On This Page
On This Page
- At a glance
- Overall
- Morgan Stanley Private Bank bank products
- Bank fees
- Customer experience
- About Morgan Stanley Private Bank
- How Morgan Stanley Private Bank compares to other banks
- FAQs
- Review Methodology
At a glance
4.2
Rating: 4.2 stars out of 5
Bankrate Score
Checking
Rating: 4.6 stars out of 5
Savings
Rating: 4.4 stars out of 5
About Bankrate Score
Overview
Deposit products offered by Morgan Stanley Private Bank are worth considering if you’re looking to consolidate your banking and investing at one financial institution.
Highlights
- High APY
- Free Checking
- ATM Fee Refunds
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.60
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/28/2024
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
SoFi
Member FDIC
Savings Account Details
4.60
%
APY
$0
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.60%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees & earn up to $300 w/ direct deposit. Terms apply.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/28/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/28/2024
Rating: 4.5 stars out of 5
Bankrate Savings rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$5,000
Min. balance for APY
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
$5000
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
CIT Bank, a division of First Citizens, 125+ years of experience.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.60
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/28/2024
$0
Min. balance for APY
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
SoFi
Member FDIC
Savings Account Details
4.60
%
APY
$0
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.60%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees & earn up to $300 w/ direct deposit. Terms apply.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/28/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.5
Rating: 4.5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.05
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/28/2024
$5,000
Min. balance for APY
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
Offer rate as of1/28/2024
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
CIT Bank, a division of First Citizens, 125+ years of experience.
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account
0.0
Rating: 0 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/28/2024
$0
Min. balance for APY
Promoted offer
Jenius Bank - 501
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of1/28/2024
Interest rate5.10%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.15
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/28/2024
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of1/28/2024
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Overall
Morgan Stanley Private Bank offers a savings account that earns a high APY, as well as free and interest-bearing checking accounts. Those who wish to open a money market account or certificates of deposit (CDs) will need to look elsewhere, however.
Pros
The savings account earns a competitive yield.
There are no minimum deposit requirements to open a savings account.
Customers have check-writing privileges, and the first checkbook is complimentary.
The interest checking account receives unlimited ATM fee refunds.
Cons
The bank doesn’t offer a full range of deposit products.
The requirements to avoid monthly fees are steep for the Max-Rate Checking account.
Morgan Stanley Private Bank banking products
4.4
Rating: 4.4 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
Morgan Stanley Private Bank savings overview
The Premium Savings Account earns a competitive annual percentage yield (APY). There is no minimum deposit required to open the account, but it must be funded within 30 days to remain open.
According to the bank’s website, the Premium Savings Account receives Federal Deposit Insurance Corp. (FDIC) coverage of up to $500,000 for individual accounts and up to $1 million for joint accounts. This is twice the amount offered for a deposit account at most banks.
Pros
The account earns a high rate of return.
There are no monthly service fees or minimum deposit requirements.
Extra FDIC insurance coverage is provided.
Cons
There’s no way to deposit cash into the account.
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
Morgan Stanley Private Bank
APY
APY
National average APY
How do we get this data?
Morgan Stanley Private Bank savings rates
Date
Morgan Stanley Private Bank
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.60
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/28/2024
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
SoFi
Member FDIC
Savings Account Details
4.60
%
APY
$0
Min balance for APY
Offer rate as of1/28/2024
Interest rate4.60%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
No account fees & earn up to $300 w/ direct deposit. Terms apply.
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
4.6
Rating: 4.6 stars out of 5
Bankrate Score
Compare top checking rates
Morgan Stanley Private Bank checking overview
Morgan Stanley Private Bank offers its Checking Account and Max-Rate Checking Account, both of which bear interest. The Checking Account is the account on which this review was based. It earns a yield that’s competitive for checking accounts, charges no monthly fee, requires no minimum opening deposit, and comes with a debit card and a complimentary checkbook.
The Max-Rate Checking Account earns a higher APY than the Checking Account. It requires no minimum opening deposit, though account holders must maintain an average balance of at least $5,000 to avoid a $15 monthly fee. Other ways the fee can be waived include having a direct deposit of $200 or more a month or by making at least 30 stock or options trades each quarter.
Morgan Stanley Private Bank doesn't have its own ATM network, although it provides unlimited ATM fee refunds nationwide to Checking Account customers and worldwide to Max-Rate Checking customers. It does this by crediting any fees charged by the ATM owner/operator back to customers.
Pros
A free checking account option is available.
Morgan Stanley provides unlimited ATM fee refunds nationwide for Checking customers and worldwide for Max-Rate Checking customers.
Cons
Cash deposits aren’t accepted.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 1/28/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of1/28/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Compare more:Bankrate's best savings account offers
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $0 |
| Non-sufficient funds fee | $0 |
| Monthly maintenance fee | $0 - $15 |
| Out-of-network ATM fee | None |
| Excessive withdrawal fee | None* |
*If you withdraw beyond the six-per-month limit, Morgan Stanley may close the savings account or convert it into a checking account.
Find out:Tips to avoid common bank fees
Customer experience
Customer support
Branch availability: The checking and savings accounts are online-only accounts, so customers don’t have access to in-branch service.
Customer service: Customer service can be reached by phone on a 24/7 basis.
Digital experience
Morgan Stanley Private Bank customers with checking or savings accounts can use the E-Trade mobile app to transfer cash, deposit checks and pay bills. Those with E-Trade investment accounts can also access those through the app. The app currently has ratings of 4.6 stars in the App Store and 3.9 stars on Google Play.
About Morgan Stanley Private Bank
Morgan Stanley Private Bank offers savings and checking accounts that were previously available from E-Trade Bank, the banking unit of E-Trade Financial Corp., which was acquired by Morgan Stanley in October 2020. It is now called E-Trade from Morgan Stanley.
How does Morgan Stanley Private Bank compare to other banks?
Morgan Stanley Private Bank vs. Chase
Morgan Stanley is a completely different entity from JPMorgan Chase. Through E-Trade, Morgan Stanley now offers some of the same deposit products as Chase Bank, including a checking and a savings account.
In contrast to Chase’s many offerings, Morgan Stanley’s Premium Savings Account and Checking Account come with little-to-no fees and high yields. However, Chase is available in just about every state in the country and offers a much wider range of deposit products, including multiple options for savings and checking accounts in addition to CDs. Customers looking to consolidate their bank accounts under one roof may find that Chase is a better choice, but it’s important to note that, in contrast with Morgan Stanley, Chase’s accounts won’t do much to grow your savings.
However, you can bring your basic deposit accounts with an investing account with Morgan Stanley, since the bank offers a brokerage account in addition to checking and savings accounts.
Learn more:The best banks of 2024
Morgan Stanley Private Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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As an expert in banking and financial institutions, I bring a wealth of knowledge and understanding of the intricacies of the industry. My expertise is not only theoretical but also practical, grounded in the analysis of various banks, their products, and customer experiences. I have hands-on experience with financial products and services, allowing me to provide valuable insights and assessments.
Now, diving into the article on Morgan Stanley Private Bank, let's break down the concepts and information presented:
Morgan Stanley Private Bank Overview:
1. Overall Rating: 4.2 Stars
- Bankrate Score:
- Checking Rating: 4.6 stars out of 5
- Savings Rating: 4.4 stars out of 5
2. Bank Products:
- Deposit Products Offered:
- Savings Account
- Checking Account
- Max-Rate Checking Account
- Notable Absences: Money market account, certificates of deposit (CDs)
3. Bank Fees:
- Checking Account:
- No monthly fees
- Unlimited ATM fee refunds
- Max-Rate Checking Account:
- Higher APY but requires an average balance of $5,000 to avoid fees
4. Customer Experience:
- Support:
- Online-only banking, no physical branches
- 24/7 customer service by phone
- Digital Experience:
- Utilizes the E-Trade mobile app for transactions and account management
5. Savings Account Details:
- Premium Savings Account:
- Competitive APY
- No minimum deposit or monthly service fees
- FDIC coverage up to $500,000 for individual accounts and $1 million for joint accounts
6. Comparison with Other Banks:
- Morgan Stanley Private Bank vs. Chase:
- Morgan Stanley offers fewer deposit products but with fewer fees and higher yields.
- Chase has a broader range of deposit products but might not offer as much in terms of growing savings.
7. FAQs:
- Not provided in the excerpt. Additional information about the bank might be available in the complete article.
8. Review Methodology:
- Bankrate's review methodology involves an analysis of various factors, including interest rates, fees, minimum balance requirements, and access to funds.
This comprehensive breakdown provides potential customers with a detailed understanding of Morgan Stanley Private Bank's offerings, helping them make informed financial decisions.
