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Morgan Stanley Private Bank Review 2022

Updated December 2, 2022
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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
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Checking

Rating: 4.9 stars out of 5

Savings

Rating: 2.8 stars out of 5

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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

  • 24/7 Customer Service
  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

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

  • Checkmark

    There are no overdraft fees for debit purchases.

  • Checkmark

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

  • Checkmark

    Customer service representatives are available 24/7.

Cons

  • 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.

Morgan Stanley Private Bank bank products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

Morgan Stanley Private Bank savings overview

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.

Pros

  • Checkmark

    There are no monthly service fees or minimum deposit requirements.

Cons

  • Higher APYs are available at many other banks.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.8 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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.