Hungarian Banks Announce Reduction in Account Fees
Following OTP, several financial institutions in Hungary have pledged to lower banking fees in response to government requests.
In recent developments, multiple banks in Hungary have declared reductions in their account fees, a move initiated by OTP Bank and now echoed by K&H, CIB, Raiffeisen, MBH, and UniCredit banks.
This decision comes amid discussions involving the government and the Hungarian Banking Association regarding banking costs.
On April 8, OTP Bank was the first to announce its decision to lower household account fees, effective immediately.
Subsequent to this, K&H Bank issued a statement affirming a voluntary commitment to limit prices.
Specifically, the bank stated that it would not charge the fee increases related to inflation and other operational reasons that were set to take effect on April 1, 2025, until June 30, 2026. The fees during this period will revert to their January 2025 levels, as encouraged by the Ministry of Economic Affairs.
Following K&H, Raiffeisen Bank also revealed plans to reduce costs for retail clients starting May 1, 2025. It will provide discounts on both account maintenance and card fees until June 30, 2026, matching the inflation-related fee increases the bank implemented earlier.
Raiffeisen also confirmed that it would maintain existing promotions, such as the waiver of annual card fees for the first year for its Active account users, until the same date.
Similarly, CIB Bank joined the trend by announcing a restoration of fees to the levels prior to inflation adjustments, effective June 1, 2025. The bank confirmed this pricing structure would remain until June 30, 2026. In a noteworthy step, CIB announced it would refund the difference to clients for any inflation-based fees collected between April 1 and June 1, 2025, with notifications regarding the reconciliation process provided to affected customers.
In the same vein, both MBH Bank and UniCredit Bank committed to the voluntary fee freeze terms aligning with their counterparts, valid until June 30, 2026. Notably, Granit Bank included in its statement that it had not adjusted fees for its customers in 2025, asserting its ongoing commitment to stable pricing without increases in account-related costs.
Concurrently, the Hungarian National Bank has initiated a five-point program aimed at reducing banking costs, reflecting a broader strategy to alleviate financial burdens on consumers amidst rising inflation rates in the country.
This decision comes amid discussions involving the government and the Hungarian Banking Association regarding banking costs.
On April 8, OTP Bank was the first to announce its decision to lower household account fees, effective immediately.
Subsequent to this, K&H Bank issued a statement affirming a voluntary commitment to limit prices.
Specifically, the bank stated that it would not charge the fee increases related to inflation and other operational reasons that were set to take effect on April 1, 2025, until June 30, 2026. The fees during this period will revert to their January 2025 levels, as encouraged by the Ministry of Economic Affairs.
Following K&H, Raiffeisen Bank also revealed plans to reduce costs for retail clients starting May 1, 2025. It will provide discounts on both account maintenance and card fees until June 30, 2026, matching the inflation-related fee increases the bank implemented earlier.
Raiffeisen also confirmed that it would maintain existing promotions, such as the waiver of annual card fees for the first year for its Active account users, until the same date.
Similarly, CIB Bank joined the trend by announcing a restoration of fees to the levels prior to inflation adjustments, effective June 1, 2025. The bank confirmed this pricing structure would remain until June 30, 2026. In a noteworthy step, CIB announced it would refund the difference to clients for any inflation-based fees collected between April 1 and June 1, 2025, with notifications regarding the reconciliation process provided to affected customers.
In the same vein, both MBH Bank and UniCredit Bank committed to the voluntary fee freeze terms aligning with their counterparts, valid until June 30, 2026. Notably, Granit Bank included in its statement that it had not adjusted fees for its customers in 2025, asserting its ongoing commitment to stable pricing without increases in account-related costs.
Concurrently, the Hungarian National Bank has initiated a five-point program aimed at reducing banking costs, reflecting a broader strategy to alleviate financial burdens on consumers amidst rising inflation rates in the country.
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