The M+ bank package is a joint offer from Swiss retailer Migros and its banking subsidiary, Migros Bank. M+ includes a private account with a debit card, and a savings account. A credit card can also be added to the package.
Neither the bank accounts, debit card, or credit card have any basic monthly or annual fees. You can use the debit card to make cash withdrawals at all Migros Bank ATMs and at the tills of Denner and Voi supermarkets without any cash withdrawal fees. Additionally, both the debit card and the credit card can be used to make fee-free cash withdrawals at the tills of Migros supermarkets.
Does M+ bring anything new to the table?
The services that are bundled in the M+ package are not new offers. The private account and debit card, the savings account, and the Migros Cumulus credit card have all been available as stand-alone offers for some time. The interest rates, fees, currency exchange rates, and the terms and conditions of the products included in M+ are identical to those of the stand-alone products.
One new feature is that you can now apply for a Migros Cumulus credit card via the website when you open the M+ account. Up until now, you could only apply for the Cumulus credit card by mail or using a mobile app.
How much does M+ cost?
There are no basic monthly or annual fees for the accounts, debit card, or credit card. That means if you only use the package for local bank transfers and local purchases within Switzerland, you will not pay any fees.
But that does not mean M+ is completely free. You pay 2 francs for each cash withdrawal at ATMs run by other banks, and 5 francs per cash withdrawal outside of Switzerland. You pay 1.50 francs when you use the debit card to pay for a purchase from a foreign merchant. International bank transfers also cost money (30 centimes per SEPA transfer, and 5 francs per non-SEPA transfer). But it is worth noting that these fees are typical of free accounts from Swiss banks.
Is M+ a neobank?
Although you can only apply for an M+ package online, once your accounts are opened you can make use of all Migros Bank services. That includes both online banking and banking at Migros Bank branch offices. For that reason, M+ cannot is not a pure online bank or neobank.
Account without basic fees are the current trend
In recent months, a number of Swiss banks have begun offering private accounts with no basic account fees. Some banks have also stopped charging monthly or annual fees for the debit cards linked to these accounts.
With the M+ package, Migros Bank is offering an additional no-annual-fee account and debit card. Migros Bank already has a private account and debit card with no basic fees in its product lineup.
So far, only a handful of Swiss banks have bundled a no-annual-fee credit card with their free private accounts.
Competitor Coop is dropping its bank package
Migros’ main competitor Coop collaborated with partners to launch its own neobank In October 2023. Since then, Coop has announced that it is withdrawing from the partnership. A major difference between Coop and Migros, though, is that M+ is powered by Migros’ own bank, while Coop made use of third-party financial service providers.
Verdict by Ralf Beyeler
M+ bundles an existing Migros Bank private account, savings account, debit card, and Migros Cumulus credit card in a bank package.
Having a wide selection of bank accounts without basic account fees is definitely a good thing for the Swiss market, as it encourages competition.
The appearance of new offers from Swiss banks is also likely a reaction to the growing popularity of neobanks. These often appeal to customers by offering accounts without basic account fees and favorable currency exchange rates.
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