Savings Account

Savings Account is a solution that allows you to save money for your personal goal, earn interest and get interactive feedback on how you are doing at staying on target. If you wish, you can speed up saving by using micro-saving. You can conveniently change all the options and settings at any time. You can also save for several goals at a time and create multiple Savings Accounts.

You can set a deadline for achieving your goal and the amount you want to save. When the deadline arrives, you can still continue to save or, if you wish, you can transfer the amount from the Savings Account.

Using the Savings Account is free.

The Savings Account can be used by all private individuals, including minors.

In addition to setting up a Savings Account, children aged at least 7 can also change settings and transfer money to or from it. Children until the age of 7 can only see the Savings Account information.

You can see your Savings Account number (IBAN) in the summary statement of your Internet Bank, together with your other accounts. In addition, you can find your Savings Account number in the Savings Account detailed view by selecting “Request money”.

You can set the saving goal, amount and deadline of your Savings Account yourself and, upon request, change them at any time. In addition, you can personalise your Savings Account with icons and colours that suit your taste. To do this, select the settings symbol in the Savings Account detailed view (it’s the gearwheel icon in the mobile app, and the three dots in the internet bank), followed by “Change savings goal”.

During the saving period, you can also conveniently make changes to the recurring saving and micro-saving settings to boost the achievement of your goal. To do this, select the gearwheel symbol for settings in the Savings Account detailed view in Internet Bank, then “Change saving options”.

For successful saving, the Savings Account is separated from your everyday settlements. The Savings Account has its own account number (IBAN), but the Savings Account differs from a normal current account with the following features:

• You cannot order an electronic means of payment (including a bankcard) for the Savings Account;
• Withdrawals from the Savings Account can only be made to your own LHV accounts;
• The Savings Account cannot be chosen as your securities account, nor can you make transactions in securities or cryptocurrencies;
• A savings account cannot be used for a fixed-term deposit;
• It is not possible to exchange currency on the Savings Account.

There can be several reasons for this. It is possible that you have not transferred money to your Savings Account yet, or, you have not set the target amount or a deadline.

If you’ve just set up the Savings Account and made an initial deposit, sometimes it takes a little while for the money to reach the account. Please wait a moment, refresh the page and you will see all the information.

You can withdraw money from your Savings Account whenever you want. Ideally, this is when you’ve reached your target amount, but you can always do it sooner if you need to.

You can withdraw part or all of the money from your Savings Account – once you have withdrawn the money, you can still continue saving. You can only make transfers from your Savings Account to your other LHV accounts. There is no service charge for withdrawing money and no need to give notification of this request in advance.

To withdraw money, click the “Withdraw money” button in the Savings Account detailed view in either the internet bank or mobile app.

If you would like to close your Savings Account after the transfer, read more about it on our homepage.

To close the Savings Account, transfer the accumulated amount to another LHV account. Next, select the settings symbol in the Savings Account detailed view (the gearwheel icon in the mobile app and the three dots in the internet bank), followed by “Close account”.

NOTE: Please note that the interest payment on your Savings Account is made at the beginning of each month. Therefore, if you wish to close your Savings Account before that and you have unpaid accrued interest, we will let you know that the interest payment is still pending, so it is worth waiting a little before closing your Savings Account. After you receive the interest payment, also transfer this amount to your other LHV account and you can complete the closing of your Savings Account.

When you set up a Savings Account, you can make an initial larger deposit, if you wish. You can speed up saving with different options. Micro-saving gives a boost to your goal with every debit card payment. You can also use recurring saving, for example, to have a fixed amount transferred to your Savings Account every week or month.

Micro-saving allows you to grow the amount you need to reach your goal without even noticing. With each debit card payment, a small amount is credited to your Savings Account. Micro-saving also works with a virtual debit card.

Your amount of the debit card payment is rounded to the next integer. Example: Your card payment is 2.1 euros. The next integer is 3 euros. The difference between these two figures is 0.90 euros – this is the micro-saving amount.

If you want to boost micro-saving even more, you can multiply the selected micro-saving amount. Example: If your micro-saving amount is 0.90 euros, then when selecting “x3” in the Savings Account settings, it means that 0.90 euros x 3, i.e., 2.70 euros of your debit card payment will be credited to the Savings Account.

You can also use micro-saving if you have more than one Savings Account.

The difference between the amount of the debit card payment and the amount rounded to the next integer will be added to each Savings Account where you have enabled the respective setting (i.e., the micro-saving amount will not be split between different Savings Accounts). For each Savings Account, it is possible to configure whether you want to multiply the micro-saving amount and how much.

Example: You have selected “x1” as the micro-saving multiplier for the Travel Savings Account and “x2” as the multiplier for the Peace of Mind Fund Savings Account. If the amount of your debit card payment is 3.80 euros, the next integer is 4 euros, so the micro-collection amount is 0.20 euros. According to the settings of your micro-saving multipliers, the Travel Savings Account will be credited within 0.20 x 1, i.e., 0.20 euros and the Peace of Mind Savings Account within 0.20 x 2 or 0.40 euros. So, a total of 0.60 euros will be credited to your two Savings Accounts.

You can give your Savings Account a boost by micro-saving. If you wish, you can use micro-investing, micro-donating and micro-saving at the same time – in this case, the difference between the amount of the debit card payment and the amount rounded up to the next integer will be added to each micro-option that you have enables (i.e., the amount will not be subdivided between the different options).

Visit our website to read more about micro-investing. You’ll also find information on micro-donating there.

The money in your Savings Account will earn you interest at 1.65% per year. Interest is calculated daily on the Savings Account balance at the end of the day and credited to your Savings Account at the beginning of each month (in general, this happens on the 5th day of the month).

Only available funds held in euros earn interest in the Savings Account. Other currencies do not earn interest. To transfer these sums out of the Savings Account, contact our customer support.

Read more about income tax due on interest earned on savings accounts.