LHV Bank partners with Raisin UK to enter the personal savings market

LHV Bank has partnered with the online savings platform Raisin UK to venture into the personal savings space.

The partnership is set to offer a 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.

The leading provider of banking services, savings and SME lending has made the move following an announcement earlier this year, that they had bagged a UK banking licence.

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.”

Raisin UK’s service offers users access to competitive savings accounts from more than 30 banks and building societies. Consumers can apply to open as many as they like, and then manage everything under one roof.

In other news regarding LHV Bank, Montonio, a fast-growing e-commerce checkout solution provider, chose the firm to bolster its merchant services earlier this year.

The partnership was planned as a strategic move aimed at optimising Montonio’s merchant solutions and offering a streamlined user experience.

Through the integration of LHV Bank’s comprehensive services, Montonio enhanced the critical aspects of its service including a streamlined refund process, creation of merchant accounts under individual merchant names, and instant EUR payments efficiency.

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