03.05.2023
This week, the ECB is once again deciding on changing the base interest rates. In an environment of interest hikes and in accordance with market expectations, LHV Pank decided to raise the interest rates paid for fixed-term deposits. LHV now offers 3.5% interest rate on 12-month deposits, and the increase also affected deposits with a shorter term.
According to the new interest rates LHV now offers 1.25% interest rate on an one-month fixed-term deposit, 2.00% interest rate on a three-month deposit, 2.50% on a six-month deposit and the interest rate on a nine-month fixed-term deposit is 3.00% per annum.
According to Kadri Haldre, Head of LHV’s treasury, the market's expectation that the central bank will raise the base interest rates and also the positive reaction of customers to the recent deposit attraction campaign encouraged rise of interest rates. “Developments over the last months and recent special offer indicated that customers' demand for fixed-term deposits is still high, and considering the actions of the ECB, we decided to continue to offer a 3.5% interest rate for annual deposits even after the end of the campaign,” Haldre commented.
"We look to pass on the positive impact of interest rate increases to depositors, as term deposits are a valued source of funding for the bank. At LHV, we offer the best place to safeguard and grow your money, and we want more customers to direct the funds kept on their accounts to the fixed-term deposits to earn some interest," Haldre added.
Signing a fixed-term deposit agreement in the LHV Internet Bank can be done easily by selecting "Opening a deposit" and setting the term of the deposit. A fixed-term deposit is a safe way to grow savings, as with the support of the guarantee fund, the customer's deposits in the bank up to EUR 100,000 are fully guaranteed. See more: https://www.lhv.ee/en/fixed-term-deposit.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. The Group’s companies employ more than 920 people. As at the end of March, LHV’s banking services are being used by 391,000 clients, the pension funds managed by LHV have 130,000 active clients, and LHV Kindlustus is protecting a total of 155,000 clients. LHV’s UK branch offers banking infrastructure to 200 international financial services companies, via which LHV’s payment services reach clients around the world.
All news