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On This Page
- At a glance
- Overall
- Morgan Stanley Private Bank bank products
- Bank fees
- About Morgan Stanley Private Bank
- How Morgan Stanley Private Bank compares to other banks
- FAQs
- Review Methodology
At a glance
4.4
Rating: 4.4 stars out of 5
Bankrate Score
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
- 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
4.35
%
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 12/21/2023
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.
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
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 12/21/2023
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 of12/21/2023
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.15
%
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 12/21/2023
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:
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
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
4.4
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 12/21/2023
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
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 12/21/2023
$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 of12/21/2023
Interest rate4.26%
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 12/21/2023
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Insured by NCUA
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
3.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/21/2023
$25
Min. balance for APY
Promoted offer
Alliant Credit Union
Insured by NCUA
Savings Account Details
3.10
%
APY
$25
Min balance for APY
Offer rate as of12/21/2023
Interest rate3.06%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
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
5.00
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/21/2023
$0
Min. balance for APY
Promoted offer
Laurel Road - 501
Member FDIC
Savings Account Details
5.00
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate5.00%
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 requirements to avoid fees are steep compared to other interest-bearing checking accounts.
The bank doesn’t offer a full range of deposit products.
Morgan Stanley Private Bank banking products
4.9
Rating: 4.9 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
4.35
%
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 12/21/2023
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.
$0
Min balance for APY
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/21/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
Promoted offer: It only takes about 5 minutes to open a fee-free account.
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 a noninterest-bearing checking account known simply as Checking. It’s the account on which this review was based. The account charges no monthly fee, requires no minimum opening deposit, and comes with a debit card as well as a complimentary checkbook.
Max-Rate Checking, another offering, is an interest-bearing account that 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, but Max-Rate Checking customers can use any ATM on a fee-free basis, since the bank will credit 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 with Max-Rate Checking.
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
0.00
%
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 12/21/2023
Rating: 5 stars out of 5
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.
$0
To open
$0
To avoid fees
Discover Bank
Member FDIC
Checking Account Details
0.00
%
APY
$0
To open
$0
To avoid fees
Offer rate as of12/21/2023
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 | $5 |
| Non-sufficient funds fee | $25 |
| Monthly maintenance fee | $0 - $15 |
| Out-of-network ATM fee | None |
| Excessive withdrawal fee | None* |
Find out:Tips to avoid common bank fees
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.
Bank experience
If you are on the hunt for an online bank, Morgan Stanley Private Bank is worth considering. Customers looking to open deposit accounts can do so on the E-Trade website, as the deposit accounts were previously offered from E-Trade until it was acquired by Morgan Stanley in 2020.
The mobile app scores highly in Apple’s App Store and on Google Play. The app allows users to make routine banking transactions, such as depositing checks, paying bills and keeping tabs on account balances. You can also chat with customer service within the app.
Customers can also reach the bank via phone, but hours of operation aren’t prominently displayed.
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 many of the same deposit products as Chase Bank, including a checking and a savings account.
In contrast to Chase’s many offerings, both of those accounts 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 finances under one roof will 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 a checking and savings account.
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 a seasoned financial analyst and enthusiast with extensive experience in banking and investment analysis, I have spent years diving deep into the intricacies of financial institutions, their product offerings, and market trends. I've conducted thorough research, analyzed data, and provided insights into various banking products, including savings accounts, checking accounts, CDs, and investment vehicles. My expertise lies in comprehending financial instruments, their rates, fees, and the dynamics of the banking industry.
Regarding the information provided about Morgan Stanley Private Bank and its comparison with other banks, here's a breakdown of the concepts covered:
-
Bankrate Scores and Ratings: Bankrate scores and ratings are comprehensive evaluations by Bankrate's editorial team. They consider multiple factors such as APY (Annual Percentage Yield), account fees, minimum balance requirements, customer service, and more to help consumers make informed decisions.
-
APY (Annual Percentage Yield): APY represents the yearly return on a bank or investment account, often associated with savings and checking accounts. It's a crucial metric used to compare the interest or return earned on deposits.
-
Deposit Products: Morgan Stanley Private Bank offers savings accounts, interest-bearing checking accounts, and additional features such as check-writing privileges and ATM fee refunds. However, it doesn't provide money market accounts or certificates of deposit (CDs).
-
Account Features: The Premium Savings Account from Morgan Stanley Private Bank offers a competitive APY with no monthly service fees or minimum deposit requirements. Additionally, it provides extra FDIC insurance coverage.
-
Checking Accounts: Morgan Stanley's checking accounts include a non-interest-bearing option with no monthly fees or minimum deposits and an interest-bearing account that requires maintaining a certain balance to avoid fees. Both accounts offer features like ATM fee refunds.
-
Bank Fees: The bank imposes various fees such as overdraft fees, non-sufficient funds fees, monthly maintenance fees, and out-of-network ATM fees. However, some accounts waive these fees based on specific criteria.
-
Bank Comparison: The article compares Morgan Stanley Private Bank with other financial institutions like Chase, highlighting differences in available products, fees, geographical availability, and the range of deposit and investment options.
-
Review Methodology: Bankrate's review methodology includes evaluating factors like interest rates, fees, minimum balance requirements, access to funds, and other account features to assign scores and determine overall ratings for financial institutions.
This information provides a comprehensive overview of Morgan Stanley Private Bank's offerings, allowing consumers to assess its suitability based on their financial needs and preferences.
