Published: April 08 2023
Contents
Background
The government has released a draft of the new rules for basic bank accounts in January, stating that the maximum monthly fee would be 1.5% of the previous year's gross minimum wage. This led to a substantial increase in the fees, growing to HUF 3,000 by 2023.
In accordance with the newly implemented government decree, the fee will now be decreased to HUF 1,000 from 1 July 2021.
What is a basic bank account?
A basic bank account is a bank account that anyone can open irrespective of their income. It comes with a free bank card, limited cash withdrawal, and transfer services, which make it more affordable and accessible to those with low income.
Key facts about the new rules
It will take effect from 1 July 2021, hence, all banks will need to adjust their previous fees, and so the basic account fee can no longer be more than HUF 1,000 a month.
Those interested in opening an account must close their existing accounts since this account is only available for those who do not have the right of disposal over another payment account. It is beneficial to open a basic account since it is more affordable and competitive when compared to other market-priced account packages.
