The Bank of Israel updates: Where will we get more for our money?
The Bank of Israel is updating today the interest data that the various banks were forced to publish: which bank gives us more for a short-term deposit, who pays the best for a one-year deposit - and where will we get the most for our money if we close it for five years?
The numbers you must know
Walla!
Of money
10/23/2022
Sunday, October 23, 2022, 12:31 Updated: 12:41
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Where do we get more for our money?
You should check the table published by the Bank of Israel (Photo: ShutterStock)
The Bank of Israel is publishing today the updated data that the banks had to bring to the public's attention regarding the interest rates that each of them pays for deposits in shekels.
This is a relatively new initiative, which turned out to be critical after the sharp public criticism leveled at the banks, for rushing to take advantage of the interest rate hikes by the Bank of Israel to charge their customers a new interest rate on the credit (either in the form of a minus in the current account or in the form of a loan ), but we updated only by fractions of a percent the interest rates that the public enjoys on shekel deposits it holds in banks. Now everyone has the ability to check, compare and decide between the various alternatives.
Bank interest rates on shekel deposits, as published by the Bank of Israel (photo: screenshot, Bank of Israel)
It is not always worthwhile to "close" the money for a long period of time
The table shows that for short periods of up to three months, the interest range extends from the 1.79% offered by the Bank of Jerusalem to the worst interest offered by the Yahav Bank: only 0.41%, while among the five largest banks, International is the most generous with 1.34%.
In a period of between 3 months and a year
, Discount Bank leads the table with an interest rate of 2.89% and the worst interest rate for its customers is given by Mizrahi-Tefahot, which will pay less than half: 1.44%.
On the other hand, in the next category of
one to two years
, Mizrahi Tefahot is the big winner with an interest rate of 3.58% on the deposit and the worst interest rate is offered by Bank Yahav, with 1.91%.
And what about the
two-five year term?
Here again Mizrahi-Tefahot leads with 3.18% interest compared to only 1.51% offered by Mercantile Bank.
It should be noted that "closing" the money for the long term is not necessarily the most profitable, as some banks estimate that the interest rate will decrease over time, so it is possible that those who deposited their money in a deposit for one year will benefit from a higher interest rate than those who deposited for a period of 2-5 years.
That is why it is recommended - for any amount and for any period of time - to check the current interest rate on a case-by-case basis.
Moreover - it is recommended to bargain on the interest percentages that may increase when it comes to larger deposits
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