Morgan Stanley Private Bank Review 2022
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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.
- 24/7 Customer Service
- Free Checking
Morgan Stanley Private Bank offers a savings account, an interest-bearing checking account and a free checking account.
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.
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
Morgan Stanley Private Bank savings overview
There are no monthly service fees or minimum deposit requirements.
Higher APYs are available at many other banks.
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.
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.