LHV Bank announces new partnership with Raisin UK

LHV Bank, the UK's newest licenced bank, has announced a partnership with the online savings platform Raisin UK.
Michael Crossland
By Michael Crossland
Published 31st Aug 2023, 16:45 BST

The move marks LHV Bank's first step into the personal savings market ahead of the planned launch of its direct-to-consumer savings offering in 2024.

Erki Kilu, CEO of LHV Bank, said: "We want to introduce more choice and competition into the UK savings market. Partnering with Raisin UK, we aim to offer rates that challenge this status quo. LHV has always been known as the best place to keep and grow your money and savings."

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“This collaboration with Raisin UK is merely our first step. As a digital-first bank, we intend to use technologies to deliver superior digital savings experience for our customers.”

Erki Kilu, CEO of LHV BankErki Kilu, CEO of LHV Bank
Erki Kilu, CEO of LHV Bank

The states that deposits from savers will support SME lending, with the aim of driving economic growth by providing entrepreneurs with the necessary finance.

"We believe that by aligning the interests of savers and business owners, we can create a win-win scenario that provides competitive returns while simultaneously boosting the UK SME sector,” added mr Kilu.

LHV Bank received a UK banking license in May 2023.

The bank's savings market launch follows last year's acquisition of Bank North's SME lending business.