Migros Bank was founded in 1958 by Gottlieb Duttweiler. The bank operates as a subsidiary of Migros Cooperatives Federal. As a cooperaive bank Migros Bank states good customer relationships rather than profit maximization as a goal. This allows Migros Bank to offer both private and commercial customers the most important banking services of good quality at attractive conditions.
Migros Bank AG is the 10th largest bank in Switzerland in terms of total assets. In 2016 its total assets were 42 752,24 mln CHF, providing the bank with the market share of 1.38%.
Migros Bank AG participates in deposit guarantee scheme of Switzerland. This scheme covers accounts up to 100 000 CHF per bank per depositor.
Migros Bank AG is headquartered in Zürich.
| Time Deposit Accounts | up to 1.50 % |
| Credit Cards | from 75.00 CHF p.a. |
| Consumer Loans | from 5.90 % |
| Services |
|---|
| retail banking corporate banking |
| Products |
| current accounts debit cards prepaid cards credit cards savings accounts time deposit accounts (0.00 - 0.30 %) consumer loans (5.90 - 5.90 %) mortgage loans precious metal accounts structured products custody |
Time deposits accounts are interest-bearing deposit accounts offering higher interest rates than savings accounts. However the money deposited to such account cannot be withdrawn for a specified period of time (term).
Time deposit accounts made with Migros Bank AG are covered by deposit guarantee scheme of Switzerland up to 100 000 CHF per depositor. Migros Bank AG offers the following time deposit accounts.
Last updated 22 August 2017
SwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerland: This product is offered to Swiss residents only. When clicking on the product link you will be redirected to the product page in German, French or Italian.
Credit cards provide a convenient option to borrow funds for short-term financing, for examples purchasing of goods and services. Credit cards differ by credit card provider (Visa, American Express, MasterCard), credit card type (silver, gold, platinum), charged interest and annual costs. The following credit cards are offered by Migros Bank AG.
Last updated 22 August 2017
Switzerland
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Consumer loans are secured or unsecured (i.e., backed or non-backed by a collateral) loans provided to retail customers for personal, family, or household purposes or for purchase of goods and services. In terms of repayment, consumer loans can be revolving (when a credit limit can be spent, repaid and spent again) or installment (such a loan is repaid in equal installments until the loan is paid off at the end of its term). Consumer loans offered by Migros Bank AG are shown in the table below.
Last updated 22 August 2017
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| Total Assets (2016) |
|---|
| 42 752.24 mln CHF (+1.23%) |
In 2016 total assets of Migros Bank AG were 42 752.24 mln CHF. Growth compared to the previous period (2015) was 1.23%. The evolution of the total assets of Migros Bank AG is shown at Chart 1 below.
Chart 1. Total Assets of Migros Bank AG.
| Deposit Guarantee |
|---|
| Yes (up to 100 000 CHF per depositor) |
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
All credit institutions operating in Switzerland are obliged to participate in Swiss deposit guarantee scheme.
In the case of Migros Bank AG failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:
| Eligible Depositors | private individuals, commercial enterprises and public-sector offices |
| Covered Accounts | credit balances (e.g. personal accounts, savings accounts, investment accounts, salary accounts, numbered accounts, deposit accounts and current accounts) |
| Covered Currencies | all |
| Maximum Protected Amount | 100 000 CHF |
| Paid In Currency | CHF |
Any bank can be identified for different purposes and hence can have several different identifiers.
BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.
A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).
BIC of Migros Bank AG and its components are shown in the table below.
| BIC | MIGRCHZZ50A |
| Bank BIC Code | MIGR |
| Country Code | CH (Switzerland) |
| Location Code | ZZ |
| Branch Code | 50A |
Company Registration Number is a distinctive code issued upon registration of a new company. This code can be used to find data about the company in a national company register.
| Company Number | CHE-105.841.533 |
