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 Wirecard Card Solutions Ltd (WDCS) who keeps your funds secure in a ring-fenced Barclays bank account. Payments are also processed through Wirecard. The account is regulated by the Financial Conduct Authority (FCA) in the UK.
You might have read about the recent scandal with the now insolvent Wirecard. This resulted in the freezing of all ANNA business accounts for three days at the end of June 2020. During this time, users have been reassured that all funds are protected and that ANNA is now seeking a licence to become an independent e-money institution so something like this never happens again (more on ANNA’s response in the customer service section).
The 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 base exchange rate, but ANNA does not charge anything on top of that. Cash withdrawals are also free anywhere in the world.
Each account is subject to account limits classed into one of five tiers (A, B, C, D, E) viewable in the app. When you open an ANNA account, you are automatically on the A tier. Once you receive the debit card in the post and activate it, you move onto tier B.