Mizrahi Tefahot Bank will grant an annual interest rate of 2% to customers whose accounts have a positive balance

Mizrahi Tefahot Bank has decided that it will grant an annual interest rate of 2% to customers whose accounts have a credit balance of up to NIS 25,000 in the current account, and whose total assets in the account (current + deposits + NIS) is up to 50,000 NIS. This means that the customers will be able to receive Up to NIS 500 per year from the interest on the current account. However, all benefits are valid for one year only.
The move comes after similar moves by Leumi, One Zero, the Bank of Jerusalem and Discount's Paybox app, and against the background of the Governor's harsh letter against the law according to which he can set the interest on deposits and current accounts in banks with the approval of the Minister of Finance.
In Mizrachi Tefahot they also announced a credit benefit of 1,200 shekels for those who took out a mortgage through the bank, but with quite a few caveats: this must be their only residential apartment, the mortgage includes a prime component, the value of the property is up to two million shekels, the financing rate is 60% or higher and the repayment ratio For income 30% and above.
"Our benefits package concerns the areas of banking activity, with the broadest common denominator: the plus and minus on the current account, and mortgages. This means that hundreds of thousands of the bank's customers will benefit from it," said the CEO of Mizrahi Tefahot, Moshe Lari.
The announcement by Mizrahi Tefahot and the other banks that they changed their interest rate policy on the current account did not, as mentioned, come out of nowhere. In recent months, there has been a great deal of public criticism of the banks' profit margins following the interest rate increases. At the same time, the Governor of the Bank of Israel, Professor Amir Yaron, called on A "call of rebuke" to all the CEOs of the banks in which he asked them to be fair in everything related to interest on the current account.