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Morgan Stanley Private Bank Review 2022

Published March 2022 by Karen Bennett

AT A GLANCE
3.8

Bankrate Score

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24/7 Customer Service

Free Checking

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.

  • Checking
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    4.9
  • Savings
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    2.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    My Banking Direct, a service of NY Community Bank

    Member FDIC

    Savings account

    1.25 % APY

    $ 1

    Min. balance for APY

    Overall

    3.8

    Bankrate Score

    Morgan Stanley Private Bank offers a savings account, an interest-bearing checking account and a free checking account.

    What we like

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

    • There are no overdraft fees for debit purchases.

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

    • Customer service representatives are available 24/7.

    What we don't

    • More competitive APYs are available elsewhere.

    • The requirements to avoid fees are steep compared to other interest-bearing checking accounts.

    • A limited number of deposit products are available.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    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 to 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 fee free, and the bank will credit any fees charged by the ATM owner/operator back to them.

    What we like

    • A free checking account option is available.

    • Morgan Stanley provides unlimited ATM fee refunds with Max-Rate Checking.

    • There are no overdraft fees for debit purchases.

    What we don't

    • Cash deposits aren’t accepted.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

    Min. balance for APY

    The Premium Savings Account offers the same low APY on all balance tiers. There is no minimum deposit required to open a Premium Savings Account, but the account must be funded within 30 days to remain open.

    What we like

    • There are no monthly service fees or minimum deposit requirements.

    What we don't

    • Higher APYs are available at many other banks.

    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.

    Customer service representatives are also available by phone 24/7.

    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.

    Consumers may want to consider the bank if they use Morgan Stanley for investments and want to benefit from having investment and banking accounts in the same place.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.