The cost of financial services in Hungary has risen dramatically over the past decade and a half, far outpacing the European Union average. A new analysis suggests that inflation and a series of taxes imposed on the banking sector have both played a major role in pushing up household banking costs.
The price of financial services in Hungary is now more than two and a half times higher than it was in 2010, according to an analysis by Bankmonitor reported by 24.hu.
Data based on the EU’s harmonised consumer price index show that the cost of financial services increased by around 2.6 times in Hungary between 2010 and 2026. Across the European Union, the corresponding rise was considerably smaller, at roughly 1.5 times.
Hungary also stands out among nearby countries. Poland recorded one of the largest increases in the region after Hungary, but even there financial services became around 2.1 times more expensive over the same period.
The rise in banking costs has also exceeded Hungary’s broader increase in consumer prices. According to Bankmonitor’s calculations, overall prices rose by roughly 2.04 times between 2010 and July 2026, compared with a 2.62-fold increase in financial services.
In other words, general inflation explains only part of the difference.
Taxes also left their mark on banking fees
Bankmonitor identified several periods when major changes in banking charges coincided with new taxes or modifications to existing ones.
Hungary introduced its bank levy in 2010, while the financial transaction tax followed in January 2013. The latter was increased later the same year, and further changes to the transaction levy were introduced in the second half of 2024.
Also, Hungarian banks cannot simply change account fees whenever they choose. Their terms and conditions set out circumstances under which charges may be adjusted, and these typically include inflation, changes in taxation and amendments to the regulatory environment.
Inflation pushed costs higher as well
A noticeable increase in banking fees followed the 14.5% average inflation recorded in 2022, while another round of price increases came after inflation averaged 17.6% in 2023.
More recently, the effect was temporarily held back by a voluntary fee freeze. Banks agreed not to apply certain inflation-linked increases to retail account charges until 30 June 2026.
With the freeze now over, some financial institutions have begun adjusting prices again. The National Bank of Hungary has said that certain fees have risen since July, although the exact impact varies considerably depending on the bank, account package and how customers use their accounts.
Cheaper accounts are still available
The sharp long-term increase does not mean every bank customer in Hungary is paying high fees. In fact, the Hungarian banking market has a somewhat contradictory feature: while average financial-service prices have risen rapidly, customers can still find relatively cheap account packages if they actively compare offers.
For a typical mixed-use customer, even the 20 cheapest bank accounts can cost between HUF 8,880 and HUF 29,400 a year.
The MNB’s comparison data show substantial differences between banks and individual packages. Depending on payment habits, the difference in annual costs between two otherwise suitable accounts can amount to tens of thousands of forints.
Another measure reducing costs for households is Hungary’s statutory free cash-withdrawal scheme. From February 2026, the monthly limit was increased to HUF 300,000, subject to the relevant conditions.
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Hungary remains an outlier
Even with cheaper products available, the longer-term trend remains difficult to overlook. Bankmonitor’s analysis indicates that high inflation was an important factor, but changes in taxation and the regulatory environment also contributed to the difference.
For customers, however, the sharp rise in average banking costs does not necessarily mean there is nothing they can do about it. The MNB’s comparisons show that annual fees can differ by tens of thousands of forints between account packages, even for customers with similar banking habits.
That means someone who has stayed with the same account for years may be paying substantially more than necessary. Checking recent statements, reviewing the current fee schedule and comparing alternative packages — including offers from the same bank — could therefore translate into meaningful annual savings.
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