Most Trusted Banks in the Baltic States

Most Trusted Banks in the Baltic States

The banking market in the Baltic States – Estonia, Latvia, and Lithuania – is stable, modern, and highly digitized. Local banks like LHV, Citadele, and Šiaulių Bankas compete alongside major Scandinavian groups, offering competitive savings rates and low fees. Digital banking adoption is among the highest in Europe, with strong emphasis on fintech and mobile-first services. Despite their small size, Baltic countries maintain robust regulatory standards and transparent financial systems.

Retail and Commercial Banks in Estonia

Estonia’s banking market is a digital pioneer, mirroring the country’s reputation as one of the most tech-savvy nations in the world. Here, opening a bank account can feel more like launching an app than stepping into a branch – because branches are rare, and digital ID does everything. Local stars like LHV Pank and Coop Pank thrive by offering sleek, mobile-first experiences that rival the best global fintechs, while still keeping an Estonian soul. The market is small but agile, blending northern efficiency with startup spirit, and it’s no surprise Estonia is often called Europe’s Silicon Valley of banking.

Retail and Commercial Banks in Estonia
Bank Rating APY Bonus Monthly Fee Link
LHV Pank
Best for Digital Experience 		4.8/5 Up to 1.0% €20 welcome bonus €0–€1 Visit LHV
Coop Pank
Best for Everyday Banking 		4.6/5 0.75% N/A €0–€2 Visit Coop
Inbank
Best for Term Deposits 		4.7/5 Up to 3.2% N/A €0 Visit Inbank
Bigbank
Best for Long-Term Savings 		4.5/5 Up to 3.5% €10 loyalty bonus €0 Visit Bigbank

LHV Pank

LHV Pank
Rating: ★★★★☆
  • High-yield savings accounts
  • Local stock exchange access
  • Low-fee euro transfers
  • Mobile and web banking in Estonian & English
  • Strong support for startups and investors
  • No free global ATM withdrawals
  • Estonia-focused, limited outside Baltics
  • App UI not as modern as neobanks
  • Credit card options are limited
Read more ↓
APY2.75%
CurrencyEUR
Account OpeningOnline (EU citizens)
Monthly Fee€1.50–€3.00
For U.S. CitizensNo
For non-EULimited
Annual InterestYes
LHV Pank is Estonia’s largest domestic financial group, known for its support of Baltic investors and everyday digital banking. With APYs of up to 2.75% and low-fee SEPA transfers, it’s a solid choice for EU residents seeking a smart, euro-based savings and current account combo. Though it lacks global reach, its integration with Tallinn’s tech scene and access to Baltic equities make it appealing to regional users. LHV’s secure online onboarding process, multilingual service, and investor-focused tools further boost its relevance for Estonia-based professionals and expats.

Coop Pank

Coop Pank
Rating: ★★★★☆
  • Interest on checking accounts
  • Cashback at Coop stores
  • Physical branches across Estonia
  • Good mortgage rates
  • Mobile-first onboarding
  • Only supports EUR
  • No support for U.S. citizens
  • Limited business services
  • Fewer advanced investing tools
Read more ↓
APY2.25%
CurrencyEUR
Account OpeningOnline + Branches (EE only)
Monthly Fee€1.00–€3.00
For U.S. CitizensNo
For non-EURestricted
Annual InterestYes
Coop Pank is Estonia’s fastest-growing retail bank, combining digital ease with a national branch network. Known for its cashback integration with Coop supermarkets, it offers APY up to 2.25% even on current accounts. While its services are Estonia-centric and best suited for residents, the mobile app experience is polished and reliable. Account holders enjoy fee-free shopping perks, interest-bearing balances, and strong local mortgage offerings. Though it’s not built for international expats, Coop Pank is ideal for Estonian citizens who want modern banking with local convenience.

Inbank

Inbank
Rating: ★★★★☆
  • High fixed deposit rates
  • Operates in multiple EU countries
  • 100% digital interface
  • No monthly maintenance fees
  • Fast online verification
  • No current account options
  • Limited financial products
  • No cards or daily banking
  • Interest only on term deposits
Read more ↓
APY3.30% (12 mo term)
CurrencyEUR
Account OpeningOnline (EU/EEA)
Monthly Fee€0
For U.S. CitizensNo
For non-EUNo
Annual InterestYes (term deposits only)
Inbank is a niche Estonian digital bank focused on fixed-term savings and installment loans across the EU. It doesn’t offer current accounts or debit cards but shines in its high-yield term deposit offerings. With rates as high as 3.30% for 12-month commitments, it appeals to savers looking for safe, hands-off returns. Inbank’s operations are fully digital, with smooth onboarding for EU residents. Though limited in scope, its clarity and focused savings strategy make it ideal for Europeans seeking a pure savings solution with transparent terms.

Bigbank

Bigbank
Rating: ★★★★☆
  • High deposit rates across Europe
  • Multilingual interface (EE, EN, DE, ES)
  • Regulated under Estonian law
  • 100% online process
  • Low entry minimums
  • No current or card accounts
  • Strict KYC requirements
  • No instant withdrawals
  • Limited customer support channels
Read more ↓
APY3.50% (1 yr fixed)
CurrencyEUR
Account OpeningOnline (EU-wide)
Monthly Fee€0
For U.S. CitizensNo
For non-EUNo
Annual InterestYes (fixed-term)
Bigbank is an Estonia-headquartered online savings bank offering some of the highest fixed-term deposit rates in the EU. With a standout APY of 3.50% and pan-European availability, it attracts interest from conservative savers seeking stability. There are no current account services – Bigbank is purely for term deposits. With easy digital access, support in multiple languages, and consistent returns, it’s a strong choice for EU residents prioritizing long-term savings over flexibility or banking bells and whistles.

Retail and Commercial Banks in Latvia

Retail and Commercial Banks in Latvia

Latvia’s banking sector blends tradition with quiet innovation, shaped by a strong private banking history and a growing appetite for digital finance. Riga, once a hub for cross-border banking, has recalibrated its focus toward transparency and local resilience. Banks like Citadele and Rietumu are redefining what it means to bank in the Baltics – combining sleek digital services with deep financial expertise. The Latvian market is compact but diverse, offering a mix of personal service, fintech flair, and cross-European connectivity.

Bank Rating APY Bonus Monthly Fee Link
Citadele Banka
Best for Mobile App Features 		4.7/5 Up to 0.7% €10 cashback offer €0–€1.5 Visit Citadele
Rietumu Banka
Best for High-Net-Worth Clients 		4.4/5 0.25% N/A €5+ Visit Rietumu
BlueOrange Bank
Best for SME Banking 		4.2/5 Up to 0.9% €5 welcome bonus €2 Visit BlueOrange
Signet Bank
Best for Investment Accounts 		4.0/5 0.6% N/A €0–€1 Visit Signet

Citadele Banka

Citadele Banka
Rating: ★★★★☆
  • Multi-currency support (EUR, USD, GBP)
  • Mobile app with card tokenization
  • Available to non-residents (EU/EEA)
  • Apple Pay & Google Pay support
  • Wide range of card options
  • High fees for non-residents
  • No U.S. citizen onboarding
  • Limited international coverage
  • Online onboarding not always available
Read more ↓
APY0.05% (checking)
CurrencyEUR, USD, GBP
Account OpeningOnline/Branch (EU/EEA only)
Monthly Fee€1.50–€6.00
For U.S. CitizensNo
For non-EUCase-by-case
Annual InterestMinimal
Citadele is a prominent Latvian retail and business bank offering broad multi-currency support and a full suite of financial services. With a modern app, tokenized cards, and integrations like Apple Pay, it’s a solid option for Baltics-based users. It supports online onboarding for EU/EEA citizens and some non-residents. While its interest rates are low, the account features and card range are comprehensive. The bank targets individuals and SMEs, though non-residents may face higher compliance scrutiny. Ideal for locals or regional businesses needing multi-currency access with full digital control.

Rietumu Banka

Rietumu Banka
Rating: ★★★★☆
  • Supports international business clients
  • Private banking features
  • Multi-currency accounts
  • Investments and wealth management
  • Remote onboarding for some clients
  • High entry requirements
  • Not suitable for individuals
  • High maintenance fees
  • No U.S. citizen accounts
Read more ↓
APYUp to 1.75% (term)
CurrencyEUR, USD, GBP, CHF
Account OpeningOnline + Corporate review
Monthly Fee€10–€25
For U.S. CitizensNo
For non-EUYes (with KYC)
Annual InterestYes (term/fixed)
Rietumu Banka is a Latvian private and corporate banking specialist with a strong international profile. It caters to high-net-worth individuals, holding companies, and international traders. Known for multi-currency accounts and robust wealth management tools, it offers advanced features like remote onboarding and term deposit services. Entry requirements and compliance procedures are strict, and fees are notably higher than in retail banks. While not ideal for casual users, it’s an excellent fit for global entrepreneurs, especially from Eastern Europe and the CIS, seeking structured corporate solutions.

BlueOrange Bank

BlueOrange Bank
Rating: ★★★☆☆
  • Specializes in cross-border business accounts
  • Multi-currency & SEPA/SWIFT access
  • IBAN issuance with remote KYC
  • Supports non-resident EU clients
  • Corporate onboarding available
  • High documentation burden
  • Fees above EU average
  • Occasional onboarding delays
  • Limited private user support
Read more ↓
APYVaries (not standard)
CurrencyEUR, USD, GBP, SEK
Account OpeningOnline (for corporates)
Monthly Fee€9–€30+
For U.S. CitizensNo
For non-EUYes (case-by-case)
Annual InterestNo standard interest
BlueOrange Bank in Latvia offers specialized business and private banking services for international clients, particularly those needing SEPA and SWIFT access. It enables remote corporate onboarding and provides multi-currency accounts with international IBANs. However, onboarding is selective and requires strong documentation. Monthly fees are higher than those of retail banks, reflecting its niche focus. BlueOrange is suitable for foreign companies operating in the EU or looking for compliant European banking infrastructure with cross-border payment flexibility.

Signet Bank

Signet Bank
Rating: ★★★★☆
  • Fast business account setup
  • Online invoice & payment tools
  • Low FX fees on EUR/USD
  • Friendly for startups
  • Remote onboarding
  • Limited to business accounts
  • No retail services
  • Monthly fees apply
  • No non-profit discounts
Read more ↓
APYn/a
CurrencyEUR, USD
Account OpeningOnline (EU Corporates)
Monthly Fee€15–€30
For U.S. CitizensNo
For non-EUYes (company registration)
Annual InterestNo
Signet Bank focuses on EU-registered businesses, offering fast account setups and integrated tools for invoicing and payments. With competitive FX rates for EUR and USD, it suits startups and digital businesses. Remote onboarding is available for EU companies, though monthly fees apply and it doesn’t serve personal or non-profit customers. Its digital-first approach and cost-effective FX make it a smart choice for SMEs with cross-border transactions in the Baltics.

Retail and Commercial Banks in Lithuania

Lithuania’s banking sector punches above its weight, emerging as a dynamic hub for both traditional banks and cutting-edge fintechs. With Vilnius at the heart of the EU’s fintech licensing boom, local players like Šiaulių Bankas and newcomers like Revolut Bank coexist in a uniquely competitive space. The market is small but bold – Lithuania became one of the first EU countries to fully embrace remote account opening and digital-first regulation. This blend of ambition and agility has made it a Baltic launchpad for financial innovation.

Retail and Commercial Banks in Lithuania
Bank Rating APY Bonus Monthly Fee Link
Šiaulių Bankas
Best for Fixed-Term Deposits 		4.4/5 Up to 3.4% N/A €0–€1 Visit Šiaulių
Medicinos Bankas
Best for Seniors & Pensioners 		4.3/5 3.2% N/A €0.50 Visit Medicinos
Mano Bankas
Best for Fintech Integrations 		4.5/5 Up to 3.1% €15 referral bonus €0–€1 Visit Mano
PayRay Bank
Best for Business Deposits 		4.2/5 Up to 3.6% N/A €0 Visit PayRay

Šiaulių Bankas

Šiaulių Bankas
Rating: ★★★★☆
  • Local branch coverage
  • Good retail savings rates
  • Mortgage and loan options
  • Multilingual service
  • Mobile app with budgeting tools
  • Fees for non-residents
  • Basic web interface
  • Limited international transfers
  • Average interest rates
Read more ↓
APY1.20%
CurrencyEUR
Account OpeningBranch + Online (LT residents)
Monthly Fee€2.00–€5.00
For U.S. CitizensNo
For non-EULimited
Annual InterestYes
Šiaulių Bankas is one of Lithuania’s largest retail banks, offering local branches, solid savings options, and reliable digital services. With APY around 1.20% on standard accounts and full Lithuanian-language support, it suits residential users seeking traditional banking with modern twists. While rates are moderate and non-resident onboarding limited, its strong presence in towns and cities and branching network make it a convenient choice for Lithuania-based customers.

Medicinos Bankas

Medicinos Bankas
Rating: ★★★★☆
  • Focus on healthcare professionals
  • Competitive small business packages
  • Online accounting integrations
  • Branch presence in Kaunas & Vilnius
  • Mobile banking features
  • Niche audience only
  • Higher fees for individuals
  • Limited consumer savings
  • Only EUR accounts
Read more ↓
APY0.80%
CurrencyEUR
Account OpeningBranch (medical professionals)
Monthly Fee€3.00–€7.00
For U.S. CitizensNo
For non-EUSome limits
Annual InterestYes
Medicinos Bankas is a specialized Lithuanian institution catering to healthcare professionals and small medical businesses. It offers targeted services like online accounting, loans for clinics, and tailored small business plans. Although the APY is modest, its niche support and industry-oriented banking features make it a valuable partner for medical-sector clients. Consumer banking is limited, but it thrives with professional audiences.

Mano Bankas

Mano Bankas
Rating: ★★★★☆
  • Modern digital interface
  • Fee‑free euro transfers
  • Good savings programs
  • Virtual debit cards
  • Multi-account support
  • Still expanding
  • No physical branches yet
  • No USD accounts
  • Average interest rates
Read more ↓
APY1.50%
CurrencyEUR
Account OpeningFully online
Monthly Fee€0–€2.00
For U.S. CitizensNo
For non-EUCase-by-case
Annual InterestYes
Mano Bankas is Lithuania’s up‑and‑coming digital bank offering fully online onboarding and virtual debit cards. With straightforward euro transfers, savings features, and a clean interface, it mirrors neobank convenience. Though still building its service range and not yet branch-based, it provides a strong app experience for digital-first users. Ideal for residents who prefer modern banking without traditional branch legwork.

PayRay Bank

PayRay Bank
Rating: ★★★☆☆
  • Immediate payment services
  • SEPA and FAST transfers
  • Designed for fintechs/SaaS
  • API-first onboarding
  • Unique virtual IBANs
  • No consumer accounts
  • Technical focus only
  • Fees for advanced API calls
  • No mobile app (API only)
Read more ↓
APYn/a
CurrencyEUR
Account OpeningAPI-based for businesses
Monthly Fee€20+
For U.S. CitizensNo
For non-EUCase-by-case
Annual InterestNo
PayRay Bank is tailored for fintechs, SaaS platforms, and businesses needing embedded banking APIs. It enables real-time SEPA and faster-than-SEPA payments, virtual IBAN issuance, and onboarding through API integration. With no consumer-facing app, it’s designed for developers and B2B platforms. Fees depend on volume and API complexity, making it ideal for tech-driven European startups building financial features into their stack.

Trusted Baltic Banks: Common Questions Answered

Can foreigners open a bank account in the Baltic countries?

Yes, most banks in Estonia, Latvia, and Lithuania allow non – residents and foreigners to open accounts, often requiring a passport and proof of address. Some offer online onboarding.

Which Baltic country is best for digital banking?

Estonia leads in digital banking innovation, with banks like LHV and Inbank offering seamless online services and e-residency options.

Are deposits safe in Baltic banks?

Yes, all EU-regulated Baltic banks are covered by deposit insurance schemes protecting up to €100,000 per account holder.

What are typical interest rates (APY) on savings in the Baltics?

Rates vary, but local banks like Inbank and Bigbank often offer competitive APYs—ranging from 0.5% to 3.5%, especially on term deposits.

Can U.S. citizens or non-EU residents open accounts in Estonia, Latvia, or Lithuania?

Some banks allow this, but due to stricter AML/KYC laws, requirements vary. Lithuania is often more flexible thanks to its fintech ecosystem.

Do Baltic banks support multi-currency accounts?

Yes, many banks, especially those with international clientele, offer accounts in EUR, USD, and GBP, among others.

What are the best banks in the Baltics for expats or digital nomads?

LHV (Estonia), Citadele (Latvia), and Šiaulių Bankas (Lithuania) are often recommended for their English-speaking support and modern services.

Are Baltic banks accessible via mobile apps?

Yes, nearly all major banks have robust mobile apps, and Estonia’s banks are especially praised for their user-friendly digital tools.

What documents do I need to open a bank account in the Baltics?

Typically, you’ll need a valid passport/ID, proof of address, and sometimes a local tax number or employment contract.

Can I open a Baltic bank account remotely?

Some banks, especially in Lithuania and Estonia, allow remote opening for EU citizens and digital e-residents, though processes differ.