Many Bank Leumi (TASE: LUMI) customers received an unexpected telephone text message today informing them that the bank will deposit a NIS 700 gift in their current banking accounts. This followed a similar gift of NIS 500 last October.

Those entitled to the gift must, among other things, receive in their account a monthly salary of at least NIS 5,000, use an average 5,000 monthly on their bank credit card and have other bank products such as a mortgage or other deposits for more than six months.

The bank wrote in the text message, "We are pleased to inform you that as part of the Bank of Israel's relief plan, we have decided to give you a one-time financial grant of NIS 700, based on the volume of activity in your account over the past few months. In July 2026, your account will be credited accordingly." According to estimates, the total cost of the move is about NIS 150-200 million.

What is behind the move? Leumi already announced last time that it was considering granting the benefit once again in the form of a cash transfer to customers. This is part of the Bank of Israel's plan that required banks to grant the public benefits totalling an overall NIS 3 billion over two years. Among other things, Leumi initiated additional benefits as part of the plan, such as granting preferential interest on current accounts, reducing interest on overdrafts, and relief for mortgage holders.

The other banks have also distributed various benefits as part of the plan, each time coming up with diverse and creative offers, often accompanied by a marketing campaign. The plan was formed following the banks' high profitability in recent years, also due to the high interest rate, and public and political pressure to improve the interest terms granted on deposits and positive balances in current accounts.

Despite the benefits that came following the Bank of Israel's demand, the Competition Authority has not been satisfied with the response, and Commissioner Michal Cohen declared the five largest banks a "concentration group" last month - for the first time in more than a decade. This means imposing a series of new restrictions and regulatory requirements. The Bank of Israel attacked the move, claiming that it was an extreme and disproportionate step.

Published by Globes, Israel business news - en.globes.co.il - on June 17, 2026.

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