The minus is less than NIS 2,000?
You will not pay interest
There is competition: Discount Bank cancels the mandatory interest rate up to NIS 2,000 and for a reduction of more than 50% in the credit allocation fee.
CEO Uri Levin: "This is just the first step.
We will create competition in the system "
Wednesday, 05 January 2022, 09:55 Updated: 10:08
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Discount Bank announced this morning the cancellation of the mandatory interest in the current account (overdraft) up to the amount of NIS 2,000, for credit holders. This is a significant announcement from Discount which is expected to increase competition between banks.
At the same time, the bank announced a reduction of more than 50 % In the quarterly credit allocation fee to NIS 10 (the lowest amount among the five largest banks) and a package of advanced tools that will help customers in prudent financial management and reduce the use of overdraft:
SMS message updating customers on entry into deficit, personal insights in prudent financial management app And an open banking-based connection to the service of Fintech, which helps to avoid paying unnecessary interest on the overdraft.
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Uri Levin, CEO of the Discount Group: Finally, real competition between the banks (Photo: Mark Israel Salem and Avshalom Shashoni)
The goal: to be the best bank for customers
Uri Levin, CEO of the Discount Group, said: "The move to reduce customer costs for using overdraft, led by the cancellation of the interest rate on the minus to the amount of NIS 2,000, is the first step in a series of planned measures that focus on addressing our customers.
"Discount has set itself the goal of being the best bank for its customers and creating real competition in the banking system, and the steps we are presenting today are another significant milestone in this way."