18.02.2025
The LHV Pank savings product, the Savings Account, has reached its first milestone. In the first year, the Savings Account has been discovered by almost 32,000 clients, who have saved more than 100 million euros by using the product. This clearly shows the growing interest of Estonians in systematic saving.
‘We have noticed that Savings Account has appealed to people because of its simplicity and flexibility,’ says Annika Goroško, Head of Retail Banking at LHV. The key to the success of Savings Account is that we have been able to create a tool that helps people achieve their financial goals without it feeling burdensome or complicated.
Savings Account holders are of very different ages – the youngest is under one year old and the oldest is 101. Savings Account is especially popular among 25-year-olds.
Saving for the peace of mind fund is the most common goal
Savings Account has brought a new dimension to saving, enabling clients to set personal goals and monitor their fulfilment through a user-friendly interface in both the Internet bank and the mobile app. Graphical feedback and playful approach motivate people to save consistently, while flexible access to money ensures a sense of security.
The most popular goal of saving during the one year of activity is clearly the peace of mind fund, being the goal of more than 10,000 savers. This is the most popular goal among 28-year-old women. The next most popular were travel and home. ‘Having a common peace of mind fund to save and deal with the unexpected events of life has never been more effective than now with our Savings Account,’ says Goroško.
LHV Pank pays annual 2 % interest on the money in the Savings Account. The calculation of interest is based on the daily balance and payments are made to the Savings Account on a monthly basis. With the Savings Account calculator, you can calculate the estimated rate of accumulation – so you can see whether the set goal is feasible or whether the amount or deadline should be changed.
Micro-saving leads to faster achievement of goals
The product also stands out with its micro-saving function, which allows a small part of each card payment to be automatically redirected to savings. Multiplying the amount of micro-saving gives the client the opportunity to move much faster towards their saving goal with a card payment, whereas a multiplier of 5 is used more than multipliers 3 or 4. Nearly 40 % of accounts have micro-saving enabled, and over 3.4 million micro-saving payments have been made in a year. On average, a person saves 215 euros through micro-saving, but the largest micro-saving result in the history of the Savings Account is 4500 euros.
Although clients are making great use of automated payments to the Savings Account, we see that in terms of amounts, the highest number of payments to the Savings Account is made manually.
The Savings Account can be used by all clients of LHV Pank. A Savings Account is a standalone bank account that can be conveniently managed and opened both via the Internet bank and the Mobile app. Read more about the Savings Account.
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