Bank Leumi: private customers will enjoy an annual interest rate of 1% on the plus balance


by Ifi Reporter Category:Financial Jun 12, 2023

Bank Leumi announces what it defines as a "unique and groundbreaking consumer move in the banking system": private customers with a current account at Leumi will enjoy an annual interest rate of 1% on the plus balance in the account - a significant benefit that does not exist in any other bank in Israel.
The interest will be paid on a current account balance of up to NIS 10,000 to salary transfer customers with a mortgage at Leumi, or to salary transfer customers with a monthly transaction turnover of at least NIS 3,000 on a Leumi credit card or to salary transfer customers with a securities portfolio at Laumi. The benefit is also valid for pension recipients and will enter into force from July 1.
Recently, there has been much criticism of the banking system in Israel, due to the gap between the mandatory interest it charges and the right interest it grants on deposits. Among other things, a private bill was submitted (MKs Moshe Gafni, David Bitan and Orit Farkash HaCohen) that sought to authorize the governor to order the banks to grant interest on a huge sum of NIS 500 billion that is in the public's current accounts.
Recently, the payment platform Paybox announced that it will grant a right interest of 3% on the funds accumulated in the application, up to an amount of NIS 20,000.
CEO of Leumi, Hanan Friedman: "We are proud to be the first bank in Israel that allows its customers to benefit from effective interest on money lying in a bank account, especially during this challenging period. Alongside this, we continue to urge and encourage our customers to deposit liquid funds in favor of high interest deposits, both short-term and long-term - depending on their financial situation and their needs. We commit to continue leading the banking system in Israel while consistently implementing our strategy to be the most convenient, most profitable and most proactive bank for its customers."



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