LHV Bank Limited is a fully licensed UK bank, specialising in banking services for global fintechs, SME lending solutions for UK businesses, and personal savings in partnership with Raisin UK.

Kris Brewster, Director of Savings, spoke to us about the history of LHV Bank, and its plans for development in the near future.

Tell us about the history of LHV Bank, and your mission.

LHV Bank is an exciting new bank that gained its banking licence in the UK in 2023. The bank is part of the LHV Group, and draws on 25 years of banking experience in Estonia and across Europe. LHV has a modern, forward-looking approach to banking, blending technological innovation with a deep commitment to excellence and customer satisfaction.

Our foundation is built on the world's leading core banking platform, enabling agile and responsive savings products tailored to customer needs. We use the savings we raise to lend to small and medium-sized business, otherwise known as SMEs. These businesses are the lifeblood of the UK economy, creating wealth and employment for millions of people.

Why does LHV Bank work with Raisin UK?

Our partnership with Raisin UK is strategic, reflecting a shared commitment to providing accessible, high-quality savings products. This collaboration extends our reach, allowing customers across the UK to benefit from our competitive offerings through an efficient and secure platform. The LHV Group has worked with Raisin for many years offering long term good value savings accounts across Europe. We recognise the importance of looking after your life savings and helping your savings to grow.

Why should customers choose to open a savings account with LHV Bank via the Raisin UK platform?

Choosing LHV Bank for savings through Raisin UK means enjoying not only competitive interest rates, but also the assurance of FSCS protection. Our offerings are designed to empower personal financial growth, leveraging technology to simplify management and access to your savings. Put simply, with Raisin UK and LHV, you are always in control.

What does LHV Bank expect will happen to interest rates in 2024?

While the future of interest rates involves inherent uncertainties, LHV Bank remains vigilant and proactive. Our focus is on maintaining competitive, long term good value savings rates, adapting our approach to reflect economic trends and regulatory developments to benefit our customers, whatever the economic situation.

Are there any new trends (in banking, finance, consumer behaviour etc.) that you predict we will see in 2024?

The banking sector is evolving, with 2024 poised to emphasise digital transformation, greater use of artificial intelligence, and more personalised products. Banking will also play a bigger role in sustainability as we transition to a greener economy. LHV Bank is at the forefront, driving innovation to meet these emerging demands with sophisticated, customer-centric solutions.

What are LHV Bank's plans for development in the near future?

Our roadmap includes expanding our savings account range, launching our retail banking app, and developing innovative partnerships that allow more customers to benefit from our savings products and rates. We're committed to integrating sustainability into our operations, reflecting our dedication to responsible banking.

How long have you worked for LHV Bank, and what do you enjoy most about working for LHV Bank?

My time at LHV Bank has been characterised by a continuous pursuit of innovation, underpinned by a culture that values both customer satisfaction and technological advancement. It's a privilege to contribute to a bank that genuinely seeks to redefine the financial services landscape. I work with great people and have no doubt that we will challenge the challenger banks!

Tell us something about LHV Bank that you don’t think Raisin UK customers would know.

LHV Bank distinguishes itself through a pioneering approach to technology. We are a technology-led bank, not a bank that uses technology. We have recently begun to really embrace artificial intelligence to support our colleagues to do what they do best. This reflects our broader commitment to security, efficiency, and innovation in banking.

Published February 2024

Your eligible deposits with LHV Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with LHV Bank.