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Savings for Every Child

Savings for Every Child
 

The "Long-Term Savings Plan for Every Child" program will take effect starting January, 2017.

Under the plan, the National Insurance Institute (Bituach Leumi) will deposit NIS 50 each month in savings for every child entitled to a child's allowance, until the age of 18.
The deposit will be paid in addition to the monthly allowance paid by the National Insurance Institute.


Parents are entitled to ask the National Insurance Institute to deposit an additional NIS 50 each month into this savings account, out of the regular monthly allowance.

 

When the child reaches the age of 18, the savings will be credited with a first withdrawal grant of NIS 500 by the National Insurance Institute.
At that time, the child will be allowed to withdraw the funds with a parent's approval, or continue to save them for additional periods, up to the age of 21.

 

If funds are not withdrawn from the savings until age 21, the account will be credited with a second grant of NIS 500.

You can already select the managing entity and investment track for your children's savings, via the National Insurance Institute's website, here >>

Please note: If you do not choose your own, a savings account will be opened for you under a default entity and savings track.
 

Information regarding the program on the Ministry of Finance's dedicated web page (in Hebrew) >>

 

 

Choosing Leumi for your children's savings provides future financial security for both you and your kids:
 

  • Managing savings at Leumi protects your children’s funds from changes and fluctuations in the capital market
     
  • The savings terms are known in advance without any risk to the principal amount
     
  • It’s easy to keep up to date: You can view your children's savings accounts on any of Leumi's digital channels
     
  • Leumi bankers are at your service for any questions or information you may require

 

Questions & Answers:

Who is entitled to deposits under the Savings for Every Child program, and when will the funds be deposited? How do I choose the managing entity, and how soon do I need to choose where the savings will be managed? What savings plans does Bank Leumi offer under this program? Can I deposit more than NIS 50 under the program, and whom do I notify of the change? How can I track the account once I have chosen Leumi as a managing entity? Are there any costs to the parents, and how do I open a Savings for Every Child account? Can I change the plan or withdraw funds from a Savings for Every Child account? What happens if I don’t choose where the savings funds will be managed?
 

Please note:
 

  • The Savings for Every Child program is only available to Israeli residents
     
  • The Long-Term Savings Plan for Every Child layout is determined by law, and subject to changes occurring in the law from time to time. For complete and accurate details of the program, please refer to the documents attached on the Hebrew page, by clicking the button below: 

 

Click here for more information about the Leumi Mobile app (in Hebrew)