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.