Updated: Apr 25, 2024

Morgan Stanley Private Bank Premium Savings 2024 Review

Our review of the Morgan Stanley Private Bank Premium Savings account looks at the interest rates, fees, and other savings features.
Editor's Rating
Today's Rates
Super boost your savings with highest rates.
Savings Accounts up to:
5.35% APY

Morgan Stanley Private Bank offers a premium savings account with an above-average APY. There's no minimum deposit required to open an account and no monthly maintenance fee. This savings account is rated as one of the best for investors. 

Our Verdict

The Morgan Stanley Private Bank Premium Savings account is a high-yield savings account that's offered online. Compared to savings accounts offered by other traditional banks, it features an exceptional rate. Premium Savings accounts integrate with E*TRADE accounts, which can make money transfers easier if you want to save and invest in the same place. 

You might consider saving with Morgan Stanley Private Bank if you:

  • Already have accounts here, including investment accounts
  • Prefer a high-yield, no monthly fee savings option
  • Need or want FDIC insurance above the standard limits
  • Enjoy having multiple ways to deposit funds

It takes just a few minutes to open a new account online. You won't need to make an initial deposit but you will need to link an external bank account if you don't already bank with Morgan Stanley.

Morgan Stanley Private Bank Premium Savings Account Pros & Cons

  • Strong savings rate on all balances
  • No monthly fees or minimum balance requirements
  • FDIC-insured up to $500,000 (2x the standard amount)
  • Not among the top-tier online savings rates available
  • No ATM card or access

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Compared to Other Online Savings Accounts

Robinhood Cash Management Account

Cash management is an add-on feature that's offered with Robinhood brokerage accounts. This account includes a debit card that you can use to spend, withdraw cash or pay bills. There's no monthly fee but this account doesn't earn interest, which may detract from its appeal. 

Read our full editorial review of the Robinhood Cash Management account 

Vanguard Cash Plus Cash Management Account

Vanguard offers a cash management account with a competitive yield and no monthly fees. You can use this account to hold short or long-term savings, or funds that you plan to invest in a Vanguard brokerage account. The account gives you the option to participate in a bank sweep program to earn interest or invest in select Vanguard money market funds. 

Read our full editorial review of the Vanguard Cash Plus Cash Management account

SoFi Checking and Savings Account

SoFi offers checking and high-yield savings in a single package. You can earn cash-back rewards on eligible debit card purchases while snagging a great rate on savings balances. There are no monthly fees and you'll enjoy FDIC coverage up to $2 million. 

Read our full editorial review of the SoFi Checking and Savings Account

Bread Savings High Yield Savings Account 

Bread Savings offers premium savings rates with no minimum balance requirements or monthly fees. Deposits are insured up to the standard FDIC coverage limit and it takes just a few minutes to open an account online. You'll need $100 to open a Bread savings account and $1,500 to open a Bread CD. 

Read our full editorial review of the Bread Savings High Yield Savings Account

Interest Rates

Morgan Stanley Private Bank offers an interest rate that's on par with other top high-yield savings accounts. Rates are tiered but at the time of publication, all balance tiers earned the same APY. 

Is it possible to find savings accounts offering higher rates? Yes, though they're not beating Morgan Stanley by much. 

If you're comparing savings accounts, here are a few helpful questions to ask about rates:

  • Is there a minimum balance required to earn the advertised APY?
  • Does the same rate apply across all balances? 
  • How often will interest compound and be credited to the account?

Daily compounding is preferable to monthly or quarterly compounding. In most cases, interest earnings should be credited to your account monthly. 

As a general rule of thumb, online savings accounts are going to pay better rates than traditional savings accounts. Online banks are better equipped to offer higher rates than brick-and-mortar banks since they have lower overhead costs. 


Banking fees can be a headache, especially with a savings account. You're trying to grow your balance and earn interest, but handing back some of what you earn to the bank in fees. 

Morgan Stanley doesn't charge a monthly fee for its Premium Savings account, but there are some other fees to know.

Other Service Fees - Morgan Stanley Private Bank Premium Savings

Type Fee
Monthly maintenance fee $0
Foreign transaction fee 1%
Official checks $15
Insufficient funds fee $25
Returned deposits $25
Stop payments $25
Paper statements $5
Incoming wire transfer fee $0
Outgoing wire transfer fee $25
Account research fee $25/hr

Overall, the fees are what you might expect to pay with any savings account. 

ATM Access

Morgan Stanley doesn't offer debit cards or ATM cards with the Premium Savings account. If that's something you're interested in you'll need to check out a different savings account option. 

Here's another tip: Look for a bank that offers ATM fee rebates.

Fee rebates can give you more options for withdrawing cash. And they can save you money if another bank charges you a fee for using their ATM. 

ATM fee rebates can vary from bank to bank. Some banks refund ATM fees up to a set dollar amount, while others offer unlimited ATM fee refunds. 

Account Management

You'll be able to manage your accounts online or through the Morgan Stanley mobile app. 

In terms of you can deposit funds, you have these options:

  • ACH transfer from a linked bank account
  • Wire transfer
  • Mobile check deposit
  • Check deposit by mail

The mobile check deposit limit is generous, at $250,000 per day. 

You can also move all of your external accounts to Morgan Stanley (or E*TRADE) in one go. Keep in mind that this process can take 10+ business days to complete. 

You'll be able to withdraw funds using ACH transfers, wire transfers or official checks. Fees apply for wire transfers and official checks. 

Note that you're limited to six transfers from your savings account per month. 

Morgan Stanley partners with Zelle which is great if you need a simple way to send and receive payments. You'll need to check with Morgan Stanley to determine your Zelle transfer limits. 

FDIC Insurance

The best savings accounts are FDIC insured. FDIC insurance is designed to protect you if your bank fails. 

Morgan Stanley Private Bank accounts are FDIC-insured. The standard coverage limit is $250,000 but Morgan Stanley deposits are insured up to $500,000 through a network of partner banks. 

What to Look for in a Savings Account

Finding the right savings account starts with doing a little research. Specifically, it means deciding what's most important to you in a bank. 

Here are some helpful questions to ask as you shop around for a new savings account. 

  • What is the interest rate and APY?
  • Are interest rates tiered or do you earn the same rate on any balance?
  • What are the minimum deposit and minimum balance requirements?
  • Is there a monthly fee? If so, are there any ways to waive it? 
  • What other fees does the bank charge? 
  • Are there any special features, like round-ups or savings buckets? 
  • What other types of accounts does the bank offer?
  • Are there branch locations?
  • How easy is it to get in touch with customer support? 
  • Is there a mobile banking app and if so, what features does it include?
  • Does the savings account come with an ATM card or debit card?
  • If you get an ATM card, how large is the ATM network?
  • Are there any ATM fee rebates offered? 
  • What are other people saying about this account?

These questions can help you sift through the different options to find banks that align with your needs. You can compare savings accounts at online banks and traditional banks or credit unions to see which ones offer the best rates and features. 

Frequently Asked Questions

What is the interest rate for a Morgan Stanley Premium Savings account? 

Morgan Stanley pays a savings rate that's well above the national average. The APY for this account is variable, meaning it can change over time, but it's currently among the best savings account rates. 

What is the difference between Morgan Stanley and Morgan Stanley Private Bank?

Morgan Stanley's financial products and services are primarily geared toward investments and wealth management. Morgan Stanley Private Bank offers products and services that are more in line with what you'd find at any other bank. They include checking accounts and high-yield savings accounts. 

How safe is Morgan Stanley Private Bank? 

Morgan Stanley Private Bank offers FDIC-insured deposit accounts, with coverage extending up to $500,000. In terms of online safety and security, the bank implements high-level measures and strategies to protect customer accounts. That includes the use of encryption and secure servers to preserve client data.