The cheapest ways to bank in Israel

A mobile-only digital bank owned by Bank Leumi, run entirely from an app. It charges no current-account management fee, which is the single biggest recurring bank cost most people pay.

Best for:

Everyone, especially phone-first and younger users

Cost:

No monthly account fee

Israel’s first standalone digital bank. Its free "Zero" route runs a full account with no fee, no card fee and no commissions, with human bankers available 24/6. A paid "One" route adds no-FX-fee spending abroad for people who need it.

Best for:

Everyone on the free route; frequent travellers on the paid one

Cost:

Free on the "Zero" route

The free "Zero" route is confirmed fee-free. The exact monthly price of the paid "One" route could not be verified, so treat only the free route as a firm figure.

Israel’s second new digital bank, co-founded by Nir Zuk. Accounts are free, and it shares half the interest it earns on your balance back to you weekly, which no traditional bank does.

Best for:

Early adopters willing to wait for access

Cost:

Free, plus a 50% interest-revenue share

In an early, invite-only soft launch in 2026, not yet openly available to sign up today. Worth watching, not yet a walk-in option.

Hapoalim, Leumi, Discount and Mizrahi Tefahot all run oleh packages that waive or cut account and transaction fees for an introductory period. Hapoalim and Leumi are the most newcomer-friendly. You must ask for it: it is not applied automatically.

Best for:

New immigrants in their first years

Cost:

Waived or reduced fees, then standard fees resume

Reported to run roughly one to three years, but the exact term and covered fees vary by bank and are not centrally published. Confirm at the branch and get it in writing.

Not a product but a rule that lowers the floor for everyone. It caps a standard checking account at NIS 10 a month for 100 transactions, and a debit card at no more than NIS 7 a month. It rolls out in stages from October 2026 to July 2027.

Best for:

Everyone with a standard bank account

Cost:

Capped at about NIS 120 a year

The government postal banking service, long used for simple low-cost banking: bill payment and transfers with minimal fees and no overdraft or credit. A basic account rather than a full-service bank.

Best for:

People who want simple, no-credit banking

Cost:

Minimal fees on basic transactions

The low-fee reputation is well known but we confirmed it only secondhand, and the product set is limited. Check the current scope on the Israel Post site before relying on it.