LHV current account uncapped 3.25% interest

Olinda99

Seems to be app based. Fully regulated. Maybe an alternative to Chase ?

It is the first new current account to launch in Britain since 2021 when Chase Bank burst onto the scene, and it already offers savings accounts and loans. 

LHV which has been operating in the UK since 2018, after establishing itself as the third largest bank in Estonia, received a banking licence in 2023 and has been developing its UK current account for a year and a half. 

Erki Kilu, chief executive of LHV, told This is Money at its London HQ it is a natural progression for LHV to offer current account, as it already offers loans and fixed-rate saving accounts.

He said: 'For me real banking is making credit and making interest income. I can't imagine a bank without current accounts.'

As an entirely app-based bank, it is taking on the likes digital banking giants Starling, Monzo and Chase by offering customers 3.25 per cent interest on any balances held in the current account.

Eyeful

LHV Bank Ltd (FRN 993767)

History

We entered the UK market in 2018 by opening a branch. In 2021, we founded LHV Bank as an independent bank within the LHV Group. In 2023, we became a fully authorised bank and completed our transition from branch to bank.

Theleak250

Wow too good to be true?

I may apply!

Nasqueron

Theleak250 said:

Wow too good to be true?

I may apply!

Why is it too good to be true? Starling offer essentially this using their Easy Saver allows you to move money in and out instantly and pays interest daily at 4%, it does beat Kroo which pays 3.15% 

flaneurs_lobster

Hard credit check on application?

wiseonesomeofthetime

I didn't have a hard check, but then the account doesn't offer a debit card atm (coming soon) and has no real function, for now.

confederated

It currently offers a virtual debit card which can be added to Google Wallet so you can make contactless payments.No Apple Pay (yet).

confederated

When I put my account details into sortcodes.co.uk my account validates:

confederated

I assume C&CCC Payments means continuous credit card payments, like when you give your card number to a retailer for a regular subscription?

janusdesign

flaneurs_lobster said:

Hard credit check on application?

there's no overdraft option, so no credit is being offered.

Theleak250

Nasqueron said:

Theleak250 said:

Wow too good to be true?

I may apply!

Why is it too good to be true? Starling offer essentially this using their Easy Saver allows you to move money in and out instantly and pays interest daily at 4%, it does beat Kroo which pays 3.15% 

And those are uncapped up to one million pounds?

Edit: I have applied and it says it can take five days for verification. Anyone else had success?