Bank Hapoalim Launches Digital Money Management Platform for Children Aged 8 and Up
Translated & summarized from Calcalist by baba
Bank Hapoalim has launched "Poalim Junior," a digital platform for children aged 8 and above to manage pocket money and expenses with parental oversight. The service includes a prepaid debit card, a high-interest savings option, and educational content to promote financial literacy. This initiative aims to modernize family financial management and build early banking loyalty in Israel.
The story in 6 lines · by baba
- Bank Hapoalim launches "Poalim Junior" digital platform for children aged 8 and up.
- Children can manage money independently with parental control via the bank's app.
- Parents can order prepaid debit cards with up to 2,500 shekels per load, no fees.
- A 4% annual interest savings deposit is offered for up to 30,000 shekels, redeemable daily.
- Platform includes educational videos, podcasts, and a loyalty program for kids.
- The initiative aims to shift family finances from cash to digital management and build early banking loyalty.
Bank Hapoalim introduced a new digital banking platform called "Poalim Junior" aimed at children aged 8 and older to help them manage pocket money and expenses through the bank's app. The platform allows children to independently handle their finances while parents maintain oversight via the main account management app. Parents can open a dedicated activity area for their children and order a prepaid debit card, which can be linked to mobile wallets and loaded with up to 2,500 shekels per transaction without fees. This card enables children to make payments in stores and online, both domestically and abroad, while parents receive purchase notifications.
To encourage platform use, the bank offers a special savings deposit with a fixed 4% annual interest rate for six months, applicable to amounts up to 30,000 shekels, redeemable daily. Children can monitor their savings, set financial goals, and access tailored leisure and entertainment benefits through the Poalim Wonder loyalty program. The platform also includes educational content for parents, such as instructional videos, podcasts, and practical tools for family financial discussions, alongside a children’s section explaining economic concepts through videos.
This launch reflects a growing trend in the banking sector to shift family financial management from traditional cash-based methods to managed digital channels. According to Bank Hapoalim, while 94% of parents value financial education and 80% of children receive pocket money, most transactions are still cash-based without convenient tracking or learning tools. Introducing digital financial habits early is expected to influence household budgeting and consumer behavior in Israel, fostering long-term customer loyalty to major banks from the start of children’s financial journeys.
