One Zero CEO: Simplifying Bank Account Abuse with Attractive Prices

Eyal Gafni, One Zero CEO, believes bank account abuse can be easily solved by offering customers a convenient, secure, and affordable system. He notes that 9% of deposits in the last year or two have been with One Zero, and the bank offers a 4% return on deposits in current accounts. Gafni aims to take a bite out of Israel's veteran banks' market share and attract investors by providing better prices and services than traditional banks.

Eyal Gafni, CEO of One Zero, a digital bank based in Israel, believes that the issue of bank account abuse can be effectively addressed by offering customers a more convenient, secure, and affordable system [1]. With 9% of deposits in the past two years coming from One Zero, Gafni aims to challenge the market dominance of veteran banks and attract investors [1].

One Zero's latest offering is a comprehensive solution that includes exemptions from commissions for foreign currency and securities trading [1]. This move is expected to significantly impact the banking sector, as Israeli banks generate approximately NIS 4 billion annually in commission income from these areas [1].

Beyond eliminating overdraft and credit card fees, One Zero's premium One + track provides a range of benefits, such as 0% foreign exchange conversion fees on cards and transfers, extended exemptions from current account fees, and exemptions from credit allocation and credit card fees [1]. These savings can amount to between NIS 1,000 and NIS 3,000 annually, depending on the customer's activity level [1].

To be eligible for the One + track, customers must transfer a monthly net salary of NIS 10,000 or NIS 10,000 in bank transfers [1]. For new members, this requirement will be waived until January 2026 to allow them time to gradually transfer their activity to One Zero [1].

According to One Zero's analysis, the major Israeli banks derive approximately 19% of their revenues from current account fees, 23% from securities fees, 22% from credit card fees, and 13% from foreign exchange conversions in accounts [1]. This indicates that over half of the banks' revenue from fees does not stem from current account fees.

By offering a more competitive pricing structure and a wider range of services, One Zero is poised to disrupt the Israeli banking market and attract customers seeking a more convenient and affordable alternative to traditional banking options.

[1] en.globes.co.il/en/article-one-zero-offers-forex-securities-commissions-exemption-1001496952