FSCS-protected, which caps how highly we can rank it.
Who holds your money
ANNA is not a bank. It is an FCA-authorised e-money proposition, with the card and account issued through an authorised electronic money institution. Its separate savings product is operated by a licensed bank.
The everyday balance is safeguarded in segregated accounts at partner banks, not covered by FSCS. Money moved into the separate savings product, which is operated by a licensed bank, is FSCS-protected — but that protection does not extend to your spending balance.
Verify the firm reference number on the FCA Financial Services Register before relying on this.
Scorecard
Seven criteria, each weighted. Every score below says what drove it.
Below the size threshold for the CMA-mandated survey, so there is no independent service data. This score rests on public review platforms alone and should carry less weight than a surveyed provider’s.
The best tax tooling here — a live estimate that updates as money moves — plus strong receipt handling.
Capped. ANNA is an e-money institution, so the everyday balance is safeguarded rather than FSCS-protected. No account without deposit protection can score above 3.5 overall, whatever else it does well.
Free tier exists but the useful features sit on paid plans, and the per-item charges add up.
1.00% AER with no plan fee to reach it, worth about £250 a year on £25,000.
No cheques. Cash handling exists but is not the point of the account.
Accessible to new companies and less conventional structures.
Weighted total 3.4 / 5. Weightings published on how we rate.
Service quality evidence
This provider is not included in the CMA's independent business banking survey, which covers the 17 largest business current account providers. Its service score is drawn from public review platforms only, which is a weaker evidence base than a regulator-mandated survey.
Interest on balances
Verified from provider site| Rate on the free tier | 1.00% |
| Best sustainable rate | 1.00% |
| Extra cost to reach it | None |
| Access | Instant access |
| Net on £25,000 | £250 |
Rates are set by plan: 1.00% AER on free Pay As You Go, 1.51% on Business, 3.04% on Big Business. All three get a 3.66% promotional rate for three months, which is excluded from scoring. At £25,000 the free tier wins unless the Business plan costs under about £10.60 a month, which it does not. The separate savings product is held with a licensed bank and is FSCS-protected, unlike ANNA’s everyday balance. Verified against anna.money, 4 August 2026.
Affiliate note
Where we hold a commercial arrangement with a provider, this box says so and every link on the page is marked. Commission never affects the score or the ranking.
Fees are checked against the provider’s published tariff. If a page has not been re-checked within 60 days, it says so at the top.
The verdict
If you are a sole trader who does your own Self Assessment, ANNA does something no bank does as well: it keeps a live estimate of what you owe HMRC, updating as money moves. Receipts are captured and matched automatically, expenses are categorised sensibly, and the whole product is built around the assumption that you, not an accountant, are responsible for the books.
The pay-as-you-go tier costs nothing to hold, which makes it easy to try alongside an existing account. For the specific customer it is built for — self-filing, self-employed, no bookkeeper — it is genuinely the best tool in this comparison.
The reason it sits at 3.5 rather than higher is protection. ANNA is not a bank. Your everyday balance is safeguarded in segregated accounts at partner banks, which means that if the firm failed you would recover your money through an administration process rather than an FSCS payout. That is real protection, and it is not nothing — but it is not a statutory guarantee, and it is slower and less certain.
ANNA's separate savings product is operated by a licensed bank and is FSCS-protected, which is worth knowing, but that cover applies only to money you have moved into savings. It does not protect the balance you actually trade from.
There is a sensible way to use this. Hold ANNA for the tooling, keep your working float there, and keep the tax reserve and anything you could not afford to lose in a licensed bank. Many businesses run two accounts for exactly this reason.
Who it suits
- Sole traders filing their own Self Assessment, where the tax tooling earns its keep daily.
- Anyone drowning in receipts — the capture and matching is the best here.
- Businesses wanting a free second account for admin alongside a licensed bank.
Who should look elsewhere
- Anyone holding significant balances. No FSCS cover on the everyday account.
- Businesses with an accountant on Xero. Most of what makes ANNA distinctive goes unused.
- Cash-heavy businesses. Cash handling is limited and charged per deposit.
Every tier, priced
What each plan includes, and what the step up actually costs over a year.
| Plan | Monthly | Per year |
|---|---|---|
| Pay As You GoBusiness account, debit card, AI receipt capture, live HMRC tax estimate, invoicing, a limited number of free transfers each month then per-item charges. | £0 | £0 |
| BusinessLarger transfer allowances, expanded tax and admin support, cashback on eligible spend. | Monthly fee | Verify current tariff |
| Big BusinessThe fullest allowances, highest cashback rates and priority support. | Higher monthly fee | Verify current tariff |
Pricing must be verified against the provider's own site before publication. Providers reprice without notice.
The fees that are not in the headline
The monthly fee is what gets advertised. These are the charges that decide what you actually pay.
| Charge | Cost | Who it affects |
|---|---|---|
| Monthly plan fee | £0 on PAYG, monthly above | Model your transfer volume against the plan fee. |
| Transfers | Limited free allowance, then per item | The line that decides whether PAYG works for you. |
| Cash paid in | Per deposit | Limited. Not an account for retail. |
| Cashback | Available on paid tiers | Businesses with material card spend. |
| Overdraft | Not offered | Businesses needing a buffer. |
Applying
Application is in-app and fast, with broad acceptance across business types — ANNA is one of the more accessible options for new companies and less conventional structures.
Standard identity verification applies, along with questions about the business and its expected activity.
Where applications fail
- Excluded sectors — standard financial-crime exclusions apply.
- Failed identity verification — the primary gate.
- Companies House mismatch — details must match the register.
- Unclear business activity — be specific about what the business does and who pays it.
Alternatives worth costing
- Starling Business — Free and FSCS-protected, with integrations included — the safer default.
- Mettle — Free, FSCS-protected, with FreeAgent included for the same self-filing customer.
- Tide — Comparable tooling with a route to FSCS protection via ClearBank.
ANNA Money questions
Is ANNA Money FSCS protected?
The everyday account is not. ANNA is an e-money proposition, and your spending balance is safeguarded in segregated accounts at partner banks rather than covered by the FSCS. ANNA's separate savings product is operated by a licensed bank and is FSCS-protected, but that cover applies only to money moved into savings.
Is ANNA a bank?
No. ANNA is an FCA-authorised e-money proposition. It provides an account with a sort code and account number and works like a bank account day to day, but the regulatory protection is different.
Is ANNA good for sole traders?
For a sole trader who files their own Self Assessment, it has the best tax and receipt tooling in this comparison. If you hand your books to an accountant, most of that advantage disappears and a licensed bank is the better choice.
Should I keep my tax money in ANNA?
We would not. Keep the tax reserve in a licensed bank with FSCS protection and use ANNA for the tooling and working float. Running two accounts for this reason is common and sensible.