ICICI Bank launches “HiSave”

Pays market-leading rate to selected savers.

The "HiSave" fixed-rate accounts consist of a two-year fixed-rate bond paying 2.3%; a three-year bond paying 2.55% and a five-year version paying 2.75%.

All three of these accounts are online products and need to be opened with a minimum of £1,000. As with most fixed-rate bonds, no withdrawals can be made during the term and there is no option to close the bonds early.

Customers can choose to have the interest paid monthly, rather than annually, but will receive a slightly reduced rate if they do.

ICICI’s UK subsidiary is fully covered by the Financial Services Compensation Scheme, meaning that deposits are protected up to a maximum of £85,000 by the British authorities.