Conditions of growth account agreement

Effective as of 22.08.2018

  1. General provisions

    1. Growth account agreement (hereinafter Agreement) is an agreement entered into by AS LHV Pank (hereinafter Bank) and a Customer who has an Account in the Bank (hereinafter Customer) according to which the Customer authorises the Bank to perform, in the name and/or account of the Customer, transactions with Securities according to the growth account (hereinafter Growth Account) plan previously selected by the Customer.
    2. Upon entry into the Agreement The Customer and the Bank shall agree how the Bank will provide the services specified in section 1.1 (incl. which Securities shall be the object of the Growth Account).
    3. 1.3. These terms and conditions of the Agreement (hereinafter the Conditions) constitute an inseparable part of the Agreement and they are applied to the Agreement insofar as the Bank and the Customer have not agreed otherwise.
    4. In addition to the terms and definitions set forth in the Conditions, also the terms and definitions provided in the Bank’s General Conditions and the Conditions of Provision of Investment Services shall apply.
    5. In matters not regulated by the Agreement the Bank and the Customer follow, in addition to the Conditions, also the General Conditions and the Conditions on Provision of Investment Services, incl. other documents referred to therein.
    6. The Agreement is governed by the law of the Republic of Estonia.
  2. The conclusion of transactions

    1. The Bank shall perform, in the name and/or account of the Customer, Transactions within the sum transferred to the Growth Account by the Customer from which the transaction fee and Growth Account management fee shall be deducted.
    2. Payments can be made to the Growth Account by means of payment order, standing order and/or sums added with debit card payments (the latter hereinafter: Microinvestment).
    3. The selection for the activation of the Microinvestment and the accounting method of the respective sums added with debit card payments will be selected by the Customer in the Agreement.
    4. The Microinvestment can be used with one Growth Account at a time and the accounting involves all the payments made with the Customer’s debit card.
    5. The Customer shall pay the Growth Account management fee and transaction fees for Transactions pursuant to the Bank’s Price List.
    6. The conclusion of Transactions with Securities shall be done in accordance with the General Conditions, the Conditions on Provision of Investment Services and the Bank’s Price List. Upon selling Securities, the quantity of sold Securities shall be specified. The money accrued from the sale shall be transferred to the Account of the Customer.
    7. The Customer hereby grants the Bank all the authorisations and rights to conclude Transactions on behalf of and/or the account of the Customer in the extent of the 22sum transferred to the Growth Account. When performing its duties arising from the Agreement, the Bank shall conclude transactions only with Securities that are the object of the Growth Account.
    8. The Bank shall conclude Transactions once a week and within a certain period of time. The period of time for concluding Transactions is specified on the Website.
    9. The quantity of Securities acquired in the Growth Account shall be rounded up to the third decimal place. As a result thereof, the Customer may acquire fractions of Securities in the Growth Account. Fractions of Securities, including Securities registered with the ECRS, can be acquired only in the name of the Bank and on the account of the Customer. Fractions of Securities can only be transferred to the Bank.
    10. The Customer does not have the right to determine the quantity of Securities being the object of the Transaction.
    11. The precondition for concluding a Transaction is the receipt of the necessary amount of money in the Customer's Growth Account. The Customer shall be responsible for ensuring there being a sufficient amount of money on the Growth Account to perform the Transaction.
    12. The Customer must monitor the performance and relevance of the Securities serving as the object of the Growth Account, among other any information published about the Securities, and if necessary, consider changing the Growth Account plan and/or the choice of the Securities serving as the object of the Transactions and/or the amount invested, or the termination of the Agreement.
    13. The Bank has the right to presume the relevance of the information provided by the Customer, among other Customer’s Securities, if the client has not informed the Bank otherwise.
  3. Amendment of the agreement

    1. The Customer has the right to change the Growth Account plan, and/or the selection of Securities being the object of the Transactions and/or the amount of money to be invested, in accordance with the options offered by the Bank.
    2. Such changes must be made at the latest within three (3) days before the conclusion of the next Transaction in the Growth Account. If the interval between the last change and the conclusion of the Transaction is shorter than the required period of time, the date for the conclusion of the Transaction shall be automatically postponed by the necessary period of time.
  4. Validity and termination of the agreement

    1. The Agreement shall enter into force upon its conclusion and is concluded without a specified term.
    2. The Customer has the right to terminate the Agreement at any time.
    3. The Bank has the right to ordinarily terminate the Agreement by giving the Customer an advance notice of at least 2 (two) months or extraordinarily based on the provisions of the General Conditions or the conditions for the provision of investment services.
    4. In case of a Customer who is a legal person, the Bank has the right to ordinarily terminate the Agreement by adhering to the term of advance notification stipulated in the General Conditions.