ANNA Money vs Tide: Comparison for UK Businesses

Tide offers UK business owners, sole proprietors and freelancers business account services, loans, and more. ANNA is another popular option for UK businesses looking to manage their money digitally. But which is best between Anna vs Tide?

While both the Anna business account¹ and the Tide business bank account² have some overlapping features, there are also a few key differences to know about. This guide walks through a head to head comparison and a more detailed look at each to help you pick.

And as a bonus we’ve also touched on Wise Business - another strong option for UK business owners looking for modern ways to manage their company finances on the move.

💡 Learn more about Wise Business

ANNA vs Tide - comparison overview

We’ll get into the details of the Tide vs ANNA business accounts on features, fees and more throughout this guide - first, though, let’s take an overview. Here we’ve taken some of the most important features of the Anna money business account vs the Tide business account, so you can get a head to head on available options.

ANNA money business account

ANNA Money offers a strong range of account products for businesses in the UK, as well as optional extras you can subscribe to if you need more features. The most basic account package has no monthly fees to pay, but you’ll need to pay service fees whenever you transact. As an alternative you can pay a monthly charge to get discounted transaction fees and more features.

Exactly how your ANNA business account will work does depend a bit on the package you pick, and whether or not you sign up for any optional extras - but you may find your account offers the following:

• Choose from 3 different account plans depending on your needs
• Accounts all hold GBP only, but you can send and receive international transfers in the app
• Create, chase and receive payments through ANNA invoicing services
• Reconcile expenses conveniently in the ANNA app
• Issue debit and expense cards to your team for ease of spending
• Add your accountant to your ANNA account to help with your bookkeeping - accounting integrations are also available with popular cloud services
• Schedule payments and set up direct debits
• Batch payments for easy payroll
• Award winning, super fast, customer support whenever you need help

ANNA business account fees

When you’re choosing a business account it’s crucial to look carefully at cost. Here we’ve rounded up the key ANNA business account fees you’ll need to watch out for - but do bear in mind that other fees may also apply depending on how you use your account.

Tide business bank account

Tide already works with hundreds of thousands of UK business owners and sole proprietors, offering a series of different business current accounts which you can choose based on your specific needs. There’s a basic account plan which has no monthly fee, which lets you work on a pay as you go basis, or you can pay a monthly fee to get extra features and some free transactions and benefits.

The exact Tide business bank account features you get vary depending on the account tier you choose, but may include the following:

• Free account plans available - or upgrade to an account with a monthly fee to get more features
• GBP account with linked debit card for spending and ATM withdrawals
• Tide expense cards you can issue to your team
• Free invoicing and accounting integrations to save time
• Send scheduled, one off and direct debit payments
• Receive international payments via SWIFT - funds are converted to GBP for deposit
• Add team members to your account with read access
• Get a Tide savings account, or look for business financing through Tide partners
• Higher tier accounts may also offer cashback on card spending
• 24/7 support if you ever need help

Tide business account fees

Here’s a rundown of the most important Tide Business account fees - other costs may apply depending on how you transact, so it’s important to review the account terms and conditions carefully.

Wise Business account - alternative for ANNA and Tide

Compare your options with ANNA vs Tide against the Wise Business account which can be a perfect match for businesses looking for simple ways to hold, send, spend, receive and exchange foreign currencies.

Here’s a quick summary of the key features and services available for UK companies from Wise Business:

• Open your account online or in app to hold and exchange 40+ currencies
• Exchange currencies with the mid-market rate and low fees whenever you send, spend or convert within your account
• Send fast low cost payments to 140+ countries
• Get business debit and expense cards for simple global spending and withdrawals
• Get local bank details for 8+ currencies to receive payments from customers, PSPs and marketplaces
• No ongoing fees, no minimum balance requirements
• Extras like multi-user access, batch payment tools and cloud accounting integrations

Wise Business account fees

Here are the main Wise Business account fees you’ll want to consider - check through the account fee schedule for full details, and before you start to transact.

Open Wise Business account

The information and paperwork you need to open a Wise Business account may vary a bit depending on your business entity type, but the whole process can be done right from your phone - and there’s always help on hand if you need it.

Here’s how to register a Wise Business account in just a few simple steps:

1. Download the Wise app or head to the Wise desktop site
2. Tap Register and follow the prompts to apply for a business account
3. Add your personal and contact information
4. Upload the documents needed, and pay the one time fee to register your account
5. Once your account is verified you can start transacting

Get started with Wise Business 🚀

Ultimately which business account is best for you will depend a lot on how you need to transact. Both Tide vs ANNA are good options for UK companies dealing primarily in GBP. However, if you need to send, receive, spend, hold or exchange foreign currencies, you could find that Wise Business suits you better. With Wise you can easily connect with customers, contractors and suppliers globally, with mid-market currency exchange rates and low, transparent fees - perfect for businesses with global aspirations.

Sources used in this article:

Sources last checked 24/05/2024