10.09.2021
Do you remember how LHV Pank started its offers for children and young people in autumn three years ago? With bold colours, cool money wisdom, and a famous rapper? Three years later, the Youth Bank is still in full swing and already has more than 50,000 clients as daily users.
For three years, LHV Youth Bank has always been guided by the fact that our desire is to offer services that are suitable for young people and to provide substantive value. We want to encourage and push young people to think more about their financial affairs, to start saving and/or investing, to acquire financial literacy at an early age, but also to become aware of environmental, sustainability, and other important issues.
According to Liis Lepik, the Head of Retail Banking Client Segment at LHV, studies also show that young people in Estonia have discovered LHV and understand that in addition to a fancy bank card, the banking service could be accompanied by active communication and content. ‘We feel that we have quickly caught the attention of Estonian youth. We offer meaningful value for young people and we know how to stand out, as at LHV we want our young people to be active and entrepreneurial and bold in everything they do. Financial security, knowledge, and support really help to build that confidence. The opinions of young people are important to us, which is why we have engaged in the Youth Bank for young people precisely with young people,’ Lepik said.
According to Lepik, the Youth Bank has found a common language with its clients. The content of the Youth Bank is created in cooperation with talented youngsters, whose visual and artistic language speaks to their peers. LHV has proven that even seemingly serious matters, such as money, loans or environmental issues, can be discussed in a way that is educational, but at the same time playful, witty, and captivating.
In addition to financial wisdom, which has been part of LHV Youth Bank from the beginning, LHV offers a wide range of services for newborns up to 26 years of age. About half of the Youth Bank clients are under the age of 18, and new clients are actively joining every month. This year, more than 10,000 new young clients have joined LHV, as in addition to electronic identification, which allows a child or young person to become a LHV client in minutes, LHV Youth Bank also came out this summer with the opportunity to order a child’s first bank card as early as at the age of 6.
LHV is the most favourable place for young people to keep and save their money. We know that every euro is important when you are young, which is why virtually all everyday banking services are free for the Youth Bank clients. With a free bank card, the Youth Card holders insure their online purchases and receive various discounts (R-kiosk, MyFitness, Sportland) and the opportunity to participate in a monthly activity programme, as a result of which it is possible to win 100 euros to their bank account and 100 euros to their Growth Account. At LHV, young people can comfortably take their first steps in the investment world to raise money for fulfilling their dreams. Until the age of 26, opening a Growth Account is free and without an administration fee, which means that by activating micro-investment on the Youth Card, the young person starts investing early and accumulates future start-up capital with each card payment.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 620 people. LHV’s banking services are used by 290,000 clients, the pension funds managed by LHV have 174,000 active clients, and LHV Kindlustus protects a total of 132,000 clients. LHV’s UK branch offers banking infrastructure to 160 international financial services companies, via which LHV’s payment services reach clients around the world.
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