HiSAVE Bonus Saver Account

About us

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).

Account provider

ICICI BANK UK PLC – We are 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.

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.

What is the interest rate?

Standard variable Interest Rate

• 0.10% AER from 29th March, 2021
• Interest is paid monthly

Bonus Interest

• You can earn a Bonus Interest of 0.00% until the Bonus Period ends.
• Bonus Interest is calculated on a daily basis.
• The total interest rate including this Bonus Interest will be 0.10% AER.

Interest is accrued daily on the day end cleared balance and paid into your Account on the last business day of each month. This means that interest is compounded monthly.

Can ICICI Bank UK PLC change the interest rate?

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:

a. If the change is to your advantage, we will tell you within 30 days of the change.
b. 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.

What would the estimated balance be after 12 months based on a £1000 deposit?

• On an amount of £1000, deposited for 12 months at standard variable interest rate of 0.10% (AER), and 0.00% Bonus interest (AER) you'll earn an interest of approximately £1.00. This will be the gross interest (the standard variable interest + the Bonus Interest), provided all the conditions are met.
• With only standard variable interest rate, you will earn approximately £1.00.

The above example is applicable when amount is deposited for complete year and is not withdrawn from the account

How much can I save?

• Minimum £1;

How do I open and manage my account?

Eligibility:

You must be a UK resident (for at least the last year) and aged 18 or over. Please note:

• The UK does not include the Channel Islands and the Isle of Man.
• 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).
• The account must have a chequebook in your name(s), should offer direct debit payment facilities & should have electronic funds transfer facility.
• This account will be your nominated linked account – the account from which your initial deposit will be taken.
• You must have a valid email address.

This Product is no longer available to apply. The product was available from 17th January 2019 to 14th February 2019.

Can I withdraw money?

Yes

Charges

Please refer to the Rates & Charges in the Link

Access

Contact details

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