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Migros Bank Review 2024 – Best Traditional Bank in Switzerland

Baptiste Wicht | Updated: |

(Disclosure: Some of the links below may be affiliate links)

I have used Migros Bank as my primary bank account for several years. They offer good service at excellent prices. And in the days of expensive bank accounts in Switzerland, it is essential to look at these fees.

In this article, I review the bank account offering of Migros Bank in detail. We see all their prices and how they compare against other Swiss banks.

About Migros Bank
Yearly fee 0 CHF
Users N/A
Card Visa Debit
Currencies CHF
Withdrawals in Switzerland Free at Migros ATMs, 2 CHF at other
Withdrawals abroad 5 CHF
Languages French, German, and Italian
Custody bank Migros Bank
Depositor protection 100’000 CHF
Established 1958
Headquarters Zürich, Switzerland

Migros Bank

Migros Bank Logo
Migros Bank Logo

Migros Bank is the bank of the Migros group. It is an old bank. It was founded more than 60 years ago, in 1958. Since I am already a customer of Migros, I feel confident about this bank.

Since they are an official bank, your assets will be insured for up to 100’000 CHF in case of bankruptcy. This is the case for all official banks in Switzerland. It is essential to know what would happen to your money in case of bank bankruptcy.

Migros Bank has an excellent reputation in Switzerland. They are serving more than 800’000 customers in Switzerland. This high number of customers makes them one of the biggest banks in Switzerland per number of customers.

So, we will see in detail what Migros Bank is about.

Migros Bank Fees


My main reason for looking for a new bank was to look for a free bank. Since all bank accounts in Switzerland have a zero interest rate, it is essential to look at the fees.

The most significant advantage of Migros Bank is it does not have any management fees. The monthly management fee is waived if you have at least 7500 CHF with them. This should be fine for most people since you can keep your emergency fund there.

Another advantage of the bank is that the Debit Card is free. Migros Bank is the only bank with the BCV to have a free debit card. Most debit cards in Switzerland cost 30 CHF per year. I do not plan to use the credit card from Migros since I already have the best credit card in Switzerland.

Unfortunately, Migros Bank is not entirely free. There are a few fees. You will pay 0.20 CHF for each incoming payment. You can avoid this by moving some payments to a secondary account. But, it should not be an issue for most people.

You must also pay 0.30 CHF for each SEPA transfer in Europe. You can probably negate this by using Revolut, Wise, or Neon.

The other fee is the withdrawal fee for ATMs other than Migros ATM:

  • 2 CHF for each withdrawal in CHF in Switzerland
  • 4 CHF for each withdrawal in EUR in Switzerland
  • 5 CHF for each withdrawal abroad

However, this should not be a big issue for several reasons.

  1. You can withdraw money at each Migros Bank, Migros Shops, Migrolino, and Migrol stations. So, there are a lot of withdrawal points all over Switzerland. If you count all these locations as ATMs, Migros Bank is probably the bank with the most ATMs in Switzerland. It should be more than enough to withdraw money when you need it.
  2. You do not often need cash. In most cases, you can pay with your credit or debit card. Using your credit card will be free and will give you some cashback. And using a debit card in Switzerland will be free as well.

So, you will probably not have to bother with these fees. In three years, I have never paid for withdrawing money with my Migros card.

There are other fees for payment abroad. But this is not an issue since I will also use my Neon or Revolut accounts.

Given all this, Migros Bank is Switzerland’s cheapest Brick and Mortar bank.

Migros Bank Features


We can also look at the features offered by the standard accounts at Migros Bank.

Since June 2022, Migros Bank does not have a Maestro but a Visa Debit card. As far as features go, it is the same. However, there are still some places where Maestro cards are useful because that is all they accept. Fortunately, these places are disappearing.

Overall, the visa debit is quite convenient. And the card comes for free, which is also good.

With Migros Bank, you can do many operations in the Migros Bank offices. And you will also be able to do some operations in Migros shops.

But most people will use the banking of Migros Bank to do most operations. You can use the banking application from Migros Bank on Apple phones and tablets, Android phones and tablets, and on Mac and Windows.

This mobile application takes a different approach to security than most other applications. Indeed, you will need to install this application on at least two devices. You will often need a second device to validate transactions from your account.

The Migros Bank application is quite bad. It is slow, and I have had many issues. Moreover, it is a pain to have to install it on two devices. I would have preferred online e-banking like most banks. I do not want to install a banking application on my desktop computer. For me, the quality of applications is the biggest pain point with this bank account.

However, the application has all the features you will need:

  • Make money transfers
  • Scan paper bills
  • Pay ebills
  • Pay with Google Pay

So, if you do not have to use it too often, the Migros application will do everything you need.

Since May 2021, Migros has had full support for TWINT. You can download the Twint Migros application next to the Migros application and start using Twint for your mobile payments.


We should also compare Migros Bank with some alternatives.

Migros Bank vs Neon

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Neon is a great digital bank from Switzerland. They offer an attractive bank account.

The main difference between Neon and Migros Bank is that Neon is an entirely digital bank. On the other hand, Migros Bank has offices, and you can get help from people directly.

If you use it correctly, Neon is entirely free. But Migros Bank has some fees. And Neon mobile application is significantly better than the one from Migros.

And Neon has some extra features that Migros Bank does not have:

Overall, Neon is better and cheaper than Migros Bank. But many people do not want to use an entirely digital bank, so Migros Bank will be great for them.

One advantage of Migros Bank is that it has significantly higher limits than Neon. So, it could be better for your main account if you have to do some more substantial transactions.

If you want more details, I have an entire review of Neon.

Migros Bank vs PostFinance

PostFinance was my previous bank before I changed to Migros Bank.

The main issue with PostFinance is that you have to pay 5 CHF in management fees every month. They only waive this fee if you invest more than 25’000 CHF in their products. However PostFinance investment products are bad, so using their products is not a great way to waive the fee.

So, the main advantage of Migros against PostFinance is that you can get it almost free if you keep 7500 CHF in your account.

Other than that, both banks have about the same features and fees. There is nothing exceptional about any of these two banks. They are standard banks. PostFinance has one advantage: its applications are significantly better than those from Migros.

Overall, Migros is significantly better than PostFinance since they have the same features but are significantly cheaper. If you want more information, I have done an extensive review of PostFinance.

Cheapest digital bank

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  • Pay abroad for free
  • Invest with great fees
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Now, you could save more money by opting for a digital bank instead of a brick-and-mortar bank. There is one solid digital contender: Neon. Neon is a fully-digital bank account. You only have an account on your phone. It is a bit similar to the model of Revolut but limited to Switzerland (and much safer).

Neon is a recent offer and was Switzerland’s first fully digital bank. They are free if you use them properly (not too many withdrawals). And they offer free payments abroad.

For more information, I have a review of Neon.


What is the minimum for a Migros Bank account?

There is no minimum.

How much do I need for my Migros Bank account to be free?

If you have 7500 CHF on your account, you will not pay a monthly fee (but other fees may apply).

Who is Migros Bank for?

Migros Bank is good for people that want an affordable traditional (non-digital) bank.

Who is Migros Bank for?

Migros Bank is not good for people that want a digital bank. And it is also not good for people that want good mobile apps. Finally, there may be some cheaper traditional bank alternatives with some cantonal banks.

Migros Bank Summary

Migros Bank

Migros Bank offers traditional bank accounts at a relatively fair price.

Product Brand: Migros

Editor's Rating:

Migros Bank Pros

Let's summarize the main advantages of Migros Bank:

  • Free management of your account if you have more than 7500 CHF
  • Good customer service
  • Offers a free Visa debit card
  • Can withdraw cash for free in many places
  • Support for Google Pay
  • Support for eBills
  • Support for TWINT

Migros Bank Cons

Let's summarize the main disadvantages of Migros Bank:

  • Terrible banking applications
  • Need to keep 7500 CHF on the account at all times
  • Incoming transfers are not free
  • No Maestro card
  • Support is not free if you have issues with the apps


When my previous bank (PostFinance) raised fees from 0 to 60 CHF per year, I needed to change banks. I did not want to pay more for no new advantages. It means I had to research the cheapest bank in Switzerland.

After some research, I discovered that Migros Bank is now the best traditional Bank in Switzerland. I will only pay around 8 CHF per year at Migros Bank.

The management fees of Migros Bank are waived if you keep more than 7500 CHF in your account. Since my emergency fund is bigger than that, it is fine to keep this cash.

I have now been using Migros Bank for about three years. Overall, I am pretty happy with their services. They offer excellent service at a reasonable price. The only thing I dislike about them is their applications. All their applications and the way they are linked together are pretty bad.

You can get a free digital bank account if you prefer digital banks. For instance, you could go with Neon. This bank account is entirely free!

If you want to learn how to change bank accounts, I have a guide on switching to a new bank.

What do you think about the new fees? Which bank do you use? Do you plan to leave PostFinance because of this?

The best financial services for your money!

Download this e-book and optimize your finances and save money by using the best financial services available in Switzerland!

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Photo of Baptiste Wicht

Baptiste Wicht started in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. This blog is relating his story and findings. In 2019, he is saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

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91 thoughts on “Migros Bank Review 2024 – Best Traditional Bank in Switzerland”

    1. Hi Zoltan,

      That’s correct, thanks for sharing.
      However, one big issue for that is that you still need to have the app on your phone because you can’t login to the web app without using your phone app, which defeats the purpose of the web app in my opinion.

      Migration are very slow. One of my accounts has been migrated for the mobile but not yet for the app. And the second has not been migrated at all.
      Since the migration, both flavors of the app on my phone have become very slow. I am quite disappointed about the direction they are taking.

      1. Hi Baptiste,

        I think they slowed down the migration due to recent bad press, and they want to stabilise the system before rolling out to all customers.

        Regarding logging in with via browser is common practice to use another device, UBS does the same scanning a QR code. Luckily MigrosBank does not require an Access Card with Card Reader which you had to carry with you back in the days with UBS.

        Also with InteractiveBrokers when you login via browser (Portal Login) you need your phone to approve the request. Good practice to turn on MFA (multi factor authentication) wherever is possible.

      2. Yes, MFA is excellent practice, no doubt. But there are better alternatives like TOTP or a Yubikey.

        Using a terrible mobile app to login into the browser is not a good solution honestly. I am not surprised they are slowing down the migration, they are really doing a bad job at it.

  1. hi,
    May I know what is the difference between Migros bonus saving account and investment saving account?
    Mit dem Bonus-Sparkonto profitieren Sie von 1,40% Zins auf das Geld, welches Sie neu zur Migros Bank überweisen. Der Zins gilt für ein Jahr ab der ersten Einzahlung. Danach wird das Bonus-Sparkonto in ein Anlagesparkonto umgewandelt.

    1. Hi Gina,

      The Bonus account is simply a one-year increase in interest rate. During the first year, you get 1.40% interest rate and then it’s converted to a standard savings account at 0.75% (currently) interest.

    2. Thanks so much for your prompt reply. If it’s normal saving account after one year then would be great but it written Anlagesparkonto ( investment account) so I’m concerned why not normal account as you said. I tried to contact Migros bank but no answer until now.

  2. Dear Baptiste,
    I have no words to thank you for the fantastic information that you offer in your website.
    I have already changed some of the procedures that i use to have to organize my finances, following your advise.
    I wanted to ask you, since i am seriously considering to change from my current Kantonal Bank to Neon, do you know if its possible to ask my current bank to migrate all the payments etc.. or i should must do it myself?

    1. Hi Joan

      Thanks for your kind words, I am glad I was able to help.

      I don’t think it’s possible no. I have heard that it’s possible for ebills to transfer everything to the new bank simply by using the same email, but I have never done that. At least for everything automated within your bank, you will have to do it yourself.

  3. Thanks for your great review. I have some questions that I would appreciate if you could help me:

    1.- In which situations the support for the App is not for free? Only for how to use it or also for troubleshooting?

    2.- Regarding the double verification, the App offers the option to remember the option for the next payment into the same account, and then you don’t need to do the verification?

    3.- For E-Bill it’s also necessary the double verification?

    I’m afraid of this annoying system, but I see it’s the only free account possible for the traditional banks.

    1. Hi David,

      1) I think this would be quite rare. The times when I needed troubleshooting, it was alway free. That is just something they state.
      2) Yes, correct. You only need to verify each recipient once.
      3) I don’t believe it is but I have never used ebills at Migros.

      I believe some of the cantonal banks have free accounts as well. But it’s true that Migros apps are really bad. Yesterday, it took me 15 minutes on the phone to unblock the app on my second device…

  4. Hi Baptiste,
    I came here after you recommended this as a joint account. Can you clarify about the payments abroad? I was looking at BM data sheet and it seems that payments with credit card has no extra cost unlike their debit. Thanks!

    1. Hi Baptiste,
      follow-up question. What do you think about a shared credit card instead of a joint bank account? Am now reading your Certo review hehe. Although we probably might need both a joint bank account for things like rent and supplement with this Certo as CC for groceries

      1. Hi V,

        A shared credit card works really well too. The Certo card is great, currently the best credit card available in my opinion.
        However, keep in mind that the Certo card is not good for payments abroad either. There are no good credit card for that. I prefer using debit cards abroad for that. However, sometimes you are forced to use a credit card (hotels and car renting), so you won’t be able to avoid all fees.

    2. Hi V,

      Keep in mind that I recommend Migros as a bank account, not as the credit card. Their credit card is not great for paying abroad. It’s a marketing lie. The card does not add any surchage, but it uses Migros Bank interest rate which is about 1.50% worse than interbank on average.

      1. for an international Credit Card i would recommend to open an account with WISE and use their credit card.

      2. Yes, Wise is quite good abroad, but it’s not a credit card, it’s a debit card. In most cases, it makes no difference, but if you want to rent a car or reserve a hotel, it may be a issue.

  5. Hello!

    I’d like to know how can I make a cash deposit in the Migros account and what’s the fee for transferring money from Migros account to Wise.

    Thank you!

      1. Hi,

        On a similar topic that some one might find informative: I just used my Migros bank credit card to top up Revolut account and that had a fee imposed by Migros of 1.75%.


      2. Hi,

        Yes, since the end of the last year, Revolut added a fee to top up their accounts with Credit Cards. The only free option is to do an IBAN transfer from your bank account to your Revolut account.

  6. Hello,

    1- Is Migros bank crypto-friendly for a crypto trader (Any restrictions/limitations)?
    2- What about international wire transfers from a Migros account (Limitations- Fees…)?
    3- Can a non-resident open a current account at Migros?
    4- Current account available only in EUR, no USD?


  7. Hello! Thank you for this review! I have been searching for a bank for my security deposit. I was referred to Migros Bank. However, when I checked their website, I cannot find the information on opening a security deposit account. Do you know if I can open this with Migros? Should I just visit their branch? I am a student and the management fee, like for UBS for the same service is 100 chf.

    1. Hi Kris,

      Do you mean an account for your securities like stocks? In that case, I would not use Migros, custody fees are too expensive.
      Or do you mean a safe deposit box? In this case, they are alright. But not all their offices have safe deposit boxes.

      1. Thanks for your reply. It is not for stocks nor safe deposit box. An account for security deposit for rent/rental surety savings account/ garantie de loyer

      2. Oh, I get it now :)

        I would say most banks are good for that. But I would say that some banks are cheaper than 100 CHF. I used to be with a cantonal bank and it was 30 CHF per year. You could try one cantonal bank of your location.
        I don’t think these products can be opened online. You have to go to one bank office.

  8. Hey there!
    Have you ever used their Euro account? Or would you have any recommendation on where to hold a Euro account?
    From what I gathered it seems one of the best if you avoid their card (fr. 30) and transfer to your WISE account via SEPA (fr. 0.30) for daily usage while in EU.

    1. Hi Trishy,

      I have not used it, no. In fact, I have never used a EUR account. Yuh may be better if you need only a EUR account.
      Why do you need a EUR account? Most people don’t need it.

      1. Thanks Baptiste. A EUR account is useful to hold euros and not be affected by the exchange rate. Can’t see myself exchanging EUR for CHF right now and loosing 20%

    2. Hey Trishy,
      I am also interested in Migros EUR account.
      How could you use it while in EU if you avoid their card and also don’t transfer money out of it via SEPA?

      1. I am a Swiss resident. I meant how else could you actually use the money inside the account while travelling to EURO zone if you avoid what Trishy mentioned “avoid their card (fr. 30) and transfer to your WISE account via SEPA (fr. 0.30)”?

      2. You can’t avoid that fee unless you are using another account. When traveling abroad, I use my Neon card. I can transfer money for free from my Migros Bank account to my Neon account and then use the Neon card. It’s practical because of two cards, but that’s more efficient.

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