National Bank of Hungary aims to bring down banking costs
The National Bank of Hungary (NBH) on Tuesday announced the launch of a fees comparison for all retail bank account packages to strengthen competition and bring down households’ banking costs.
The comparison, compiled based on an agreement with the Hungarian Banking Association, compares annual fees for the accounts based on seven types of clients. It will be published quarterly.
The central bank and financial market regulator said a retail client who took half of their income out in cash and made electronic payments with the rest could find a banking account with annual fees as low as HUF 2,200, while a client whose spending was all electronic could pay as little as HUF 0 in fees. The NBH added that some account fees were as much as ten times higher than others.
Under the agreement with the association, banks will offer retail clients accounts with basic services free of charge as long as annualised inflation remains over 4pc, the NBH noted.
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