18.01.2024
LHV Pank has launched a Savings Account solution that makes saving up even more convenient and flexible. LHV will pay 2% interest on the funds deposited into the Savings Account, and funds from the account can be withdrawn at any time.
According to Annika Goroško, Head of Retail Banking at LHV, the Savings Account helps to encourage saving up and to reach both larger and smaller goals. ‘With the new solution, we wish to support people on their journey to developing and strengthening their saving habits. This is one of the first steps in financial wisdom – having savings gives you peace of mind in unexpected’ situations, and saving up consistently helps you reach your goals,’ said Goroško.
The Savings Account can be used by all private customers of LHV Pank. A Savings Account is a standalone bank account that can be conveniently managed both via the Internet Bank and the Mobile App. You can save up for more than one goal at a time – for example, a peace of mind fund, a trip, or even your child’s university education. To help you keep track of your goals, you can use graphs to see your current journey of saving up and compare it with the pace required to reach your goals.
LHV Pank pays 2% interest per annum on the funds in the Savings Account. Interest is calculated on the basis of the daily balance, and disbursements are made to the Savings Account on a monthly basis. With the Savings Account calculator, you can calculate the estimated pace of saving – so you can see if your target is feasible or if you should change the amount or deadline.
‘What sets the Savings Account apart from other options of saving up is its flexibility – it offers the opportunity to earn interest on savings while giving you the opportunity to withdraw from the Savings Account if needed. With an interesting, visual and dynamic tool, you are more likely to achieve your savings goal: while it is often difficult to create a new habit, the right support can help keep you motivated,’ said Goroško.
There are different ways to support saving up – by making a one-off deposit, creating a standing order, or using micro-saving, which enables you to deposit money with each payment. It is possible to withdraw the amount saved up on the Savings Account at any time without paying a service fee.
An LHV client can open up a Savings Account on the Mobile App or the Internet Bank.
See more: lhv.ee/en/savings-account
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,050 people. As at the end of October, LHV’s banking services are used by 411,000 clients, the pension funds managed by LHV have 124,000 active clients, and LHV Kindlustus protects a total of 161,000 clients. LHV Bank, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
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