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Morgan Stanley Private Bank Review 2025

Updated May 1, 2025
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At a glance

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. The savings and checking products — as well as the brokerage accounts — are offered through E*TRADE, which was acquired by Morgan Stanley in 2020.

Highlights:

High APY ATM Fee Refunds Free Checking
4.2
Rating: 4.2 stars out of 5
Bankrate Score

Checking

Rating: 4.6 stars out of 5
4.6 /5

Savings

Rating: 4.4 stars out of 5
4.4 /5
4.7
Rating: 4.7 stars out of 5
Customer Score
See all 24 consumer reviews Arrow Right Icon
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Bank logo
Member FDIC
Savings Account
4.30
%
APY
As of 5/6/2025
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
Bank logo
Member FDIC
Savings Account
4.10
%
APY
As of 5/6/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Get up to a $300 Cash Bonus. See site for details.
Bank logo
Member FDIC
Savings Account
3.60
%
APY
As of 5/6/2025
Rating: 4.4 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.

Overall

Morgan Stanley Private Bank offers above-average annual percentage yields (APYs) on its savings account and certificates of deposit (CDs) with terms ranging from six months to five years. The bank also has a basic checking account that comes with no monthly maintenance fees, as well as an interest-bearing checking account that offers an APY significantly above the national average interest rate for these types of accounts.

Pros

  • Checkmark Icon

    The savings account, CDs and interest-bearing checking account earn yields that are significantly above average.

  • Checkmark Icon

    There are no minimum deposit requirements to open a savings account or CD, which even many of the best high-yield savings accounts (HYSAs) and best CDs have.

  • Checkmark Icon

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

  • Checkmark Icon

    The interest-bearing checking account has ATM fee and foreign transaction refunds worldwide and the basic checking account has ATM fee refunds nationwide.

  • Checkmark Icon

    Customers also have access to a large suit of investing accounts, including individual retirement accounts (IRAs).

Cons

  • No cash deposits.

  • The requirements to avoid monthly fees on the Max-Rate Checking account are higher than what you’ll typically see for checking accounts.

  • No 3-month CD.

Morgan Stanley Private Bank banking products

Morgan Stanley Private Bank Premium Savings overview

4.4
/5
Rating: 4.4 stars out of 5
SCORE BREAKDOWN
APY offering:
4.00%
Rating: 4 stars out of 5
4/5
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Access to funds:
Good
Rating: 4 stars out of 5
4/5

Pros

  • Checkmark Icon

    The account earns an above-average interest rate that’s comparable to some of the best HYSAs on the market.

  • Checkmark Icon

    There are no monthly service fees or minimum deposit requirements, which range from $500 to $5,000 for some of the best HYSAs.

  • Checkmark Icon

    Provides up to $500,000 in FDIC insurance ($1 million for joint accounts), which is double the typical insurance.

Cons

  • There’s no way to deposit cash into the account.

  • The account will close if you don’t fund it within 30 days.

Morgan Stanley Private Bank Max-Rate Checking Account overview

4.6
/5
Rating: 4.6 stars out of 5

Pros

  • Checkmark Icon

    Customers can choose between a free checking account or an interest-rate-bearing checking account, which many banks don’t offer.

  • Checkmark Icon

    The APY on the interest-bearing checking account is above average.

  • Checkmark Icon

    Morgan Stanley provides unlimited ATM fee refunds nationwide for Checking customers and worldwide for Max-Rate Checking customers.

Cons

  • Cash deposits aren’t accepted.

  • Max-Rate account comes with a $15 maintenance fee unless you maintain a $5,000 average monthly balance, while many of the best high-yield checking accounts don’t have any minimum balance requirements.

Bank fees

Fee Charged?
Overdraft fee $0
Non-sufficient funds fee $0 on checking, $25 otherwise
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 or live chat.

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. “

Lightbulb Icon

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.

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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.

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
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.
Search Icon
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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
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) No
Savings Account No
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account No
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account No
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account No
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) Yes
Savings Account Yes
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account No
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) Yes
Savings Account Yes
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) Yes
Savings Account No
Checking Account Yes
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
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes