Question 1

Do I need a business account?

Accepted Answer

If you’re a sole trader, then it’s a sensible move to open a business account. If you’re running a limited company, then having a dedicated account for your business is mandatory – because your business is legally a separate entity.

ANNA was created with freelancers, small businesses, and creative types in mind. If you’re a sole trader, a director of a limited company (and you’re listed on Companies House) or a partner in a Limited Liability Partnership (LLP) then an ANNA business account will be suitable for you.

Question 2

Should I have a separate account for my business?

Accepted Answer

Sole traders aren’t legally required to open a separate account for business, but there are plenty of advantages to keeping your personal finances separate from your business finances. A business account will make things clearer for HMRC, and it’ll make it easier for you to claim tax relief.

If you’re running a limited company, then your business is considered a separate legal entity to you, and you’re legally obliged to hold an account just for your business.

Question 3

What documents do I need to open a business account?

Accepted Answer

To open a business account, we’ll need a photo of your full driving licence or a photo of your valid passport.

Take the photo on a flat, clear surface and make sure all four corners of the ID can be seen in the picture.

If you don’t have a driving licence or a valid passport, you can take a recent photo of yourself to either your bank, solicitor, or accountant to get it certified.

For address verification we might ask for a utility bill, council tax bill or bank statement. They should be dated within the last three months.

Question 4

How do I pay into my account?

Accepted Answer

To pay money into your account, you’ll need your ANNA business account details. Just open the app and tap the middle button at the bottom of your screen, and you’ll find your details under your Account Summary. Make a note of your account number and sort code, then set up your ANNA account as a payee with your other bank. Now you can pay into your ANNA account.

ANNA inbound payments are processed every 30 minutes on the hour and half hour (eg. 10am, 10.30am, 11am and 11.30am). It takes up to 15 minutes for payments to be credited to your account.

Question 5

How do I set up a direct debit?

Accepted Answer

It’s free to set up direct debits using your ANNA business account details. Your ANNA account supports electronic direct debits, but not paper ones.

When you set up a direct debit with someone you want to pay, you’ll need to give them your ANNA business account number and sort code. If they ask for the name and address of your banking provider, here it is:

Wirecard
Third Floor Grainger Chambers,
3-5 Hood Street,
Newcastle Upon Tyne,
NE1 6JQ

When you first set up a direct debit, it will take up to 5 working days to confirm. So bear this in mind if you’re planning to make a payment within this timeframe.

Question 6

What is Open Banking?

Accepted Answer

Open Banking is the secure way for third party providers to access your financial information, so you can connect your different bank account and banking apps. It can give you a better understanding of your accounts, and help you find new ways to look after your money.

ANNA is partnered with TrueLayer, Europe’s leading provider of Open Banking services. This means you can connect your other bank accounts in the ANNA app, and see all your transactions securely in one place.

Question 7

Can I have an IBAN to receive foreign payments?

Accepted Answer

Your ANNA business account comes with a UK sort code and account number, but we don’t currently offer IBAN numbers. This feature will be available soon – look out for updates in the ANNA app.

Question 8

Can I apply from outside the UK?

Accepted Answer

Yes, you can apply for an ANNA account from outside the UK. However, only UK residents are eligible for an ANNA account.

Question 9

Do you have credit checks?

Accepted Answer

No, we don’t have credit checks. Instead we carry out an identity check to comply with UK anti-money laundering regulations. Traditional banks use a more complex credit check to vet future customers. ANNA isn’t a bank and doesn’t offer credit, which means our identity checking process is quicker, easier and won’t affect your credit score.

Small business banking

Open a business account in a jiffy

Business debit card

Speedy does it

No employee reimbursements

Get a grip on expenses

Instant payment notifications

Manage money in and out

Set up direct debits

Free direct debits

Set up standing orders

Scheduled & recurring payments

Business account cashback

Free money for your business

Open banking

The place to see all your finances

Simple pricing

No faff or hidden fees