Opening an account with HiSAVE FAQs

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 £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.

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.

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)