Migros Bank Bonus Savings Account
Migros Bank
Overall Rating
Account Mgmt
No fee
Interest Rate
0.20%
Currency
CHF
Our Take on Migros Bank Bonus Savings Account
0.20% for one year, then the bonus vanishes. Migros Bank's time-limited savings play.
The Migros Bank Bonus Savings Account ranks #25 among Switzerland's 31 savings accounts. It offers a promotional 0.20% rate for the first year after your initial deposit, then reverts to the standard investment savings terms. Think of it as a welcome bonus, not a permanent rate.
Is the Interest Rate Competitive?
At 0.20% per year for the first year, this is 4x the UBS or PostFinance rate. On CHF 100,000, you earn CHF 200 in that first year. Above CHF 1,500,000, no interest applies. After year one, you're moved to the investment savings conditions (currently 0.10% base + potential bonus).
The promotional nature matters. If you're parking money for exactly one year before moving it, the 0.20% is attractive. If you're looking for ongoing returns, this isn't the right product.
What Actually Stands Out
No withdrawals allowed during the first 3 months. After that, a 3-month notice period applies. The forced savings period ensures you actually let the bonus interest accrue. For people who struggle with savings discipline, this constraint can be helpful.
Migros Bank limits circumvention attempts: credit transfers from other Migros Bank accounts aren't permitted. Only external deposits qualify. One bonus savings account per month per customer, preventing rapid account cycling.
What Most Reviews Miss
The 0.20% only applies to the first year from your first deposit. After that, you automatically transition to the investment savings account conditions. If those conditions are less favorable when you transition, you have no say.
Payments can only be made by bank transfer. No withdrawal limits or caps are specified beyond the 3-month blackout and subsequent notice period. No debit card access. Maximum one bonus account per month keeps you from gaming the system.
The Bottom Line
A decent one-year promotional rate from a trusted Swiss bank, but it's not a permanent solution. Best used as a temporary parking spot while you figure out your longer-term savings strategy. Explore permanent options in our best savings accounts in Switzerland comparison.
Verdict: Good for a one-year savings commitment. After that, shop around again.
Pros
- No annual fees
- No minimum deposit required
Cons
- Low interest rate
- 3-month notice period for withdrawals
- Age restriction: From age 18
Account Details
At a Glance
Account Mgmt
No fee
Interest Rate
0.20%
Debit Card Fee
—
Currency
CHF
Fees & Costs
Fees & Costs
Account Opening Fee
No fee
Account Mgmt
No fee
Debit Card Fee
—
Banking Features
Banking Features
Mobile Banking
Not available
Online Banking
Not available
Key Features
- Free account management
- No annual fee for debit card
- High interest rate of 0.20%
- Low minimum deposit requirement
Age Requirement
From age 18
Withdrawal Terms
Withdrawal Terms
Notice Period
3 month
Account Closure
Free of charge
Additional Information
Additional Information
- Not suitable for payment services
Calculate Your Interest Earnings
See how much your deposit could earn with this account's 0.20% interest rate.
After 1 year
+CHF 100
Total Value: CHF 50'100
After 3 years
+CHF 301
Total Value: CHF 50'301
After 5 years
+CHF 502
Total Value: CHF 50'502
Rating by Category
Compare to Similar Accounts
Frequently Asked Questions
- What happens to the bonus rate after year one?
- Year 1: 0.2%. From year 2: standard investment-savings conditions apply (currently around 0.1%). Plan the rebalance: if your money will sit beyond 12 months, the effective yield averages out. Many savers move balances elsewhere when the bonus expires.
- Why can't I transfer in from my other Migros Bank accounts?
- Credit transfers from other Migros Bank accounts aren't permitted. New money only, from outside Migros. The clause prevents you from gaming the bonus by shuffling existing balances. Send fresh deposits from a different bank to qualify.
- How does the 3-month notice apply?
- All withdrawals require 3 months' notice; no notice-free amount, even small. Built for genuinely untouchable savings. A CHF 500 emergency means waiting a quarter or paying penalty interest. Treat as fixed-horizon, not flexible cash.
- Is there a balance ceiling?
- 0% interest on amounts above CHF 1,500,000. Plenty of headroom for nearly all retail savers. The ceiling exists to deflect institutional money chasing the bonus rate; ordinary households won't hit it.
How We Rated This Account
Wondering why Migros Bank Bonus Savings Account got its score? We rate Savings Accounts accounts using a weighted formula. Here's what counts.
Same formula for every account in this category. No exceptions.
Ready to Open?
Open the Migros Bank Bonus Savings Account today and start enjoying its benefits.