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Last spring, former Minister for National Economy Márton Nagy announced that banks would have to exercise restraint regarding price hikes; otherwise, the government would intervene. While Viktor Orbán’s government succeeded in this way in preventing price-hiking measures by banks and telecommunications companies, numerous companies in this sector have now announced significant price increases immediately after the formation of the TISZA government, as reported by HVG.
No sooner had the new government taken office than the banks operating in Hungary unanimously announced that they were planning price increases in the near future. While service providers typically announce price changes one month before they take effect, banks are an exception, as they are required to observe a two-month notice period.
OTP Bank has already done so and published on its website which items it will increase as of July 1. Almost all areas are affected, with prices being raised across the board by about 4 percent or slightly more.
CIB Bank has also announced the extent of the increase: The financial institution has decided to raise its fees this year not only by last year’s inflation rate of 4.4 percent, but also to add the 3.7 percent increase that was not implemented in 2025.
This means that its fees will increase by a total of 8.2 to 8.3 percent.
As announced in its notice, K&H Bank officially raised its prices starting in April; fees will be adjusted by 4.4 percent, which corresponds to the inflation rate for the period since the last inflation adjustment. This affects the following areas: transaction fees for forint and foreign currency accounts, account maintenance and package fees for K&H’s retail customers, and the account maintenance fee for K&H’s foreign currency accounts.
Raiffeisen Bank has also officially raised its prices as of April, likewise by 4.4 percent. Just like K&H, they are also postponing the increase until June 30. Erste Bank announced at the end of April that it would raise prices starting in July, affecting fees for retail customer accounts, bank cards, and SMS services. They are also adhering to the 4.4 percent increase. UniCredit Bank is also raising fees by 4.4 percent.
MBH Bank will implement the adjustments resulting from the change in the minimum wage and the consumer price index published by the KSH starting July 31, 2026, and August 1, 2026, respectively, as the financial institution informed HVG.
However, it is not only banks that are tightening their terms, but also telecommunications companies.
Both Magyar Telekom, One, and Yettel have announced that they will raise their prices once the price increase moratorium expires, HVG reports in an article.
In its first-quarter report for this year, published on the Budapest Stock Exchange website, Magyar Telekom announced that it had begun preparations to implement the inflation-linked price adjustment. Yettel stated on its website that the price adjustment will take effect by July 31, 2026. It will amount to 4.4 percent and will also apply to the monthly fees of contracts concluded prior to the adjustment. One, the largest Hungarian-owned telecommunications provider, has also confirmed that it will reintroduce the inflation-linked price adjustment starting September 1. According to a report by Portfolio, the price increase at One will also be 4.4 percent starting this fall.
As is well known, the previous government under Viktor Orbán made considerable efforts to contain and curb the price increases caused by the wave of inflation, not only for food but also in the banking sector and among telecommunications providers.
In April of last year, former Minister for National Economy Márton Nagy announced that banks operating in Hungary would either have to voluntarily commit to not raising their fees, or the government would impose fee caps on the sector. The government’s pressure had an effect: one after another, the banks announced that they would postpone the inflation-driven increase in account maintenance fees.
The approach taken with telecommunications companies was similar. These companies were planning another inflation-driven price increase of between 3.5 and 3.7 percent for spring 2025, which is why the Ministry for National Economy called on them to voluntarily refrain from the price increase and not to repeat this practice for at least one year.
In a recent interview, the former prime minister pointed out that the Fidesz-led government had raised 15 billion forints (42 million euros) from banks and multinational corporations to finance family benefits and the 13th-month pension. At the same time, inflation was successfully curbed by containing price increases, falling in March of this year to its lowest level in ten years. With the post-sovereigntist liberal government under Péter Magyar, protection against price increases has now come to an end.
Via hvg.hu; Featured image: MTI/Balogh Zoltán
The post Sharp Rise in Banking and Telecom Fees Follows Government Change appeared first on Hungary Today.
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