Bank Hapoalim said on Sunday it will automatically deposit a NIS 500 grant for about 100,000 families in Israel who receive child allowances into their accounts, in a move the bank said is meant to encourage saving from an early stage during a period of economic uncertainty. The bank will transfer the money into a dedicated two-year deposit in the coming days.
The deposit will currently carry 3.5% annual variable interest, defined by the bank as prime minus 2, and will allow withdrawals or additional deposits at monthly exit points up to a maximum balance of NIS 25,000. The bank said the benefit is intended for qualifying customers who receive child allowances for their Bank Hapoalim account.
Under the bank’s criteria, eligible accounts must have included at least one banking product, such as a loan, mortgage, or securities holding, including a money market fund, during the last quarter of 2025. The account also needed an average monthly income of at least NIS 6,000 and average monthly charges of at least NIS 6,000 on bank-issued credit and direct cards, according to the statement.
The bank said that from March 15 through March 22, customers who do not qualify for the NIS 500 grant will still be able to place funds digitally in an additional designated product called “Digital Sprint.” That product is a one-year shekel deposit with fixed annual interest of 2.8% and monthly withdrawal points, the bank said.
Bank Hapoalim said the grant forms part of its quarterly benefits framework and follows a broader series of customer initiatives introduced over the past year. In the statement, the bank pointed to previous steps that included share or cash benefits for customers, mortgage-related benefits, and other retail offers.
The bank also said it had introduced dedicated support measures during the war period for evacuees, reservists, customers staying abroad, and business clients and had adopted a Bank of Israel support outline published on March 2 for customers affected by the latest operation. It added that customers can also access savings guidance through a dedicated online section run by the Center for Financial Growth.
“Saving from a young age is important for future financial preparedness,” Pazit Grafinkel, the bank’s deputy chief executive and head of retail banking, said in the statement. She said the bank was launching the initiative now, amid uncertainty, to encourage families to take a first step toward saving for their children.
“The bank will continue to develop products, value offers, and attractive benefits for its customers in different areas,” Grafinkel said.
Source:
www.jpost.com
