Morgan Stanley Private Bank Review 2024
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At a glance
Checking
Savings
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
- ATM Fee Refunds
- Free Checking
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking 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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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The savings account earns a competitive yield.
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There are no minimum deposit requirements to open a savings account.
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Customers have check-writing privileges, and the first checkbook is complimentary.
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The interest checking account receives unlimited ATM fee refunds.
Cons
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The bank doesn’t offer a full range of deposit products.
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The requirements to avoid monthly fees are steep for the Max-Rate Checking account.
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Morgan Stanley Private Bank banking products
APY last updated between 11/14 and 11/20.
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.
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
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The account earns a high rate of return.
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There are no monthly service fees or minimum deposit requirements.
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Extra FDIC insurance coverage is provided.
Cons
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There’s no way to deposit cash into the account.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Morgan Stanley Private BankAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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* |
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 receives high marks on both the Apple App and Google Play store.
“The dashboard has all the clickable links I need to transfer money, which are easily displayed to access available balance, total balance and transfer money functions,” said a Bankrate staff member with a Morgan Stanley account. “The quick links feature allows me to get account details, see transfer activity, check statements, or set up a wire transfer with my routing and account number all in the same place for easy setup. “
Bankrate staff insights
“The online experience was the simplest and fastest of any bank account I’ve opened in the past several years,” said a Bankrate staff member with a Morgan Stanley bank account. “I’m not tech-savvy, so I was pleasantly surprised that I could open the account with such ease. I recommend it to anyone looking to earn some interest on their savings without the hassle of maintaining a minimum balance or paying minimum balance fees.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
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 Morgan Stanley Private Bank compares to other banks
Compare different account types offered by Morgan Stanley Private Bank. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.
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Selected bank
Morgan Stanley Private Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Discover Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
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| 4.25% | 4.00% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,125 | $2,000 | |
| Morgan Stanley’s Premium Savings Account earns a competitive yield. As a special perk, customers can get enhanced FDIC coverage of up to $500,000. No minimum initial deposit is required to open an account, but the account must be funded within 30 days to remain open. | Discover Bank’s Online Savings Account offers a top-notch yield. There isn’t a minimum opening deposit or minimum balance requirement, and customers won’t pay a monthly fee for the account. | |
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Morgan Stanley Private Bank FAQs
Review methodology
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.
Morgan Stanley Private Bank customer reviews
Morgan Stanley Private Bank has 24 reviews
Dive into community reviews below and see what others think about Morgan Stanley Private Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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