LHV Bank taps Raisin UK to enter the personal savings market
LHV Bank, which landed a UK banking licence in May, has partnered with the online savings platform Raisin UK to venture into the personal savings space.
LHV Bank and Raisin UK partner to launch personal savings offering
The offering includes 12-month fixed term, 95 day notice and easy access savings accounts, and forms part of LHV Bank’s planned launch of a direct-to-consumer savings product next year.
With customer deposits, which are protected under the Financial Services Compensation Scheme (FSCS) up to a limit of £85,000, LHV Bank aims to “directly support” small and medium-sized enterprise (SME) lending by providing business owners with financing.
In October last year, LHV Bank acquired the SME lending business of Bank North, which offers commercial real estate investment loans and trading loans between £500,000 and £5 million to UK SMEs.
Commenting on the new partnership, Erki Kilu, CEO of LHV Bank, says: “We want to introduce more choice and competition into the UK savings market.
“It’s disappointing that despite the high interest-rate environment, many savers continue to receive low returns. Partnering with Raisin UK, we aim to offer rates that challenge this status quo.”
