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.
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.