Released soldiers find themselves in a unique financial situation in the first period after their discharge. After years of military service with a limited salary, they enter independent life, earning salaries in the free market for the first time and starting to save money for travel or the first steps of their adult lives. To make the most of this situation, it is highly recommended to open a bank account tailored for released soldiers, which may come with several unique benefits.
Smart Financial Management in Life After the Army
For most Israelis, after a period of two to three years, military service ends, and they transition to civilian life or alternatively enter career military service under very different conditions from those of a regular soldier. The years following discharge can be some of the most exciting years of life, bringing a sense of independence and freedom, with possible plans for a big trip or the first steps in the real world. To achieve these goals, it is essential to learn how to manage finances wisely. For this purpose, opening a bank account that suits individual needs is advisable. Today, opening a bank account for released soldiers is a unique option worth exploring.
A Bank Account for Released Soldiers – Everything You Need to Know
A bank account for released soldiers is specifically designed for individuals in the post-military stage, typically between the ages of 21 and 24, who are opening a new bank account. The advantage of such an account is that it provides credit and card benefits, discounts on account management fees, and more.
Benefits and Advantages of Bank Accounts for Released Soldiers
Opening a bank account for released soldiers can offer numerous benefits and advantages for those recently discharged. Here are some of them:
Discount on card fees: Some banks offer a discount on card fees for a year, helping to reduce daily and monthly expenses significantly.
Checkbooks: If you are moving out of your parents' house and beginning to pay rent, you will likely need checkbooks at this stage of life. Accounts for released soldiers allow you to order up to five checkbooks per year at no cost.
Fee discounts: The main benefit for released soldiers is a discount on checking account fees. There are also significant benefits in foreign currency and securities fees, which may be relevant for those looking to start investing at a young age or needing to exchange money before their big trip.
Proper Account Management in the Years After Discharge
It is essential to stay informed about your account, manage a budget responsibly, save enough before major expenses, and, of course, know what benefits you are entitled to and how to take advantage of them. Today, banks offer many benefits and opportunities for released soldiers, which can help you save money if used wisely. Familiarity with these benefits allows for better decision-making and smarter financial management—something crucial at every stage of life, especially for young adults.
This publication is for marketing purposes only and does not constitute financial advice or an invitation to make any purchase, nor does it replace advice tailored to individual needs and circumstances.
In collaboration with Bank Leumi.