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Morgan Stanley Private Bank Review 2024

Updated July 31, 2024
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
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Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.9 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
  • ATM Fee Refunds
  • Free Checking
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/4/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/4/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info Icon
As of 11/4/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money

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

  • Checkmark Icon

    The savings account earns a competitive yield.

  • Checkmark Icon

    There are no minimum deposit requirements to open a savings account.

  • Checkmark Icon

    Customers have check-writing privileges, and the first checkbook is complimentary.

  • Checkmark Icon

    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 Logo

We want to know what you think about Morgan Stanley Private Bank

Do you have experience with Morgan Stanley Private Bank? Let us know your thoughts.

Morgan Stanley Private Bank banking products

4.9
/5
Rating: 4.9 stars out of 5
SCORE BREAKDOWN
APY offering:
4.25%
Rating: 5 stars out of 5
5/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info Icon
FEATURES
Invest Rate Icon
4.25% APY
Info Icon
Savings Icon
$0 minimum balance for APY
Loan Icon
$0 minimum deposit to open

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

  • Checkmark Icon

    The account earns a high rate of return.

  • Checkmark Icon

    There are no monthly service fees or minimum deposit requirements.

  • Checkmark Icon

    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
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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.

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. “

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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 Oct. 28, 2024 and Nov. 3, 2024.

Selected bank
Morgan Stanley Private Bank savings account
Morgan Stanley Private Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Most comparable
Discover Bank savings account
Discover Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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4.25% 4.00%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info Icon
$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.
  • There’s no minimum deposit requirement.
  • Morgan Stanley Private Bank offers enhanced FDIC coverage.
  • The yield is competitive.
  • Discover’s savings account offers a high yield on all balances.
  • There is no monthly maintenance fee.
  • There is no minimum deposit required to open an account.
    N/A
  • The account must be funded within 30 days to remain open.
  • Customers can’t deposit cash into the account.
  • The Online Savings Account doesn’t offer ATM access.
    N/A

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.

Morgan Stanley Private Bank customer reviews

CTA Morgan Stanley Private Bank has 24 reviews

Morgan Stanley Private Bank has 24 reviews

Dive into community reviews below and see what others think about Morgan Stanley Private Bank.

4.7 Star Icon
24 ratings
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Score breakdown
5 stars
75%
4 stars
21%
3 stars
4%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.7 / 5
Competitiveness of APY 4.5 / 5
Amount of fees 4.5 / 5
Customer support 4.7 / 5
Website / Mobile app 4.6 / 5
Verified Badge Icon Bankrate methodology disclosure

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

See what users like you are saying about Morgan Stanley Private Bank.
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Anonymous account holder
September 13, 2024
Interest accumulation over time. The overall experience I've got with them is more on the positive side with few unfortunate incidences of disappointment.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They're very reliable and friendly and their customer services are very disciplined.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Customer service is very personalized. I have a private banker and can reach out with questions anytime. MS offers a variety of products all linked within the incredible app. It’s very convenient to use and it’s easy to navigate. I chose MS when I converted my brokerage account. It's nice and easy to have full access 24/7 with a personal banker. The previous institution had additional fees that very nickel and diming me.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
It goes with zero balance. It has day-to-day spending. A card is link to it.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They have better products. I enjoyed my time with this bank.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
The most important aspect when considering a CD is the length of time that your money will be held in the CD. The main factor that influenced my decision to choose Morgan Stanley was its reputation and overall customer service.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Just a great bank and I had no issues. Beautiful banking service and awesome customer service.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The rates and that they have very good customer service. Customer service is good but the most important aspect is I can reach my private banker.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Customer service is great!. All of these are very good and handled very professionally.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Satisfied customer. Customer service, security.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5