LHV Bank’s personal savings products are now available on Flagstone, the UK 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. Interest rates remain at a high and attractive level for consumers. LHV Bank is a good place to keep and grow your money,” said Erki Kilu, CEO, LHV Bank.
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“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 £200m since receiving our banking licence in May this year.”
Flagstone: Assets under Administration top £10bn
Flagstone recently announced that it topped £10bn for Assets under Administration. AUA is now increasing by a further £1bn per quarter. With 600,000 customers, it will be an important partner for LHV as it grows 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 the while ensuring they can access the widest possible choice of market-leading savings 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.”
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