LHV Bank has partnered with online savings platform Raisin UK to take its first step into the personal savings market.

The bank said it plans to launch its first savings products for its customers in 2024.

It added that deposits from savers will directly support lending to small and medium enterprises.

"We want to introduce more choice and competition into the UK savings market,” said Erki Kilu, chief executive of LHV Bank. “It’s disappointing that despite the high interest-rate environment, many savers continue to receive low returns.

“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."

Earlier this year, LHV Bank was authorised as a credit institution by the Prudential Regulation Authority (PRA), becoming the first organisation to receive a banking licence without restrictions in 2023.

In July, LHV announced the appointment of Rachelle Frewer as its new chief financial officer.

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