LHV Bank launches personal savings products on Flagstone

By Gloria Methri

LHV Bank has announced that its Personal Savings products are now available on Flagstone, the UK-based cash deposit platform. The Flagstone platform will be a key channel to market for LHV Bank ahead of the planned launch of its consumer savings offering via its channels in 2024.

“Demand for personal savings products is increasing as interest rates remain at a high and attractive level for consumers”, said Erki Kilu, CEO of LHV Bank. “LHV Bank is a good place to keep and grow your money. By partnering with Flagstone, savers have access to the competitive range of LHV Bank’s personal savings products, delivered through a superior digital experience. The deposits from savers will be used to fund our core business – SME lending – and drive economic growth by providing entrepreneurs with the finance they need. We have already grown our deposit portfolio to £200 million since receiving our banking licence in May this year.”

Flagstone recently announced that it topped £10 billion for Assets under Administration (AUA) and this AUA is now increasing by a further £1 billion per quarter.

Simon Merchant, Founder & CEO, Flagstone added, “Flagstone platform offers customers the flexibility, visibility and ease of use they want to get a great return on their savings, all while ensuring they can access the widest possible choice of market-leading savings that are available through a savings platform. With its similar ethos of using tech for a better experience, LHV Bank is an important addition to our panel of savings accounts.”

LHV Bank, which received a UK banking licence in May 2023, is fully capitalised and eligible customer deposits are protected under the Financial Services Compensation Scheme (FSCS) up to a limit of £85,000.