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Morgan Stanley Private Bank Review 2023

Updated January 20, 2023
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
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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
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

    The savings account earns a competitive yield.

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    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 bank products

4.9
Rating: 4.9 stars out of 5
Bankrate Score

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

  • Checkmark

    The account earns a high rate of return.

  • Checkmark

    There are no monthly service fees or minimum deposit requirements.

  • Checkmark

    Extra FDIC insurance coverage is provided.

Cons

  • There’s no way to deposit cash into the account.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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.

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.

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.