One Zero Bank Offers 1,000 Shekel Bonus to Customers
Translated & summarized from Ice by baba
One Zero Bank is offering 1,000 shekel BuyMe vouchers to customers who transfer or build an investment portfolio of at least 50,000 shekels. The promotion aims to attract clients by highlighting savings on traditional bank fees and the ability to trade various assets. Customers have three months to meet the portfolio requirement, with eligibility checked quarterly. The bank also offers trading benefits like fee exemptions and free transactions under certain conditions.
The story in 5 lines · by baba
- One Zero Bank offers 1,000 shekel BuyMe vouchers for portfolios of 50,000 shekels or more.
- The promotion encourages transferring investment portfolios from other Israeli banks.
- Customers receive 250 shekel vouchers quarterly for meeting portfolio requirements.
- The bank highlights savings on annual custody fees charged by traditional banks.
- One Zero offers fee exemptions and free monthly trades under specific conditions.
One Zero Bank, led by CEO Eyal Gafni, is launching a major promotion to reward its customers. The bank will offer BuyMe vouchers totaling 1,000 shekels to clients who maintain an asset portfolio of 50,000 shekels or more. This can be achieved by transferring an existing investment portfolio from another bank or by building a new one within One Zero. The initiative coincides with a new feature enabling the transfer of investment portfolios to One Zero, aiming to help customers save thousands of shekels annually on custody fees charged by traditional banks.
In recent years, a growing number of investors have been seeking alternatives outside of traditional banking. Data from the stock exchange indicates that approximately 50% of new trading accounts are now opened outside these institutions. One Zero Bank launched its trading system about three years ago, initially for trading on the American stock exchange. Subsequently, options were expanded to include investing in active and passive funds on the Israeli stock exchange, and more recently, individual stocks on the Israeli exchange. This development allows customers to transfer existing investment portfolios from other banks.
Most Israeli banks charge purchase and sale commissions along with management fees, also known as custody fees, which are based on the portfolio's value and range from 0.4% to 0.8% annually. For instance, a customer with a 200,000 shekel portfolio could pay up to 1,600 shekels per year simply for holding the portfolio, even without executing any trades. Under the new One Zero promotion, customers have three months to transfer or build a portfolio of at least 50,000 shekels. Eligibility will be checked quarterly, with qualifying customers receiving 250 shekel BuyMe vouchers each quarter until the total reaches 1,000 shekels.
The bank's trading terms include full exemption from management, custody, and handling fees, provided there are monthly transfers of 10,000 shekels to the account, along with ten free buy or sell transactions each month. Customers opting to transfer an investment portfolio will receive full support from the securities trading team throughout the process.