Total profit in English banks providing high interest rate (10)

I believe the answer is:

engrossing

I'm a little stuck... Click here to teach me more about this clue!

'providing high interest rate' is the definition.
I can't tell whether this definition defines the answer.

'total profit in english banks' is the wordplay.
'total profit' becomes 'gross' (I can't explain this - if you can you should believe this answer much more).
'english' becomes 'eng' (abbreviation).
'banks' is an insertion indicator (bank can mean to surround or border).
'gross'+'in'='grossin'
'grossin' put into 'eng' is 'ENGROSSING'.

Can you help me to learn more?

(Another definition for engrossing that I've seen is " Absorbing the attention".)

I've seen this clue in The Telegraph.

Want a hint initially instead of a full solution? Install my app