How do I open a bank account in Israel as a new Oleh?

As an Oleh Hadash, present your Teudat Oleh or Teudat Zehut, proof of address and an active Israeli phone number. Leumi, Hapoalim, Discount and Mizrahi-Tefahot banks offer dedicated Aliyah advisors.

What is the Bank of Israel key rate in 2026?

The key rate is 3.75% and the Prime rate is 5.25% (decision of 25/05/2026, source bankofisrael.org.il). This rate directly affects variable-rate mortgages.

The Mashkanta is the Israeli mortgage. It is composite: a fixed tranche (Kvoua), variable (Prime ± margin) and indexed (Madad). The recommended minimum down payment is 25-30%, over a maximum term of 30 years.

Banking & Finance – Aliyah Israel

The Israeli banking system is dominated by five major banks, all supervised by the Bank of Israel. As a new Oleh, you benefit from priority access to certain services. Opening your account in the first few days is essential to receive your Sal Klita and pay your first rent.

The main Israeli banks

Recommended for Olim

Bank Leumi (לאומי)

International presence, Leumi NY branch. French-speaking service in several branches (Tel Aviv, Jerusalem, Netanya).

Current account + international Visa card
Full mobile app
Dedicated Aliyah advisors in select branches

Bank Hapoalim (הפועלים)

The largest bank by assets. Advanced digital services, extensive network.

Checking account in ₪ and €/$
Shiluv savings (mixed ₪/currencies)
BIT app for mobile payments

Bank Discount (דיסקונט)

Known for fast account opening and competitive terms for new immigrants.

Streamlined process for Olim
International debit card from day 1
Negotiable account maintenance fees

Mizrahi-Tefahot

Market leader in real estate loans (Mashkanta). Strong network in central Israel.

Specialized in mortgage lending
Competitive rates on the Prime tranche
Multilingual service available

Official data & practical information

Official

Bank of Israel key rate

Key rate: 3.75% — Prime rate: 5.25% (decision 25/05/2026). This rate directly affects variable-rate mortgages (Prime ± bank margin).

⚠️ Source: bankofisrael.org.il (decision 25/05/2026). Updated monthly.

Documents to open an account

Prepare before your branch appointment:

Teudat Oleh or foreign passport
Teudat Zehut (Israeli ID card)
Proof of address (contract or bill)
Active Israeli mobile phone number

FinTech alternatives

Useful while waiting for your account or for international transfers:

Wise: €/$/₪ transfers at best market rates
Revolut: multi-currency card (not BoI regulated)
MAX (ex-Leumi Card): international prepaid card

⚠️ FinTechs do not replace a local bank account for official procedures.

Mortgage (Mashkanta)

Israeli loans are composite: fixed tranche (Kvoua), variable (Prime ± margin) and indexed (Madad / CPI).

Recommended minimum down payment: 25–30%
Maximum term: 30 years
Variable rate linked to Prime rate (5.25% on 25/05/2026)

⚠️ Conditions vary by profile. Consult a specialized Mashkanta broker.

Your Mashkanta simulation in the File

Section 5 calculates your Oleh vs. foreign monthly payments on your actual real estate budget, with the recommended loan mix and estimated monthly budget in your target city.

✓ Mashkanta simulation on your real budget — Oleh vs. foreign conditions (section 5)
✓ Recommended loan mix — fixed, Prime, Madad tranches (section 5)
✓ Estimated monthly budget in your target city (section 3)

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