Pepper by Leumi review

The money market deposit pays a fixed 2.1% to 2.85% over a 12 term. The rate type is fixed, so the rate is set for the whole period rather than tracking a base rate. Against the savings median of 3.06%, the headline sits in the middle of the field.

The account fee is ILS 0 and the monthly fee is ILS 0, so holding the account costs nothing. Deposits and withdrawals carry no basic current-account fees, No basic current-account fees, which matters if you keep balances across current, savings and deposit products.

Pepper is for Israeli residents only, and there is a minimum age for joining. Israeli citizens can join from that age with an ID card, so anyone living outside Israel needs a different provider. The app also targets beginners, beginners, which suits a first account.

Access is through the Pepper app alone. The current account, savings and deposits are all opened inside the mobile app, and support runs on chat, phone and help centre, so the whole relationship can be run from the phone. It suits anyone happy to bank this way and is a poor fit for people who want face to face service.

Alongside the deposit, the app covers stocks, etfs and crypto, so shares, ETFs, crypto and forex sit in the same place as the savings balance. The feature list includes mobile app and crypto, and a credit card, credit, completes the everyday money side of the account.

Support runs on chat, phone and help centre, so you get in-app chat, a phone line and a help centre rather than email or a community forum. Because everything is handled in the Pepper app, most questions about a deposit can be answered without leaving the account.

Joint accounts are among the account types offered, joint, so two people can hold the deposit and the current account together. Eligibility still applies to each person, so every holder must be an Israeli resident at a minimum age.

Pepper's 2.1% to 2.85% sits below Wise at 3.29% and bunq at 3.01%, and it also sits under the term deposit median of 6%. Finteres advertises 0% to 36%, so the top of that range beats Pepper for a longer tie up. Pepper's overall score is 5.4, with cost at 5.2 and offer at 5.6.

Pepper by Leumi runs on Bank Leumi, Bank Leumi, and is based in Israel, IL, having launched the platform in 2017. The savings product sits in the money market range, with the deposit, the current account and the credit card all inside one app.