Bank Hapoalim Launches Digital Money Management Platform for Children Aged 8 and Up

Bank Hapoalim announced on Wednesday the launch of "Poalim Junior," a new digital service designed for children aged 8 and older to manage money in a simple, engaging, and educational way. The platform allows parents full control and oversight through their own bank accounts. According to the bank, this initiative responds to the growing recognition among parents of the importance of early financial education, with a survey showing that 94% of parents value financial literacy and 80% of children already receive pocket money, though most parents still rely on cash without convenient tools for management or learning.

Poalim Junior is integrated into the bank's existing account management app, enabling parents to easily open a junior account for their children, order a dedicated prepaid card, and load it with up to 2,500 shekels without fees. Parents receive notifications of every purchase, while children gain an experience tailored to their world, allowing them to manage money independently, receive digital payments, make purchases in stores and online both domestically and abroad, track expenses and income, and manage a personal budget. The prepaid card can be added to digital wallets on mobile phones.

Additionally, parents can deposit savings for their children in a dedicated fixed-interest account offering a 4% annual rate on up to 30,000 shekels for six months, with daily withdrawal options. Children can monitor their savings and set goals. The platform also offers exclusive entertainment and leisure benefits through Poalim Wonder, fostering a shared experience that balances child independence with parental guidance.

Beyond banking features, Poalim Junior includes two financial education content hubs developed with the Financial Growth Center: one for parents featuring videos from the Adler Institute, a WhatsApp group for relevant content, a podcast with coach Efrat Lakat, games, articles, and practical tools; and one for children created with the Saltiz group, offering engaging videos, challenges, and content designed to teach financial concepts through play and experience.

Pazit Grafinkel, Deputy CEO and Head of Retail Division, emphasized that children grow up in a digital world and financial education must meet them there. She described Poalim Junior as a new way to raise a generation that understands money, makes sound financial decisions, and gains confidence from an early age.