Guide: How to Double Savings in the Savings for Every Child Program
Add an amount from your monthly child allowance to double the savings deposited each month. This short digital process takes less than 5 minutes and can significantly affect the amount available to children at age 18\.
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- 3 minutes
The state allows you to add an additional amount from your monthly child allowance, thereby doubling the amount deposited into savings each month. This short digital process takes less than 5 minutes and can significantly affect the amount available to the children at age 18\.
What should you prepare in advance?
- The ID number of the parent receiving the child allowance (in most cases, the mother).
- Details needed to verify your identity, such as the bank account into which the allowance is deposited, a credit card, passport, or the ID card issuance date.
To complete the process, visit the National Insurance Child Savings Program website.
Step-by-step guide
Step 1: Accessing the service
On the National InsuranceA contract under which an insurance company undertakes to compensate the insured in the event of damage in exchange for a periodic payment. website's main screen, click the green button in the top right labeled "Open a savings account for a child or double the savings amount".
Step 2: Entering the recipient parent's details
Enter the ID number of the parent receiving the child allowance. Then choose one of the 4 identification options that is convenient for you (for example, identification using the bank account details to which the allowance is transferred) and enter the requested information. Click "Next".
For example, identification using a bank account:
Step 3: Updating contact details and selecting children
Enter your mobile phone number and email address, and check the box authorizing the transfer of these details to the managing body. At this stage, choose whether to apply the change to all children in the family or only to a specific child, then click "Next". (Please note: if you chose to apply the change to all children, the system will take you to an intermediate screen where you must click "Next" again.)
If you chose to apply the change to all children, click "Next" again on the following screen.
Step 4: Selecting the doubling option
On the savings plan update screen, under the heading "Increase the Savings Amount," select the checkbox "Deposit an additional 57 shekels for all children" (or for the specific child you selected). Then click the "Next" button.
Step 5: Confirmation and declaration
Check the declaration box confirming the terms, then click the "Submit" button.
Step 6: Saving the transaction confirmation
The system will display a final screen confirming that the request was successfully received, along with a transaction identification number. We recommend clicking the "Save Confirmation" button or printing the page for future reference. Finally, click "Finish".
Food for thought: From now on, the additional amount will be automatically deducted each month from your child allowance and transferred directly to savings. It is important to remember that not every family needs to choose this option. The financial goal is to improve the children's future without creating hardship or budgetary pressure on your family's current cash flow.