Budapest, 8 April 2025 – Banking costs will become simpler, more transparent and cheaper, thanks to an agreement between the Magyar Nemzeti Bank and the Hungarian Banking Association, according to Governor Varga after a meeting with leaders of the Hungarian Banking Association in his office on Tuesday morning. The new agreement will facilitate the flow of information and reduce fees for certain household financial services through five measures.
MNB Governor Varga and leaders of the Banking Association agreed that the Hungarian financial system was on solid foundations and that the liquidity and capital position of banks was strong, making it possible to reduce bank fees. Under the agreement, banks will make basic accounts free of charge in the future until inflation falls below the upper limit of the central bank’s tolerance band (4 per cent) for three consecutive months. At the same time, banks will notify customers who could opt for a more favourable account package than their current one, at the latest together with their PAD statements. Further assistance will be provided by a customer information campaign to be launched in the future, which will provide detailed information on the annual costs of banks’ account packages, thus enabling existing account packages to be compared with other, more favourable arrangements. The Magyar Nemzeti Bank and the Banking Association also agreed that financial institutions would use the central bank’s fee package calculator to help customers choose the most favourable account package on their websites. To speed up the switching process, customers can now cancel their old accounts online.
The Magyar Nemzeti Bank aims to achieve a noticeable, sustainable reduction in the cost of banking services, and regards the Hungarian Banking Association as its partner in this endeavour.