LHV launches Savings Account solution

As per the information detailed in the press release, the Savings Account solution can be leveraged by all LHV Pank’s private customers, with the bank paying 2% interest on the funds deposited into the account. The solution is a standalone bank account that can be managed from the Internet Bank and the mobile app, with customers being able to withdraw funds from the account at any time.

Estonia-based LHV Pank, a subsidiary of LHV, has announced the launch of its Savings Account solution, aiming to make the process of saving up more flexible for its customers.

LHV’s Savings Account solution capabilities

Customers can save up for more than one objective at a time and, to manage their goals, they can leverage graphs to visualise the current journey of saving up and compare it with the pace required for reaching the goal. Considering that the bank pays 2% interest per annum on the funds collected in the Savings Account, interest is calculated based on the daily balance, while disbursements are made every month. Moreover, the calculator integrated into the solution allows customers to determine the estimated pace of saving and feasibility, enabling them to modify the amount or deadline if it is not viable.

According to LHV’s officials, by launching the new solution, the bank intends to support individuals on their journey to developing and solidifying their saving habits. Additionally, LHV Pank aims to provide flexibility by offering the opportunity to earn interest on savings while also allowing customers to withdraw funds from their accounts if needed without paying a service fee. The bank developed the Savings Account solution to be a visual and dynamic tool that helps individuals achieve their savings goals. Furthermore, LHV provides several methods to support saving up, including making one-off deposits, creating a standing order, and leveraging micro-saving, which allows customers to deposit funds with each payment. As of the announcement, customers can open a Savings Account on the bank’s mobile app or through the Internet Bank.

More information about LHV

With its operations based in Estonia, LHV Group is a domestic financial group and capital provider that includes several subsidiaries, such as LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. As per the group’s data, at the end of October 2023, LHV’s banking services were leveraged by 411,000 clients, the pension funds managed by LHV had 124,000 active clients, and LHV Kindlustus served a total of 161,000 customers. LHV Bank, one of the group’s subsidiaries based in the UK, holds a banking licence in the region and offers banking services to international financial technology companies and loans to small and medium-sized enterprises (SMEs).