Bank Hapoalim launched a new digital banking platform for children aged 8 and up on Wednesday, aiming to give children a supervised way to manage money while giving parents full control from their own bank account.
The new platform, called Poalim Junior, allows parents to open a dedicated digital area for their children through the Bank Hapoalim app, order a prepaid payment card, load money onto it, and receive alerts for every purchase.
The bank said parents would be able to load the card without fees, up to NIS 2,500 per load and up to the maximum accumulated balance allowed on the card. The card will be delivered to parents by courier, and children will be able to add it to digital wallets on their mobile phones, subject to the terms of the relevant wallet.
Children using the service will be able to receive money digitally, pay in stores and online in Israel and abroad, track income and expenses, and manage a personal budget.
Poalim Junion designed for children growing up in the digital world
Pazit Garfinkel, deputy CEO and head of retail banking at Bank Hapoalim, said the service was developed because children are growing up in a digital world and need financial education in that same environment.
“With Poalim Junior, we are bringing the world of money into their daily lives and enabling them to learn through real experience, alongside parental guidance and involvement,” Garfinkel said.
She said children would be able to save money, set savings goals, track their progress, use a dedicated payment card, and receive benefits through Poalim Wonder.
“For us, Poalim Junior is a new way to raise a generation that understands money, makes sound financial decisions, and builds confidence from a young age,” she added.
According to research conducted by the bank, about 94% of parents attach significant importance to financial education, and about 80% of children already receive pocket money. The bank said many parents still manage this mainly with cash, without structured tools for tracking, learning, and supervision.
Poalim Junior part of a broader strategy in response to shifting customer needs
Bank Hapoalim said the new service was part of a broader strategy to develop banking products that respond to changing customer needs and encourage financial independence from an early age.
The platform also includes a savings option, allowing parents to deposit money for their children in a dedicated fixed-rate deposit. The bank said the deposit would carry an annual interest rate of 4%, up to NIS 30,000 and for a six-month period, with daily redemption available. The effective annual adjusted interest rate is 4.08%, according to the bank.
Children will be able to monitor the savings deposit and define different savings goals.
The platform will also include dedicated benefits in leisure and entertainment through Poalim Wonder.
Beyond the banking tools, Poalim Junior includes two financial-content areas developed by Bank Hapoalim’s Center for Financial Growth: one for parents and one for children.
The parents’ area includes videos created with the Adler Institute, the option to join a dedicated WhatsApp group with relevant guidance and tools, a podcast with parenting coach Efrat Leket, games, articles, and practical tools for discussing money with children.
The children’s area includes content developed with the Israeli children’s content group Saltiz, offering videos, challenges, and age-appropriate material designed to make financial learning more accessible and engaging.
The bank said use of the service is subject to parental consent, the service terms listed on the bank’s website, and the terms of the relevant digital wallets.