Bank of Israel Banking Supervision Department submits 2024 household banking fees report showing average monthly costs fell to NIS 25

The Bank of Israel’s Banking Supervision Department submitted its periodic 2024 report on the prices of common household banking services to the Knesset’s Economics Committee, based on data from banks and credit card companies on fees charged during 2024. The report shows a modest decline in household costs for managing a current account and payment cards, alongside a slight decrease in the ratio of total fee income to total banking system assets. For households, the average monthly cost of maintaining a current account and payment cards was NIS 25 in 2024, down NIS 2.6 from 2023, with most of the reduction attributed to the assistance program introduced after the Swords of Iron War began, including exemptions for first-degree customers from most fees other than foreign-currency transactions or withdrawals. System-wide, fee income increased due to higher earnings from large business clients in securities trading amid increased activity, while income from individuals and small businesses declined following the war-related assistance program; the fee-income-to-assets ratio has trended downward since the 2008 banking fees reform, with a cumulative decline of around 50 percent. The Banking Supervision Department noted that a NIS 3 billion financial relief package for banking customers took effect in April 2025 and that an additional assistance program was formulated after Operation Rising Lion, with the impacts expected to appear in the next report. It also highlighted a draft fee reform now out for public consultation covering households and small businesses, including a fixed-price “payment account management” service and a maximum fee for an immediate debit card.