Morgan Stanley Private Bank Review 2023
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At a glance

Checking
Savings
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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The savings account earns a competitive yield.
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There are no minimum deposit requirements to open a savings account.
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Customers have check-writing privileges, and the first checkbook is complimentary.
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The interest checking account receives unlimited ATM fee refunds.
Cons
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The requirements to avoid fees are steep compared to other interest-bearing checking accounts.
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The bank doesn’t offer a full range of deposit products.
Morgan Stanley Private Bank banking products
Morgan Stanley Private Bank savings overview
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
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The account earns a high rate of return.
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There are no monthly service fees or minimum deposit requirements.
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Extra FDIC insurance coverage is provided.
Cons
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There’s no way to deposit cash into the account.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.