Account, debit card and cash
The ANNA account is not actually provided by ANNA directly. It is an electronic money (e-money) account with a Debit Mastercard, all managed by PayrNet who keeps your funds secure in a ring-fenced bank account. The account is regulated by the Financial Conduct Authority (FCA) in the UK.
The current account comes with a Debit Mastercard (not prepaid) that can be used for free anywhere in the world, whether in card machines or online. Payments in foreign currency will be subject to a currency conversion fee of 0.5%.
The type of domestic transfers allowed are Direct Debits, BACS and Faster Payments. Account limits exist on transactions and cash withdrawals, but they are so high it is unlikely to limit users. You can deposit cash into the account in any PayPoint store, but it is not yet possible to deposit cheques.
The ANNA business account cannot have an overdraft. The lack of bank licence means there are no credit cards or business loans on offer either.
The account integrates with a few ecommerce platforms, Shopify and WooCommerce, with more being added soon. If you’re using card machines, you’ll be pleased to know that it also receives payouts from well-known payment companies like Zettle, SumUp, Elavon, Stripe and Worldpay.