HiSAVE Savings Account FAQs

At HiSAVE we offer a range of savings accounts to meet all your savings needs. All HiSAVE savings accounts are online accounts - so you open and manage them online. We aim to ensure all our savings accounts are simple, straightforward and offer consistently competitive interest rates.

HiSAVE offers the following types of savings accounts:

• No notice savings accounts: These savings accounts allow you access to your savings without having to give notice of withdrawing funds. We offer a HiSAVE Savings Account. HiSAVE Super Savings Account and HiSAVE Remittance Account.
• Fixed Rate Accounts: These savings accounts, or ‘savings bonds’ as they are sometimes known, are designed for people who are able to save a lump sum for a fixed length of time (referred to as the ‘term’). These types of savings accounts have a fixed rate of interest so you don’t need to worry about interest rates falling during the term of the savings account. We offer a HiSAVE Fixed Rate Account. You cannot withdraw funds from this account until maturity.

There’s no difference between a Fixed Rate Account and a Fixed Rate Bond. They are exactly the same thing. These accounts are designed for savers who are able to save a lump sum for a fixed term without making any withdrawals.

A Fixed Rate Account (or Fixed Rate Bond) attracts a fixed rate of interest, which means savers know exactly how much interest they will earn over the term of their account/bond. The name for this type of account is HiSAVE Fixed Rate Account.

A high interest savings account pays an interest rate for deposits that is higher than average, enabling savings to grow at a faster rate. To help you find a high interest rate account you can use the Money Advice Service comparative tables or tables compiled by independent providers such as MoneySavingExpert, Moneyfacts, MoneySuperMarket or LoveMoney.

A Best Buy rating is awarded by independent comparison providers such as MoneySavingExpert, Moneyfacts, MoneySuperMarket or LoveMoney to accounts that have the highest interest rate available at that point in time.

Yes, you can add money regularly to your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.

Please ask your nominated current account bank to setup standing instruction to Hisave Savings Account or Hisave Supersaver Savings Account with by provided your Hisave account number and sort code.

Yes, HiSAVE is a product of ICICI Bank UK PLC, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268). We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.

An eligible depositor is entitled to claim up to £120,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £120,000 each (making a total of £240,000). The £120,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

Individuals aged 18 and over who are residents in the UK can open a HISAVE account. However in some situations – mainly if you’ve been a UK resident for less than one year – we might ask you for documentation before opening your HiSAVE account. Please note: the UK does not include the Channel Islands and the Isle of Man.

Businesses are not eligible to open HiSAVE accounts.

• You must be a UK resident and aged 18 or over. Please note: the UK does not include the Channel Islands and the Isle of Man.
• You will need to provide a personal Bank or Building Society (“Bank”) current account number and sort code (“Nominated Linked Account”) from the UK, Channel Islands or the Isle of Man, with a direct debit, electronic funds transfer and cheque book facility in your name. This account will be your Nominated Linked Account – i.e., the account from which your funds will be transferred to open a deposit.
• The minimum balance is £1.
• You must have a valid email address.

• You must be a UK resident and aged 18 or over.
• Please note: the UK does not include the Channel Islands and the Isle of Man.
  You will need to provide a personal Bank or Building Society (“Bank”) current account number and sort code (“Nominated Linked Account”) from the UK, Channel Islands or the Isle of Man, with a direct debit, electronic funds transfer and cheque book facility in your name. This account will be your Nominated Linked Account – i.e., the account from which your funds will be transferred to open a deposit.
• You must be able to save at least £1,000 for the term of your choice.
• You must have a valid email address.

If you are an existing HiSAVE customer, you can open a HiSAVE Fixed Rate Account by submitting a request online by logging into your Internet Banking through the website or calling our Customer Service Centre at 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls).

If you are a new HiSAVE customer, we will open a HiSAVE Savings Account for you before we open the HiSAVE Fixed Rate Account. Your HiSAVE Fixed Rate Account will be linked to your HiSAVE Savings Account. The funds in your HiSAVE Fixed Rate Account will be transferred to your HiSAVE Savings Account on maturity. Any monthly or yearly interest you receive on the account will be transferred to your HiSAVE Savings Account. There will be a direct debit set up between your HiSAVE Savings Account and your Nominated Linked Account.

Applying for a HiSAVE account is easy.

New customers can complete our simple online application in about 10 minutes. Please see our how to apply page.

Existing HiSAVE customers can open a new HiSAVE SuperSaver Savings Account or HiSAVE Savings Account by calling us on 0344 412 4444.

Existing HiSAVE customers can open a new HiSAVE Fixed Rate Account by logging into ICICI online banking and clicking the ‘Open a HiSAVE Fixed Rate Account’ link. Or call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls).

By law we are required to have adequate proof of your identity and address before opening your account. For the majority of customers we will be able to verify your identity and address online using a variety of sources, including searches using public information bodies. In some cases, we might request further documentation from you.

For our HiSAVE Savings Account or or HiSAVE SuperSaver Savings Account this information can be used to transfer money between your nominated linked account and HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.

These are also standard anti-money laundering measures used to confirm the identity of bank customers.

Once you’ve submitted an online application for a HiSAVE account as a new customer, you’ll receive a confirmation email within a couple of hours. This will give you information about the next steps. In some cases we may request additional information to help us verify your address or identity.

Once your HiSAVE account is open you’ll receive your login details and you’ll be able to view and manage your account online 24/7.

Following are the steps to open your account:

Step 1: You apply for a HiSAVE account. You can choose to apply for a single or a joint holder HiSAVE account. In case you choose to apply for a single account you can choose to fund your HiSAVE account either by transferring funds from Nominated Linked Account or by sending a cheque.

If you have chosen to fund your HiSAVE account by transferring funds from nominated linked account:

Step 2: We will send you two emails. The first email will confirm your application (this will arrive within a couple of hours of your application).The second email will provide details of what you need to do next (this email comes within 24 hours of the first). In the majority of cases the email will inform you that your HiSAVE application has been successfully processed and we will commence Direct Debit setup & transfer funds from your Nominated Linked Account However, in some cases, we may need to see some documents to help us verify your identity and address - Once your documents are received and successfully verified by us, you will receive an email from us asking you to send your account opening cheque, even though you have selected pull funds mode of account funding in the account opening form.

Step 3:It takes five business days for the Direct Debit to be confirmed. If the Direct Debit setup is successful, we will send you an email and a letter confirming the same. We will then proceed to transfer the funds from your Nominated Linked Account, which will take at least three business days.

The Direct Debit confirmation letter will be delivered at your communication address by us. In case we are unable to deliver the Direct Debit confirmation letter to you for any reason, we will put a temporary freeze on your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account and HiSAVE Fixed Rate Account until you contact us through our Customer Service Center and ask us to remove the freeze. During the freeze, your HiSAVE Fixed Rate Account, HiSAVE Savings Account or HiSAVE SuperSaver Savings Account will continue to earn interest.

Step 4: Once we successfully transfer funds from your Nominated Linked Account, we will send you an email informing you the account number of your new HiSAVE Savings Account or HiSAVE SuperSaver Savings Account & your User ID. This User ID will be your unique identification number which you will need to log in to your account online (if you chose your password during your application you can use it along with your ID to log in now).

In case you have applied for a HiSAVE Fixed Rate Account, the Fixed Rate Account will be opened once the funds are received. We will then send you an email with your HiSAVE Fixed Rate Account details.

Step 5:If you did not choose your password during your application you will receive it by post around seven business days after your account has been opened.

If you have chosen to fund your HiSAVE account by sending a cheque from nominated linked account:

Step 2: We will send you two emails. The first email will confirm your application (this will arrive within a couple of hours of your application) and the second email will confirm what you need to do next (this email comes within 24 hours of the first). In the majority of cases the email will simply ask you to send your account opening cheque (however, in some cases, we may need to see some documents to help us verify your identity first).

Step 3:Once we receive your cheque, we will take at least one business day to verify your cheque details with your application form. Once, the cheque is verified, we will open your HiSAVE Savings or HiSAVE SuperSaver Savings Account, lodge your cheque for clearing within two business days of receiving it and initiate a Direct Debit set up. Your cheque will take six business days to clear; however, you will start earning the interest from 2nd day of depositing the cheque.

Step 4:: It takes five business days for the Direct Debit to be confirmed. If the Direct Debit is successfully setup, we will send you an email and a letter confirming the set up of the Direct Debit. In case the Direct Debit is rejected, we will re initiate the direct debit set up once again .We will send you an email confirming that your initial Direct Debit setup request was rejected and that we are re-initiating the Direct Debit setup, unless your cheque is also rejected. In case the cheque is returned unpaid for any reason, we will close the application.

The Direct Debit confirmation letter will be delivered at your communication address from us. In case we are unable to deliver the Direct Debit confirmation letter to you for any reason, we will put a temporary freeze on your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account and HiSAVE Fixed Rate Account until you contact us through our Customer Service Center and ask us to remove the freeze. During the freeze, your HiSAVE Fixed Rate Account and your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account will continue to earn interest.

Step 5: Once your cheque is cleared and we receive the funds, we will send you an email informing you the account number of your new HiSAVE Savings Account or HiSAVE SuperSaver Savings Account & your HiSAVE user ID. This user ID will be your unique identification number which you will need to log in to your HiSAVE account online (if you chose your password during your application you can use it along with your ID to log in now).

In case you have applied for a HiSAVE Fixed Rate Account, the same will be opened one working day after the funds are received. We will then send you an email with your HiSAVE Fixed Rate Account details.

Step 6:If you did not choose your password during your application you will receive it by post around seven business days after your account has been opened.

This User ID will be your unique identification number which you will need to log in to your account online (if you chose your password during your application you can use it along with your ID to log in now). If you’ve applied for a HiSAVE Fixed Rate account, we send you your account number and User ID by email once your cheque gets cleared.

Typically you can expect to log in to your account online within eight business days from the date we receive your cheque. If we need to ask you for more information or if there are problems with the post, it may take longer.

You can contact our customer service centre and speak to an operator. The operator will ask you a few verification questions for identification. Post successful verification, the executive will process your request to remove the temporary Debit freeze from your account.

In case you are unable to correctly verify yourself at the customer service center, our executive will guide you through the process of updating your correct contact details in our records.

For the majority of customers we’ll be able to verify your identity and address online using a variety of sources. If we’re not able to do so, we’ll ask you to send us one of the documents from the list below to help us verify your identity:

Together with:

Please note:

• We do not accept colour photocopies of these documents
• We are unable to accept reminder bills, final settlement bills and overdue bills as proof of your address
• All original documents will be sent back to you

Errors in the certification process are the most common reason for delays in the account-opening process. To help speed up your account opening, please follow these guidelines:

You can choose any one of the following individuals to certify your documents (please note the individual must not be retired): 

• An FCA authorised financial intermediary
• Embassy officials
• Consular officials
• Staff of an FCA regulated banking institution
• A qualified practising lawyer or accountant
• A notary public
• Commissioner for Oaths
• Serving Member of Parliament

 The individual you choose to certify your documents must include the following items on the photocopy of your documents:

• Write: “I confirm that this is a true copy of the original document which I have seen”. Where the document has a photographic image, the photocopy must be certified “Original seen, copy provides a good likeness to the applicant”
• Write their full name
• Write their position / occupation (their registration number should be included if applicable)
• Write their full business address and phone number
• Include their signature and the date
• Endorsed with company stamp
• FCA regulated number or equivalent (if applicable)

At present each customer may only have one HiSAVE Savings Account and one HiSAVE SuperSaver Savings Account. However, you can open as many HiSAVE Fixed Rate Accounts as you wish.

Yes you can apply for a HiSAVE SuperSaver Saving Account if you have a HiSAVE Savings Account by calling us on 0344 412 4444. Your nominated linked current account will be the same as for HiSAVE Savings Account. You will be able to transfer funds between your HiSAVE Savings Account and HiSAVE SuperSaver Savings Account by calling us on 0344 412 4444.

Yes, subject to you meeting our HiSAVE account-opening criteria and by completing our simple online application in about 10 minutes. Please see our how to apply page.

By logging into your account online.

Or you can use our free phone banking service, which is available 24/7. Dial: 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) .

Simply call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or log into online banking, go to 'Service Requests' > 'Request for change of email ID/contact number' or 'Request for change of address' and complete the form.

We’ll action changes to your postal address, email address or phone numbers within two Business Days.

Our online ‘Service Request’ tool provides a quick link to frequently asked requests. Here are just a few of the ‘Service Requests’ currently available:

• Open a HiSAVE Fixed Rate Account
• Request a CHAPS transfer
• Request for change of address
• Track your Service Request

Here's how to raise a Service Request:

• Log into your HiSAVE account.
• Click on the ‘Service Request’ option on the left-hand side of the screen.
• Select the appropriate ‘Service Request’, fill in the short form and click ‘Submit’.
• You’ll then receive your Service Request number, which you can use to track the progress of your request.

How to track the status of your Service Request:

• Log into your HiSAVE account
• Click on the ‘Service Request’ option and select ‘Track your Service Request’.
• Select your account number and enter your Service Request number.
• You’ll then see a progress update for your Service Request.

We don’t issue a cheque book or debit card for HiSAVE accounts. You manage your account online and you make withdrawals from your HiSAVE account (subject to the terms and conditions of your account) by transferring money to your Nominated Linked Account.

HiSAVE accounts are denominated in Sterling only. Transactions cannot be made in other currencies.

For security reasons, if you don’t use your password during a 13 months period it will expire. If this happens, we can send a new password to you within seven Business Days. Just visit our login page, click on the 'Forgot/Reissue password’ link and complete the quick form. 

Alternatively, call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) and ask for a new password.

HiSAVE accounts are managed exclusively online and you will not be able to access them through our branches.

If you are initiating a request to transfer funds from your Nominated Linked Account to your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account through your Nominated Linked Account’s online banking then it normally takes one Business Day to receive funds in your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.

If you would like to transfer funds between your HiSAVE Savings Account and your HiSAVE SuperSaver Savings Account, then please call us on 0344 412 4444 and it will take one business day for funds transfer.

No. If there are no transactions for more than 5 years, then the Direct Debit instructions are automatically cancelled to protect your account from being misused.

You can use online banking to transfer funds from your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account to your Nominated Linked Account. Simply log into your HiSAVE Savings Account and go to the ’Transfer Money’ section. Don’t forget to click ’Confirm’ to complete your request.

No. You can only transfer funds to your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account from your Nominated Linked Account.

No. You can only send funds from your HiSAVE Savings Account or HISAVE SuperSaver Savings Account to your Nominated Linked Account.

Deposits: There is no limit on the value or number of deposits you can make from your Nominated Linked Account to your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.

Withdrawals: The maximum value of withdrawals you’re allowed to make through our online banking service is £20,000 per day. If you wish to withdraw more than £20,000, please call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or log into online banking and write to our Accounts Manager. We’ll be happy to assist you.

You can do so in either of the following ways:

Simply call us 24/7 on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) . Requests received after 13.00hrs UK time (if you place a request online) or 13.00hrs UK time (if you place a request over phone), or on a non-working day, will be fulfilled the following working day.

Alternatively, log into online banking and write to our ‘Account Manager’ from your log into online banking . In this case your request will be processed in one Business Day. The funds will be available in your Nominated Linked Account in one Business Day from the time we act on your request.

Simply log into online banking and go to ‘Service Requests’ > ’Request CHAPS transfer’.

For a CHAPS transfer to be made on the same day, you must request the transfer on or before 1:00 pm UK time on a working day. Requests made after 1:00 pm UK time, or on a non-working day, will be fulfilled the following working day.

Please note we do not accept future-dated transfers.

There is a £20 charge for CHAPS transfers.

We will send you a confirmation email within one hour of receiving your request.

There is a charge of £ 20 for each CHAPS transfer from your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account.

If you wish to cancel or modify a recurrent direct debit request or future dated/scheduled instructions, please log into online banking and go to the 'Transfer Money' section. Alternatively, call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) and place your request.

Same-day fund transfer requests cannot be cancelled because we start processing your request as soon as we receive them.

Future dated/scheduled instructions can be cancelled up to one Business Day before the scheduled date of transfer, but only if we receive the cancellation before 13.00 hrs UK time.

Call us 24/7 on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) and place your request.

We will then close your account and transfer the balance, plus any interest, to your Nominated Linked Account. It takes one Business Day for funds to reach your Nominated Linked Account via next business day transfer. Please note: if you have a HiSAVE Fixed Rate Account linked to HiSAVE Savings Account or HiSAVE SuperSaver Savings Account, you will not be able to close your linked HiSAVE Savings Account or HiSAVE SuperSaver Savings Account until the maturity of your HiSAVE Fixed Rate Account.

If there are no customer-generated transactions in a HiSAVE Savings Account or HiSAVE SuperSaver Savings Account for a period of 24 months we will mark the account as ‘inactive’.

To reactivate an inactive account you can call us 24/7 on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) and ask us to reactivate your account. Your request will be processed in one Business Day.

You can access your monthly account statements by logging into online banking and downloading them. They’re in a non-editable PDF format and are available for viewing and downloading for three months after they have been generated.

Your statements of transactions are available in other formats for your reference. Upon request, we can give you a physical copy of these statements. You can place a request by calling us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or in writing via ‘Accounts Manager’ from online banking . There is a charge of £ 5 for these requests.

In addition to statements, historical transactions can also be viewed online.

The table below provides a list of transactions that can be conducted with a HiSAVE Savings Account or HiSAVE SuperSaver Savings Account:

If you haven’t chosen the ‘auto renewal’ option at the time of opening your HiSAVE Fixed Rate Account, we may email and call you before your account matures to advise you of your reinvestment options.

You can also call us up to two days prior to maturity to let us know what you’d like us to do with your savings balance.

You can choose to reinvest the savings you have in your HiSAVE Fixed Rate Account into a new HiSAVE Fixed Rate Account of any term. Alternatively you can ask us to pay your savings into your HiSAVE Savings Account.

If we don’t hear from you, we’ll automatically pay your savings into your HiSAVE Savings Account. This will have been set up for you automatically when you opened your HiSAVE Fixed Rate Account.

Once the savings are in your HiSAVE Savings Account you’re free to move your money whenever and wherever you wish.

If you have chosen the ‘auto renewal’ option at the time of opening your HiSAVE Fixed Rate Account, we will email you before maturity to inform you that your account will be automatically renewed on maturity for another term at the interest rate prevailing at that time.

If you have opted for auto renewal of your HiSAVE Fixed Rate Account, or if you instruct us between 45 and 2 days prior to maturity that you’d like to renew your HiSAVE Fixed Rate Account, you are eligible to receive additional interest of 0.10% above the standard rate at the time of renewal.

Yes. If you’ve chosen to renew your entire maturity amount, you are eligible to earn the additional interest rate on the entire amount renewed on any of the terms offered.

If you have raised a renewal request and interest rates go down at any time before the maturity date, you get the benefit of the higher rate available on the day of renewal of your HiSAVE Fixed Rate Account.

In addition, you will benefit from the Loyalty Bonus of 0.10% above that higher interest rate. Please see the table below for examples of how you stand to benefit from our Interest Rate Guarantee if you choose to renew for a 1 year term.

You still stand to benefit if interest rates increase at any time between your renewal and your maturity date. You will benefit from the higher interest rate prevailing on the day of your maturity.

In addition, you will benefit from the Loyalty Bonus of 0.10% above that higher interest rate. Please see the table below for examples of how you stand to benefit from our Interest Rate Guarantee if you choose to renew for a term.

(*) Gross rate