Israeli Digital bank ONE ZERO launches for the first time in four decades

Did you know that a new bank opened in Israel on August 16? The digital bank ONE ZERO has completed its trial period and currently offers three routes.

 One Zero Digital bank logo.  (photo credit: screenshot)
One Zero Digital bank logo.
(photo credit: screenshot)

Did you know that a new bank opened in Israel on August 16? 

The digital bank ONE ZERO has completed its trial period and, so far, 12,000 clients have joined, 35% of who earn or who can deposit NIS 5,000 per month. New clients have current accounts and deposits amounting to NIS 200 million.

The new bank offers three routes:

What is Track One?

An all-inclusive subscription fee package costing NIS 49 per month. Each customer is assigned a personal money manager in this route. A smart technology system updates customers daily on any unusual event or gives recommendations and insights. 

This package will replace tariff fees and create certainty and transparency but this account cannot be commercial. This track’s clients will receive high-interest rates on deposits and soon also a continuous pension consulting service with monthly updates. From the beginning of 2023, they will also benefit from discounted trading commissions in Israel.

Chairman of the First Digital Bank CEO Gal Bar Dea and Chairman Shouky Oren (credit: YANAI YECHIEL)Chairman of the First Digital Bank CEO Gal Bar Dea and Chairman Shouky Oren (credit: YANAI YECHIEL)

What is Track One+?

Track One+ combines Track One with an all-inclusive trading package in real estate without minimum commissions and buying and selling commissions for up to 15 operations for NIS 119 per month. Also, the bank won’t charge real estate account management fees in the tracks. 

The One+ package will include a full financial package with additional consulting packages that will be revealed gradually, similar to the "family office" service accessible to those with wealth.

What is the Zero route? 

The Zero route includes a fully digital bank, and service from professional bankers 24/6 with no current account fees, no card fees and no commissions. It is considered the cheapest banking route in Israel.

Customers who join the bank starting today will automatically be associated with route one. The account is opened completely virtually. At the end of the process,  customers choose a debit card and can use a checking account. Gal Bar Dea, the CEO stated that within three years One Zero has developed a premium banking service through a personal money manager.