E*TRADE from Morgan Stanley Review 2025
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At a glance
Overview
Deposit products offered by E*TRADE from Morgan Stanley 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 CheckingHighlights:
CDs
Checking
Savings
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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 = 4.1/5
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.
Overall
E*TRADE from Morgan Stanley 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
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The savings account, CDs and Max-Rate checking account earn yields that are significantly above average.
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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.
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Customers have check-writing privileges, and checkbooks cost $0.
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The Max-Rate checking account has ATM fee and foreign transaction refunds worldwide and the basic checking account has ATM fee refunds nationwide.
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Customers also have access to a large suit of investing accounts, including individual retirement accounts (IRAs).
Cons
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No cash deposits.
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The requirements to avoid monthly fees on the Max-Rate Checking account are higher than what you’ll typically see for checking accounts.
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No bump-up, no-penalty or IRA CDs.
E*TRADE from Morgan Stanley banking products
E*TRADE from Morgan Stanley Premium Savings overview
Pros
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Interest rate above the national average.
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No monthly service fees or minimum deposit requirements, which range from $100 to $5,000 for some of the best HYSAs.
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Provides up to $500,000 in FDIC insurance and $1 million for joint accounts, which is double the typical insurance.
Cons
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There’s no way to deposit cash into the account.
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The account will close if you don’t fund it within 30 days.
The savings account offered by Morgan Stanley Private Bank has a number of features that make it a respectable option for those looking to house many of their accounts in one place. It earns a solid APY — well above the national average, and just under the best HYSAs. When paired with no minimum deposit or minimum to earn interest and no monthly fees, it makes for one excellent account offering.
E*TRADE from Morgan Stanley CDs overview
Pros
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Seven term options.
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High APYs across several CDs, but all CDs have solid rates.
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No minimum balance requirements, which is rare for even the best CDs.
Cons
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No bump-up or no-penalty CDs.
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Only a seven day grace period to withdraw funds.
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High early withdrawal penalties compared to what some other banks charge CDs.
Morgan Stanley Private Bank offers yields on par with the best CDs currently available — all well above the national average. It also doesn't require a minimum balance or opening deposit, which is a rarity.
High rates and low minimum deposits are about where its highlights stop, however. If you need to withdraw your funds early, you'll face a penalty of 270 days’ worth of interest for three-year terms — high compared to other banks. It also doesn't offer any kind of special CD, such as a bump-up or retirement CD.
E*TRADE from Morgan Stanley Max-Rate Checking Account overview
Pros
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Customers can choose between a free checking account or an interest-rate-bearing checking account, which many banks don’t offer.
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The APY on the interest-bearing checking account is above average.
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Unlimited ATM fee refunds are provided nationwide for Checking customers and worldwide for Max-Rate Checking customers.
Cons
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Cash deposits aren’t accepted.
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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.
There are two different checking accounts Morgan Stanley offers through E*TRADE, and both earn interest. While the Max-Rate account — the one we rated — earns a stellar interest rate, well above average. Its basic account has a much lower interest rate, but doesn't have a monthly fee, while Max-Rate has a $15 monthly fee. The monthly fee for the Max-Rate account can be avoided with an average monthly balance of $5,000 or more.
Bank fees
| Fee | Amount |
|---|---|
| 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 |
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. “
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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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.
