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Morgan Stanley Private Bank Review 2024

Updated January 2, 2024
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.4 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
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/24/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

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 bank doesn’t offer a full range of deposit products.

  • The requirements to avoid monthly fees are steep for the Max-Rate Checking account.

Morgan Stanley Private Bank banking products

4.4
Rating: 4.4 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.

  • 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
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/24/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.

Bank fees

Fee Charged?
Overdraft fee $0
Non-sufficient funds fee $0
Monthly maintenance fee $0 - $15
Out-of-network ATM fee None
Excessive withdrawal fee None*
*If you withdraw beyond the six-per-month limit, Morgan Stanley may close the savings account or convert it into a checking account.

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 on a 24/7 basis.

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 currently has ratings of 4.6 stars in the App Store and 3.9 stars on Google Play.

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. 

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 some of the same deposit products as Chase Bank, including a checking and a savings account.

In contrast to Chase’s many offerings, Morgan Stanley’s Premium Savings Account and Checking Account 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 bank accounts under one roof may 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 checking and savings accounts.

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.