Migros Bank is cutting its fees

Baptiste Wicht

Baptiste Wicht

The Poor Swiss
Staff member
Hi

Starting April 1st, Migros Bank will be cutting down its fees:

  1. No more fee (0.20 CHF) for incoming payment
  2. No more account management fees below 7500 CHF, which used to be 3 CHF per month

This is great news for Migros Bank. If only they fixed their apps, they would be really good.

If you want to learn more, you can read my review, which has already been updated for the new fees.

thepoorswiss.com

Migros Bank Review 2024 - Best Traditional Bank In Switzerland - The Poor Swiss

Migros Bank is a traditional bank in Switzerland, they have some strong advantages. Here is how well it compares against other Swiss Banks.
thepoorswiss.com thepoorswiss.com
 
Just read that too. Indeed sad that they have a shitty app. Not many options out there for joint accounts. I stay with raiffeisen but ditched their debit cards as they are 50 CHf each. For the rare occasion I can use the Yuh debit card.
 
Ralph said:
Just read that too. Indeed sad that they have a shitty app. Not many options out there for joint accounts. I stay with raiffeisen but ditched their debit cards as they are 50 CHf each. For the rare occasion I can use the Yuh debit card.
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Yeah, options for joint accounts are not great.

ZKZ has some nice options, but it only works if you are in Zurich.

Neon is planning a joint account in the coming months, so I will definitely try to review it.
 
Baptiste Wicht said:
Yeah, options for joint accounts are not great.

ZKZ has some nice options, but it only works if you are in Zurich.

Neon is planning a joint account in the coming months, so I will definitely try to review it.
Click to expand...
But ZKB is not really free. If you want a joint account, you need inclusive silver for 6 CHf a month.

Great news that neon plans joint account. I am on some kind of a red flag list at lenzburg bank, as they don't understand what is not a US resident for tax reasons. Maybe by then they have some lawyers who understand the matter.
 
I think you might be right. I remembered from the past that you needed a package for a joint account. When I looked at opening it had the option for additional card which told me you need a package. But I think that is not needed as you get 2 Debit cards for free. It also states somewhere it's a good account for families. It's a bit unclear, but I guess you can indeed open a joint account as part of the free account. That makes it super interesting. ATM fees are not great but also not terrible as you don't need to withdraw too often outside of a Kantonalbank. But for me not really worth to switch from Raiffeisen now, Museum pass thing is also a nice perk.
 
Max said:
ZKB has just informed me that it is not necessary to live in canton Zurich to open an account with them.
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Very interesting. But does that mean you have to go in person to Zurich to open an account, or can you do everything online?
 
Baptiste Wicht said:
Very interesting. But does that mean you have to go in person to Zurich to open an account, or can you do everything online?
Click to expand...
According to FAQ, new customers need to go Zurich to open a joint account. In other cases online option seems to be available (however, it is a bit unclear in case of the joint account).
 
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