These products, including the Bank’s inaugural cash ISA offering, are set to be accessible before the conclusion of the current tax year. Hargreaves Lansdown Active Savings platform facilitates access to a diverse array of easy access and fixed-rate products featuring competitive interest rates. The inclusion of LHV Bank personal savings products aims to enhance the selection available to savers, consolidated within a single online account.
In the official press release, representatives from LHV Bank brought up the importance of offering competitive account options and tax-efficient savings avenues in the context of anticipated interest rate decreases due to declining inflation. The partnership with Hargreaves Lansdown expands the bank's product range, providing a broader audience access to its competitive suite of personal savings products through an improved digital experience. The collaboration marks a step forward in LHV Bank's ongoing efforts to diversify its personal savings portfolio.
Officials from Hargreaves Lansdown reiterated the platform's commitment to customer-centricity and simplifying savings and investment management. The addition of LHV Bank to the Active Savings platform broadens the range of options available to customers, aligning with Hargreaves Lansdown's vision to become a primary destination for UK savers to manage their finances conveniently.
Both organisations, characterised by their digital-first approach and customer-focused efforts, aim to help individuals to save and invest thus supporting financial resilience and wealth accumulation. By adding LHV Bank personal savings products on the Active Savings platform the bank expects to improve its visibility ahead of its planned direct consumer savings offering launch later in 2024.
LHV Bank specialises in providing Banking Services for global fintechs, SME lending solutions for UK businesses, and personal savings through partnerships with Flagstone and Raisin UK. The SME Lending division offers commercial real estate investment loans and trading loans from GBP 0.5 million to GBP 5 million to small and medium-sized businesses in the UK.
The bank operates with full capitalisation, ensuring the protection of customer deposits under the Financial Services Compensation Scheme (FSCS) up to a limit of GBP 85,000. In December 2023, LHV Bank announced that its Personal Savings products became available on Flagstone, a cash deposit platform in the UK.
At the time, the official press release revealed that both organisations shared a like-minded digital-first heritage, with a focus on delivering a streamlined and accessible customer experience. The Flagstone platform became an important channel to market for LHV Bank ahead of a planned launch of consumer savings offerings via its channels.
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