LHV Bank

…have done what looks like a soft launch (https://www.lhv.com/). I’ve been aware of them for a while (Estonian bank sometimes used by other banks for transfers), but was unaware they wanted access to the UK market. Offering 3.5% interest on balances up to £100k and 1% on balances from £100k to £1m.

Applied last Friday (usual checks/KYC) and they opened an account yesterday. It’s very much “in development”, so far, you can

i) transfer money in
ii) transfer money out
iii) Er…
iv) …that’s it

There’s no card, no IBANs, no standing orders yet, though this could be coming soon.

How long do we give it?

With that rate of interest and lack of services I can’t see any point at all in opening an account.

Not long… :joy:

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I assume - unless I am very naïve - that cards and standing orders will come later

6 months?

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Definitely less than a year so yeah probably.

Virtual debit cards now available, Google Pay only at the moment.

Yes, the account wasn’t really of much use without it!

I. You could pay money in
Ii. You could pay money out
Iii. Er….
Iv. …that’s it

I haven’t got the app on my android phone so not sure I can add it to Google Pay (easily).

Will be interesting to see the physical card’s terms and conditions

Yes, I can now see the availibilty of virtual cards but, tbh, I cannot think of any reason why I would use this account, or indeed why I opened it.

Offers me nothing that I am not using already elsewhere :man_facepalming:

I can only assume if it offers free ATM withdrawals, MasterCard rates for spend, low cost international transfers, IBAN(s) it may survive in a crowded market

This is my virtual debit card. I’m also unsure as to why I opened the account in the first place. Interest of 3.25% on balances up to £100,000 might be useful.

They do bonds with a rate of (I think) 4.4% linked to the current account.

Invited to order a card - I have gone for lavender

As a matter of interest, does the LHV app have dark mode?……

If there is, I haven’t discovered it yet

My app is dark. Unless that’s the norm.

Won’t allow a screenshot.

Found it!

Tap LHV logo, bottom right.

Settings.

Preferences.

Can set to System . Light . Dark

:+1:

(ANDROID)

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Thanks for the info.

I might actually apply. I keep a very healthy balance in my Chase current account and if LHV are good enough to pay interest on a current account (for as long as that lasts!) then I may as well take advantage of it.

Also, as Chase seem to point blank refuse to introduce dark mode despite repeated requests, then the LHV App would be far more comfortable to use for everyday and night, banking. Chase don’t seem to understand that folks don’t like having their eyeballs incinerated at 3am when you’re trying to make a payment.

If you could use the account for everyday banking, I’d agree, but it doesn’t seem to do anything atm.

My app looks very basic.

Deposit, leads to your account details

Pay, leads to blank account detail fields

Savings, to Fixed Rate products.

No DDs or SO feature I can see atm.

I have made ZERO deposits into it yet mind, so dunno if that would change anything :man_shrugging:

You can add debit card, physical or virtual

Indeed I could use it for everyday banking from a personal spend perspective.

Since Chase effectively shut off their cashback to groceries/petrol only, I’ve not actually spent much out of the account.

Should I apply and be accepted by LHV, I don’t need to set up any direct debits or standing orders anyway. As long as I can pay in/pay out and earn a bit of interest on the current account, that’d do me. It’s effectively what I currently use my Wise card for at the moment but without any interest payments. Of course Wise isn’t a bank whereas LHV is.

I see there seems to be a bit of scepticism that LHV will last in the current account sector, but then I’m sure people said similar things about the now established fintech banks. I think I’m prepared to give them a go.

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I think some of these features may come later…not holding my breath, though. No Apple Pay yet, Google Pay apparently, but only if you have the app on your Android Phone ! Savings are, as you say, fixed rate bonds (up to 4.4%) and that’s it.

Account does have a (UK) GB IBAN but ‘only for sterling deposits from LHV Pank’ (their Estonian organisation). Not sure how that works unless you’re an Estonian resident with a UK sterling account.