Bank Fees Down in 2013
The Bank of Israel has issued another report on the state of banking expenses in Israel. Expert David Zaken submitted the biannual report to the Knesset’s Finance Committee.
The report focused on the money banks and credit cards made off of fees for services in the first half of 2013.
Zaken found a slight decrease in the cost of bank fees for the average household. The average monthly fees were down by 2.6% to a total of 13.9 shekels, he reported.
The cheapest bank in terms of fees was Bank Yahav (6.1 shekels per month), while the two with highest fees were Mercantile and Arab Israel Bank, with average fees of 21.4 and 19.5 shekels per month respectively.
Among the five largest banks, Bank Hapoalim had the lowest rates (12 shekels per month), while Benleumi had the highest (16.2 shekels per month on average).
The results were somewhat different when measured by bank account, rather than by cost to the average household. Bank Yahav still had the cheapest rates with an average charge of 2.7 shekels per account per month, but Pagi Bank was the most expensive with an average cost-per-account of 25.3 shekels per month.
The cheapest among the five leading banks was Discount Bank (12.7 shekels per month), and the most expensive was Benleumi (16.8 per month).