LHV Bank?

ukdutypaid

I'm sorry people but I have to disagree here. The basic facilities one can expect of any Current Account to be so called are payments, SOs and DDs. I cannot believe there is anybody who either uses those facilities or not, who would not expect them to be available ie it's not (even) the 'bog standard functionality' that can, is or should be expected of a a current account.

Fine you might say but I don't and don't need all of them. Ok, but given those are pretty much CA 101 facilities, not to provide them should at the very least be pointed out elsewhere other than a note in a pdf of Charges, which given they don't provide overdraft facilities either one would not be looking at it at all. 

Yes, there the headline rate is the incentive, or we wouldn't be discussing them. However, Kroo are offering 'full' 'basic' CA provision and they do both have full banking licences after all. 

LVH (currently anyway) is therefore nothing more than a glorified savings account and the CA itself a mere payment portal in and out of  their own (admittedly) decent Easy Access saver.

Without SO facilities one is unable to feed anywhere else, nor administer any future or regular payments elsewhere. So, sorry but as a CA it's simply not fit for purpose and isn't really even a functional CA as most people would understand one to be nor describe the facilities of one. Frankly speaking I'm absolutely astounded. 

I for one would not have gone through the sign up process should I have been provided with full transparency regarding this and perhaps Martin should edit their inclusion to this effect, tempting though the initial headline of their offering might be.

The_Groat_Counter

Anyone else here got an account with LHV Bank?

I was attracted to them because their current account pays interest (tracking the BoE base rate), plus I got in there when the linked 4.25% easy access savings account was still available - the website now says "We’re currently updating our Easy Access savings account, it will be back shortly", though as and when it returns I suppose it may have a different interest rate or different conditions.

Pretty basic app, though it's had a recent update and looks a bit less simplistic than it did, though functionally I'm not sure it does anything more than beforehand!

As noted in this thread, the current account does offer Direct Debits but there's no standing order function nor any ability to schedule future payments (transfers) out of the account.

The linked easy access savings account doesn't have it's own account number (or at least nothing that's visible), instead one just shunts money in from or out to the current account - but that's an easy, instantaneous process. (Back when it was still available there was the option to open more than one easy access savings account, but I had no need to, so only opened the one.)

confederated

I love trying out different bank accounts, particularly the likes of LHV and Triodos. However, I learnt my lesson when I received a scam call, supposedly from Triodos. I gave a piece of information I shouldn't have so I take full responsibility, but it happened on a Saturday morning and Triodos has no public facing support outside of office hours and none at the weekend. There is an email address, but if you feel your account has been compromised this is not good enough. They give out a card services phone number but this got me through to VISA Card Services who had no access whatsoever to my Triodos account.

Fortunately my account was secure, and there were no subsequent issues - but it made me realise that to bank with an institution which has no support at the weekend or after hours in the week is unacceptable in this day and age. LHV is even worse - there is not even a phone number to call, only an email address.

It's not something I thought about before I experienced this issue and now I will only use a bank where I can call 24/7 if I need support.

Regarding the interest on money in the account, you can do better elsewhere. If you look at how much you might actually earn on your monthly salary or pension before it is eaten away by spending and direct debits you'll probably find the amount is rather small - and IMO to have a fully featured customer service operation is worth more.

That's my take, learnt the hard way. As I get older (I'm 69 now) I am finding I worry more about things going wrong and I have even had people tell me "it's all your own fault, you should have done x, y or z" but that doesn't excuse a bank from not providing adequate support. Sometimes things go wrong through no fault of your own and having to wait a full weekend to ask about that large debit you don't recognise is needlessly stressful.

I now bank with the Royal Bank of Scotland and feel secure knowing I can talk with someone at any time of the day or night should I need to.

gary1312

https://forums.moneysavingexpert.com/discussion/comment/82008656#Comment_82008656

Yep, mine is used as a simple spending cash account. It actually rarely gets used at the moment as my Trading 212 debit card has usurped the LHV card, but a very good account with a nice simple app and very good linked saver. No complaints from me.

Caddyman

https://forums.moneysavingexpert.com/discussion/comment/82014900#Comment_82014900

Same for me, LHV is a simple spending cash account that I use for everyday personal spending. I've had the account since they launched here in the UK. I don't have any Direct Debits set up with LHV and I don't use Standing Orders at all across any of the 6 current accounts I operate alongside LHV. I have current accounts with Chase UK, RBS, Nationwide and Santander. Each account has its merits and I use each of those accounts to my benefit. Santander for instance gives me free ATM withdrawals at any of their ATM's throughout Europe. Chase, free withdrawals in the US from Chase ATM's.

I like LHV's App. It's had a few updates and for me, although fairly basic, it is simple enough to navigate. Ok, so you can't phone LHV if you have an issue, but as yet, I've personally not had any issues because I just keep everything very simple.

Notifications are instant. Not much else to say there.

Debit card. Much better looking than some debit cards out there. Bonus is, it's just like the Chase debit card when used abroad, uses the Mastercard rate on purchases. What's not to like?

Of course LHV Bank won't and doesn't suit everyone, but it suits me.