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
- Free Checking
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 CD 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.
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 CD 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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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.
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 5/6 and 5/12.
Morgan Stanley Private Bank savings overview
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
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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 5/6 and 5/12.APYAPY last updated between 5/6 and 5/12.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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, 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.
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 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 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 May 6, 2024 and May 12, 2024.
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Selected bank
Morgan Stanley Private 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. |
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. |
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 May 6, 2024 and May 12, 2024.
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| 4.25% | 4.25% | |
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Minimum balance for APY
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| $1.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 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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| $1,063 | $1,063 | |
| 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. | The Discover® Online Savings Account offers a competitive yield. There's no minimum deposit required to open an account and no minimum balance requirement. The account doesn’t charge a monthly service fee either. Account holders won't get access to an ATM card, but Discover® Bank offers free official bank checks and expedited delivery for them. | |
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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.
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.
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