LHV Bank, one of the UK's newest licensed banks, has announced that its Personal Savings products are now available on Flagstone, the UK’s leading cash deposit platform*. Both organisations share a like-minded digital-first heritage, with a clear focus on delivering a streamlined and accessible customer experience.
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 own channels in 2024.
"Demand for personal savings products is increasing as interest rates remain at a high and attractive level for consumers”, explained 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 and this AUA is now increasing by a further £1 billion per quarter. With a customer base of 600,000, it will be an important partner for LHV Bank as the bank builds its Personal Savings portfolio.
Simon Merchant, Founder & CEO, Flagstone, added:
“People want the money they have worked hard to save to work as hard as possible for them. However, researching, comparing and then switching between savings accounts across multiple savings providers costs them time, effort and money.
“Flagstone’s fintech-driven platform has been designed over many years based on feedback from thousands of customers. The Flagstone platform offers customers the flexibility, visibility and ease of use they want to get 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.
*Based on the number of banks and savings accounts on the platform.
Nicola Wallace, Head of Brand Marketing and Partnerships