MagNet Magyar Közösségi Bank Zártkörűen Működő Részvénytársaság products, services and reviews

About MagNet Magyar Közösségi Bank Zártkörűen Működő Részvénytársaság

MagNet Magyar Közösségi Bank Zártkörűen Működő Részvénytársaság (MagNet Bank Zrt.) is a Hungarian-licensed credit institution headquartered in Budapest and supervised by Magyar Nemzeti Bank; eligible deposits are covered by Hungary’s deposit insurance scheme (OBA) up to the statutory limit. It operates as a small to mid-sized retail and SME bank with a community-oriented model and domestic private ownership, not part of a foreign banking group. The bank offers HUF and selected foreign-currency payment accounts, savings and term deposits, bank cards for cash withdrawals and purchases, and domestic and cross-border payments, including Hungary’s 24/7 instant HUF transfer scheme and SWIFT-based international transfers. Digital channels include internet and mobile banking for balance inquiry, transfers, e-statements, and basic card controls, alongside a modest branch presence concentrated in larger urban areas; account opening is available through in-branch processes and digital onboarding where permitted by local identification rules. Lending covers mortgages subject to Hungarian LTV/JTM regulations, consumer loans, and business financing such as overdrafts and investment loans; participation in state or central bank funding schemes is offered when available and within program rules. Distinctive community features include optional customer direction of a portion of the bank’s profit to civil organizations and pricing elements where certain account fees can be set within a predefined range, with accompanying disclosures on the use of funds. Fees follow local market practice, with package-based account charges, transfer and card-related fees, and the statutory monthly allowance for cash withdrawals for eligible residents; pricing and interest rates vary by product and are updated periodically. Card payments use standard security protocols (such as PSD2 strong customer authentication and 3‑D Secure) and contactless technology; online card acceptance for merchants is available directly or via partners. The bank publishes audited financial statements and regulatory disclosures in line with EU and Hungarian requirements. Product availability, eligibility, and language support depend on customer profile and channel; terms and tariffs should be verified against the latest official notices before onboarding.