What is the best bank in Israel?

This guide is made possible by readers like you. The input we receive helps us properly evaluate the key criteria, add additional banks, and keep this guide up to date. If you would like to share your own experience or suggest pros and cons from your own Israeli bank, we would love to hear from you. We will update this guide regularly based on your input and when banks add additional significant new features and benefits.

The goal of this article is to evaluate the pros and cons of most Israeli banks based on the factors we find most important for young professionals in Israel — both new Olim and those who have been living here for many years.

This is not meant to be a scientific ranking. Israeli banks are frustratingly difficult to compare from the outside. Publicly available information is limited, offers change constantly, and the quality of service can vary dramatically by branch and banker. Our goal is to give you a practical starting point, then improve this guide over time based on reader feedback.

Where most banks are the same

The truth is that with minimal competition and bureaucratic challenges limiting new banks from being formed, most banks in Israel are very similar. Before going through the specific pros and cons of each account, here are the categories where most banks in Israel are closely aligned:

• Customer service – Don’t expect someone to bring you a coffee when you walk into a bank in Israel. While customer support options have dramatically improved over the years, the Israeli banking system is not — and likely never will be — known for empathetic and patient customer service. Don’t fight it, just adapt your expectations.
• Fees – All banks in Israel have an option for eliminating or at least dramatically reducing basic banking fees. “Extra” services will almost always cost extra. Be sure to see our full guide on How to slash your Israeli banking fees
• Benefits for opening a new account – Most banks will provide a reward for opening a new account. These rewards can include a one-time cash grant, an interest-free loan, or automatic cancellation of basic bank fees. Almost all banks require your account to receive a monthly salary or deposit of at least 7,000–12,000 NIS to be eligible for rewards and fee cancellations.
• Extra paperwork for US citizens – The US puts a significant extra paperwork burden on all foreign banks that provide services to individuals with US citizenship. If you are a US citizen, expect to have to show up in person at a branch to open a new account at any bank, fill out extra paperwork, and accept that digital-only banks and tracks will generally not be an option for you.
• Access to Keren Kaspit – All Israeli banks provide fee-free access to purchase קרנות כספיות. For more information, see our guide here.
• Branch specific service – Many people in Israel will almost never have a reason to visit their physical bank branch. Every bank now offers options for getting in touch and having your account serviced digitally. But if you are someone who expects or wants to make frequent visits, choose your bank based on the best local branch. Two different branches of the same bank can offer totally different levels of service. Ask on local groups for recommendations and walk in to get a feel.
• Don’t compare to overseas – If you have accounts with banks, brokerages, or other fintechs outside of Israel, you might not be happy with some of the features “missing” in your Israeli account. The way savings accounts are structured here is especially frustrating to many. Adapt your expectations accordingly.

The two giants at the top

For better or worse, two banks control over 50% of Israel’s market share. Bank Hapoalim and Bank Leumi are in a league of their own. Being the biggest certainly doesn’t mean being the best. But the resources and capabilities that come with being on top give these banks some advantages over the others. Let’s break it down.

Hapoalim

With a strong digital presence and great features for savings and kids, this is a popular choice.

What we like:

• A well-built and easy-to-use mobile app
• Many different ways to contact support — including WhatsApp and in-app messaging.
• A flexible savings option (חיסכון גמיש) — one of the only banks that offers a more traditional savings account, rather than just a term deposit. It allows you to take money in and out with both lump sums and scheduled transfers, without withdrawing the entire amount deposited. The downside is that the interest rate is very low.
• Poalim Junior — a solid tool for helping children ages 8 and up spend and manage their money. See our full guide: Helping your teens manage money in Israel
  

Areas they fall short:

• No mobile app in English and a limited English site
• Low score on customer satisfaction in recent Bank of Israel surveys

Leumi

The largest bank in Israel and one of the best options for new Olim who have a strong preference for banking in English.

What we like:

• A well-built and easy-to-use mobile app
• Full English site and English mobile app
• Many different ways to contact support — including WhatsApp, Zoom meetings, and in-app messaging.
• Currently offering some of the largest rewards for opening a new account

Areas they fall short:

• Public rates for savings accounts, or Pikdonot, are low. Negotiation is required for better rates.
• No flexible savings accounts. (While this is a challenge for US citizens, non-US citizen can simply use Keren Kaspit through Leumi.)

The digital only option

At present, there is only one standout in this category. But that is hopefully changing rapidly, with major international fintech Revolut in the final stages of acquiring an Israeli banking license – and a new bank, בנק אש (ESH), expected to start opening accounts at some point in 2026.

One Zero

For non-Americans comfortable with a digital-only bank, this is a very good option to consider.

What we like:

• A digital-first company with a well-built and easy-to-use mobile app
• No-fee track, no negotiation required
• Solid Pikdonot rates, even with weekly liquidity. Flexible savings options that function like a traditional savings account.
• High score on customer satisfaction in recent Bank of Israel surveys
• Credit card with no foreign transaction fees
• Fee-free investment account (listed as coming soon)

Areas they fall short:

• Not available for dual US-Israeli citizens
• Limited ways to connect to customer service
• No automatic (Horat Keva) Keren Kaspit purchases — something most banks offer.

The rest of the pack

Mizrahi-Tefahot

With an emphasis on a one-on-one relationship with a banker and above-average branch opening hours, this is one of the best options for those who expect frequent visits to their branch.

What we like:

• A direct connection to a personal banker (via website, WhatsApp, phone, and branch), with above-average opening hours at many branches.
• English site
• Scored very high in recent Bank of Israel surveys

Areas they fall short:

• Public rates for savings accounts (Pikdonot) are low. Negotiation required for better rates.
• Digital UI and mobile app are slightly weaker than many of the other options.

Discount

What we like:

• A well-built and easy-to-use mobile app
• Decent English site

Areas they fall short:

• Has a reputation for being difficult to negotiate with
• Public rates for savings accounts (Pikdonot) are low

Bank of Jerusalem

This isn’t the top choice for an everyday account, but for those looking for a medium- to long-term Pikadon, this is a great place to open one without having to open an additional עו”ש, or checking account.

What we like:

• Some of the best Pikadon rates. Can be used for Pikdonot only, without opening a new checking account.
• Transparent Pikadon rates
• Solid mobile app

Areas they fall short:

• Focused more on offering banking products than serving as a daily-use checking account.

Yahav

What we like:

• No fees, no negotiation required — with a salary transfer of ₪5,000 or more per month.
• Relatively high rates for longer-term, 1–3 year Pikdonot.
• Access to a personal banker

Areas they fall short:

• Not a digital-experience winner.
• Very low rates for short-term savings

So which bank should you actually choose?

There is no single “best bank” in Israel. The better question is: which bank is the best fit for your needs?

• Want English? Start with Leumi.
• Want a strong all-around bank and English bank isn’t a must? Start with Hapoalim.
• Want a real banker? Look at Mizrahi.
• Want digital-only and are not American? Look at One Zero.
• Want to keep your existing account but get a better savings rate? Look at Bank of Jerusalem.
• Want no-fees and no-frills? Look at Yahav.

Think we should add an additional bank or other pros/cons to our lists above? Let us know.

How to switch banks

To switch your account, log in to the website or app of the new bank and submit a בקשה לניוד, or transfer request. The transfer will be completed within 7 business days. There is no need to contact the bank you are leaving.

The transfer includes:

• All NIS and foreign currency balances
• Standing orders and authorizations — הרשאות לחיוב חשבון and הוראות קבע
• Keren Kaspit and other transferable holdings
• Authorization for existing non-bank credit cards to withdraw money from your account

The transfer does not automatically include:

• Loans & mortgages
• Existing savings deposits (פיקדונות ותוכניות חיסכו)