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What Does ICICI Bank UK’s HiSAVE Savings Account Offer?
ICICI Bank UK’s HiSAVE Savings Accounts is linked to your nominated Bank’s current account and you can earn AER of 2.75% with as little as £1. Our account features include:
- Monthly or annually payouts
- Easy access to savings with no withdrawal penalties
- Individual and joint account services
Please Note: ICICI Bank UK has the right to change the interest rates at any time. For more information read our FAQs and Terms and Conditions
Product Overview
Grow your earnings from your HiSAVE Savings Account with.
Make Regular Savings with your HiSAVE Savings Account:
- Set up standing instructions for ICICI Bank through your nominated current account bank
- Provide your HiSAVE Savings account details along with our sort code (30-00-81)
If you do not currently hold a HiSAVE Savings Account and want to apply for one, please see below for more details.
HiSave SuperSaver Savings Account - Issue one Rates effective from 31st August 2023 for all customers.
| Product | % AER | % Gross |
|---|---|---|
| HiSAVE SuperSaver Savings Account - Issue one, monthly interest | 2.75% | 2.72% |
HiSAVE Savings Account Rates effective from 31st August 2023 .
| Product | % AER | % Gross |
|---|---|---|
| HiSAVE Savings Account- Monthly Interest | 2.75% | 2.72% |
| HiSAVE Savings Account- Yearly Interest | 2.75% | 2.72% |
HiSave SuperSaver Savings Account Rates effective from 31st August 2023 for all customers.
| Product | % AER | % Gross |
|---|---|---|
| HiSAVE SuperSaver Savings Account monthly interest | 2.75% | 2.72% |
Please note: Interest amount is calculated on the total balance in your account at the relevant gross rate. Interest rates may vary from time to time. ICICI Bank UK PLC has the right to change the rate of interest, and shall inform you well in advance in case of changes, if any. Please read our terms and conditions for complete information. To know more about the scheme, visit the nearest bank branch or call our customer care centre.
Click here for interest rate history
AER– AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross - Gross is the rate of interest before the deduction of the tax applicable to interest on savings account.
Kindly Note - Interest is calculated on daily basis. The standard variable interest is accrued daily and credited to the account monthly.
You are eligible for a HiSAVE Savings Account if you:
- Are 18 years or above and have been UK resident (The UK does not include the Channel Islands and the Isle of Man.)
- You must have a valid email address.
- Businesses cannot open HiSAVE Accounts.
- You need to provide the account number and sort code of a UK bank or building society current account held in your name(s), and should offer direct debit payment facilities & should have electronic funds transfer facility. We occasionally ask for copy of your Bank statement.
- For Joint Account, The account must have a chequebook in your name(s).
- You can only hold one HiSAVE Savings Account in your name (single or joint) per series. You can have more than one savings account if the product is different, however it all account should be same pattern. (either single or joint)Satisfactory UK identity and address documentation, we may ask you to send this.
Please note: The UK does not include the Channel Islands and the Isle of Man
New Customer
You can open a HiSAVE Savings Account online by completing a 4-step process. Simply click on ‘Apply Now’ to get started. Under account type select ‘HiSAVE Savings Account and choose how you would like your interest to be paid
Existing HiSAVE customers
If you already have one Hisave product, you can login and apply additional Hisave products. Alternatively, you can also call us 24/7 at 0344 412 4444 (calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls).
- For completing the online application process you won’t need any other documents.
- By law, before opening your account we are required to have adequate proof of your identity. For the majority of customers we’ll be able to verify your identity and address online using a variety of sources, including searches using public information bodies.
- If we're not able to do so, we'll ask you to send us one document each to prove your identity and address in the UK. To know more about which documents are acceptable, please refer to the FAQs on applying for HiSAVE accounts.
- We also carry out electronic identity checks. If we cannot identify you electronically, visit one of our UK branches with original identity and address documents. To know more about acceptable documents, refer to the FAQs on applying for HiSAVE accounts.
- Joint account holders need to have a shared current account either with us or with another UK bank. This is required so we can link your joint HiSAVE account to your joint current account
- Each account holder must be able to use the joint account on their own, without the permission of the other account holder
- If there is a disagreement between joint account holders, one or both of you should promptly contact us in writing
- From the date we receive and acknowledge the correspondence, anything to do with your account has to be authorised by both account holders
For £1000 invested for 12 months at interest rate of 2.50% (AER), you'll earn approximately £25.00 interest (gross). This is applicable when amount is invested for complete year and the interest is not withdrawn from the account.
ICICI Bank UK PLC has the right to change the rate of interest.
- Yes, the standard variable rate can be changed.
- As per Hisave Terms and Conditions 11.10.2, we will communicate any change in interest rate to you by posting it on the Website, informing the Customer Service Centre and writing to you by post or email in the following ways:
- If the change is to your advantage, we will tell you within 30 days of the change.
- If a change in interest rate is not to your advantage, we will always notify you in advance of the change taking effect
- For Easy access savings accounts – we will inform you before any other changes about in advance a period of 30 days.
- Where we reduce the interest rate on your account you will have an option to close your account (subject to that account’s terms and conditions) without incurring charges or loss of interest or switch to another account (subject to the terms and conditions of your existing HiSAVE and new account). If you wish to switch or close your account,please inform us accordingly.
- Read the T&C for complete information.
- You can make online withdrawals from your HiSAVE account by transferring money to your nominated current account.
- For a HiSAVE Savings Account interest can be paid monthly (at the end of each month) or annually (on the 31 March each year)
- 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) or email HiSAVE enquiries
For more information read our FAQs and Terms and Conditions
ICICI Bank UK PLC has its registered office at One Thomas More Square, London E1W 1YN. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268). It is subject to the laws of England and Wales. It is registered in England and Wales as a public limited company (Registration Number 04663024).
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.
In respect of deposits, from 30 January 2017, an eligible depositor is entitled to claim up to £85,000. 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 £85,000 each (making a total of £170,000). The £85,000 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.
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