Migros Bank Review 2024 – Good Traditional Bank in Switzerland
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I have used Migros Bank as my primary bank account for several years. They offer good service at excellent prices. Considering the expensive bank accounts in Switzerland, these fees are essential to consider.
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.
| 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 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 Migros customer, 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 serve 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.
This article has been updated for the new fees from April 2024.
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 that it does not charge management fees. And there is no minimum for being free.
Another advantage of the bank is that the Debit Card is free. Migros Bank is among the few banks that offer free debit cards. 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.
While the base account is free, some operations are not. You must 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.
- You can withdraw money at each Migros Bank, Migros Shops, Migrolino, and Migrol stations. So, there are many 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. There should be more than enough to withdraw money when you need it.
- You do not often need cash. In most cases, you can pay with your credit or debit card. Using your credit card is free, and you will receive some cashback. Using a debit card in Switzerland is also free.
You will probably not have to worry about these fees. In three years, I have never paid to withdraw 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 among Switzerland’s cheapest Brick and Mortar banks.
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.
In addition, Migros Bank introduced a new application in 2023. However, the new application does not work better than the old one, has fewer features, and is less stable. They also did not manage to simplify the use of multiple devices.
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.
Alternatives
We should also compare Migros Bank with some alternatives.
Migros Bank vs Neon
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- Pay abroad for free
- Invest with great fees
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.
Used correctly, both bank accounts are entirely free. But Neon has some advantages that Migros Bank does not have:
- Purchases abroad with the Neon card are free.
- Thanks to their partnership with Wise, international money transfers are cheaper with Neon.
Both Neon and Migros have some stability issues with their apps. However, the Neon app is much better than the Migros Bank app.
Overall, Neon is better than Migros Bank. However, 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, Migros Bank’s main advantage over PostFinance is that the account is free.
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.
FAQ
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?
There is no minium, a Migros Bank account is free, since April 2024.
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 offers traditional bank accounts at a relatively fair price.
Product Brand: Migros
3.5
Migros Bank Pros
Let's summarize the main advantages of Migros Bank:
- Free management of your account
- 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
- No Maestro card
- Support is not free if you have issues with the apps
Conclusion
When my previous bank (PostFinance) raised fees from 0 to 60 CHF per year, I needed to change bank. I did not want to pay more for no new advantages. Therefore, I had to research the cheapest bank in Switzerland.
After some research, I discovered that Migros Bank is now among the cheapest traditional banks in Switzerland.
The account itself is free. And there will only be fees for operations you can generally avoid.
I have now been using Migros Bank for about three years. Overall, I am relatively happy with their services. They offer good 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?
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Hi! Thanks for doing this review, it’s very helpful since I am thinking to do exactly the same as you, switching to this one and keeping my Neon to avoid my bank fees. I did not understand something in the website though, the fee for incoming payments (i think it’s 0,20CHF), is that for any money that goes into your account? (For example salary) Or does it only apply to twint payments? Thank you!
Hi Patt,
Thanks :)
Unfortunately, it’s for every money that gets into your account, not only Twint payments.
Hello!
I am Belgian moving for work to Zurich in 1 months time. Was considering to go full fletch with UBS for the convenience of having everything in one place (as expat), but am reconsidering after reading your article. Might go the route of combining Migros/Neon.
Would that make sense given I spend at least 20% of the year outside of CH (so combi of Neon and correct credit card would limit costs of paying there)? Would that make sense given I would like to transfer funds to my Belgian account from time to time?
Hi Sven,
That would make sense indeed.
Using Neon would limit the cost of this 20% spent abroad. Transferring money in foreign currency is also good from Neon, not such much from Migros. You could even have only Neon as your primary account. But Migros as primary and transfers to Neon for foreign currencies would work too.
Hello – thank you so much for your wonderful blog. It makes the financial complexity of Switzerland much easier to navigate!
I am looking for a new bank and need to have a joint account with my partner. From what I can see there are no digital banks that offer joint accounts at the moment. So I am looking for a traditional bank. The only problem for me for MigrosBank is that they do not offer services in English. My French is quite good but for technical things like finances I would prefer to have an English option. In these circumstances, which traditional banks would you recommend that I consider?
Hi Patrick,
unfortunately, I do not know any great bank with joint accounts. I would personally go with Migros Bank..
In most cases, you do not really need to talk much with the bank, no? Unless you plan to talk mortgages.
If you really need a guarantee for English, I think you are going to get stuck with UBS and CS, the international banks.
Thanks – PostFinance also have their website and documentation in English and they do joint accounts too, so I am looking at that.
Good point, PF will also work and will be cheaper than UBS and CS!
Hello,
Do you know by any chance if Migros Bank supports so-called SWIFT payments?
I’m looking to send CHF to a CHF bank account abroad. I tried to do it with Neon but it changes the transfer to EUR (SEPA transfer) if it recognizes the IBAN is not swiss.
Hi,
I believe it should work. You can select an IBAN and then select the currency. So, you should be able to do a CHF transfer to an international IBAN.
But I have never tried this.
Hello,
Thanks for your useful information! I’m new in Switzerland and I would like to ask a few questions:
As I see that your post is from 3 years ago, I’d like to know if something changed regarding the Migros App (mandatory to install it in 2 devices) because for me it’s enough reason to take a look for another bank.
Do you think Neon is a reliable bank as a primary option? I’m European citizen, often paying abroad and it kills me if I have to pay 1.5 CHF for each transaction. Therefore I’m thinking to use Neon as a primary account (salary, payments) because I’m more into having just one account than 2.
I will apreciate your opinion.
Regards
Hi Daniel,
No, nothing changed, the application is still pretty bad and you will still need two devices to use it properly. For me, the scanning of bills is atrocious on this app.
Yes, I believe Neon is reliable as a primary bank account. You just need to be careful about the 30K CHF limit. This should be rare to hit that, but still could be an issue (hence why I am keeping Migros).
What I am doing now is receiving my salary on Migros, transferring almost everything to Neon, and do all my operations from Neon since the app is 10 times better.
Hi,
Thanks for another the great article! I am curious if anyone has experience with the bank grantee for their rental. Does Neon offer such a deposit and is it accepted by the Swiss rental offices? For Migros Bank would this deposit count towards the 7,5k minimum so not to encounter their account management fee? I think this would matter to a lot of customers in Switzerland
Hi JP,
Neon does not have such an offer currently. Maybe they will have this in the future, but I doubt it.
With Neon, I have been told that the rental guarantee count towards the 7.5K minimum. This can be useful indeed.
Sorry to bother you again.
If I put my money in a Swiss bank and invest in something I will pay withholding tax on my gains? Something about 35% right? As a non resident can I avoid or reduce that?
Thanks.
I am afraid I do not know how this would apply to non-residents. If you use a Swiss broker, I would expect you have to pay withholding taxes but you may be able to reclaim them if you are non-resident. You would have to ask your bank this or the Swiss tax authorities.
Hello.
I am a Brazilian citizen living and working in Germany, with a permanent resident status, for a decade.
I would like to open a bank account in Switzerland to diversify my investments.
Questions:
Do you still thinking Miros Banck is a good option?
Even Switzerland exchanging financial info with Germany this still a good option? Btw I do not hide any money.
Hi Romulo,
If they accept German residents, then yes Migros bank would be a good bet. But most Swiss banks have special conditions for non Swiss residents. There are some minimums and sometimes extra fees.
Thanks for the reply.
Last questions,
where I can find how exposed Swiss banks (Migros Bank) are to e. g. American or British markets?
They phone your employer to confirm your info.?
If I can choose a branch anyone is ok or a big/ central one is better?
Hi Romulo,
I have no idea about their exposures and I would be surprised if they were to call your employers, but again not an expert.
For big banks, I don’t think you can choose a bank or at least it would not matter much.
Hello Mr The Poor Swiss and thank you for your interesting blog;
I want to leave Credit Swiss and I am hesitating between going 100% Digital with Neon or take the same balance you advise Migros Bank + Neon. However my first exchange with Migros bank customer service is rather mixed and unefficient; do you still use Migros bank today or do you plan to go 100% digital? Why would you still need a Migros Bank account today?
Hi Sylvain,
I still receive my salary in Migros but then transfer to Neon to pay my bills and do my monthly transfers. The reason is that Neon app works much better than Migros’s apps.
The reason I still use Migros and not only Neon is twofold:
1) I have my mortgage account at Migros bank anyway so I will have to keep an account regardless.
2) There is a daily limit of 30K CHF at Neon. This could be an issue some month for me and I do not want to run into issues because of that.
Hello, again thank you for the precious infos.
I’m with Postfinance since years and now I was planning to switch to Neon or Migros Bank. But:
Neon cons for me:
you have only the app access (a year ago my iphone was out of order for 3 months due to an error in the apple IOS and also my backup old iphone was blocked due to IOS issues! I spent hours with the high Apple hierarchy techs who besides apologizing weren’t able to solve it). You already suggested me to keep it on other phones or devices but since I’m VERY frugal I change Ipad every minimum 10 ys and phone 6 ys. so all my devices are always OS out of date (and I’m also IOS updating adverse for many reasons).
Migros Bank cons for me:
actually with my Postfinance Card I can withdraw cash for free in all the many Post offices. In my area there are no Migros Banks and the only way to withdraw cash for free would be in a small Denner shop which should serve a 30 km radius area (so of course the cash availability is not guaranteed).
To contact them by phone you have to pay, same as Postfinance now, but PF at least writes everywhere the call fees, MB does not (I know, it’s very cheap but I don’t like the lack of transparency!)
Conclusion: 50.-/year spare is not worth all the above cons for me, so I think I’m going to hold on to PF for now.
I think it makes sense to have both PF and MigrosBank now that PF charges negative interests starting from 100k. What PF did was really messy. First they announced the threshold to be 250k that can be raised to 500k if you have 30k in their investment products. Now they’ve changed their mind with the new tiered structure where the threshold is raised only by the amount invested.
I’m planning to keep my PF account and use it for all regular transactions and Migros Bank to store cash. I agree though that next month Migros Bank may change their thresholds as well but it’s the risk with every bank now.
I am curious as to why you would keep both and not simply use Migros Bank?