Bank of Israel and Israel’s largest credit union, Mizrahi Bank, have announced a new loyalty program that will reward people who spend their cash back on purchases.
The program, called Moldindconbanks, will give a bonus to people who make the most purchases during the first three months of the year.
Mizrahi will pay out the cash back to those who make purchases worth up to 10% of their total deposit or $500.
If you spend $1,000 or more during the three months, you will get $5,000, or $1.25 per dollar.
The bonus will apply to purchases that are not eligible for cash back.
The bank also plans to offer another loyalty program for people who have deposited at least $1 million.
The rewards will be in the form of a bank gift card that will be applied to your bank account.
For the first time, Moldindbanks customers will be able to receive up to 100% cash back for the first 30 days of every month, as well as a 10% cash rebate for every $1 of cash spent on any Moldindbank purchase.
The cash rebate is based on the average daily balance in your account at the time of purchase.
“It’s a big step forward,” said Yael Rabinovitch, a spokesperson for Mizrahas subsidiary, Mizrail.
“Mizrail has been a leader in providing the best banking and banking products in Israel and this program gives Moldindbanks customers a new way to earn cash back and more cash back.”
Mizras Bank, the largest lender in Israel, has a total of $8 billion in deposits, making it the country’s third largest bank.
Mizrahas branch is located in Haifa.
It is currently accepting deposits for its first two months.
The program will be rolled out over the next two years.
The cash back program will also apply to Mizrahs bank’s other products, including bank loans, savings accounts and home loans.
The bank plans to extend the program for another two years, Rabinowitz said.