Banking
Rates and Fees
| Bank Yields | Premium Savings Account | Max-Rate Checking | Checking |
|---|---|---|---|
| Annual percentage yield ("APY")1 | 4.25% ($500,000+) |
0.05% ($50,000+) |
0%—Checking is a non-interest-bearing account |
| Minimum monthly balance | No account minimums are required to maintain this account | An average monthly balance of $5,000 is required to avoid a fee. Please see the monthly fees section below to learn how to waive this fee | No account minimums are required to maintain this account |
| Monthly fees | No monthly account fees | $15 if your minimum account balance is not met You can avoid the monthly fee by meeting any of the following minimums:
|
No monthly account fees |
| Minimum opening deposit | $02 |
$02 |
$02 |
| FDIC Insurance | At least $500,0003 |
At least $250,000 |
At least $250,000 |
2. Account must be funded within 30 days to remain open.
3. The Premium Savings Bank Deposit Program (the "Program") gives Morgan Stanley Private Bank, National Association the ability to sweep any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation ("FDIC") member banks with the purpose of affording you additional FDIC insurance coverage. The Program is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Learn more.
Earn competitive interest rates with low account fees
Rate information
Please visit our bank rates sheet for information regarding interest rate tiers, current interest rates, and corresponding annual percentage yield ("APY"). Your interest rate and APY may change at any time and fees may reduce earnings.
Compounding and crediting frequency
Interest is compounded daily. Interest will compound from the date of deposit to the last full day before the date of withdrawal. Interest will be credited to your account on a monthly basis. If you close your account before interest is credited, you will receive the accrued interest through the last full day prior to the account closure.
Minimum initial deposit
No minimum initial deposit is required to open this account. However, account must be funded within 30 days to remain open.
Minimum balance
No minimums balance is required to avoid monthly account fees.
Fees1
Bank Check request
$15 fee for each Bank Check request in excess of one per calendar month
Competitive yields
Except for fixed-rate certificates of deposit, which earn the same interest rate through maturity, the interest rate and annual percentage yield ("APY") on deposits may change at any time and fees may reduce earnings. Information on current interest rates and APYs can be found by visiting etrade.com/ratesheet. The interest rate and the corresponding APY for all individual or trust deposits more than $10,000,000 and all commercial deposits more than $99,000 are subject to negotiation by the parties.
Calculation method
We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
If a minimum average balance is required to avoid a fee, the average balance is calculated by adding the principal in the account for each day of the period, and dividing that figure by the number of days in that period.
Tiered-rate accounts
On tiered-rate accounts, we apply the interest rate for the balance tier of your end-of-day balance against the entire balance of your account. Different rates may apply to different tiers.
This schedule will assist you in comparing the terms of our deposit products. They are part of our Account Agreement with you.
A Max-Rate Checking Account lets you do more with less
Rate information
Your interest rate and annual percentage yield ("APY") may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for information regarding interest rate tiers, current interest rates, and corresponding APYs.
Compounding and crediting frequency
Interest is compounded daily. Interest will compound from the date of deposit to the last full day before the date of withdrawal. Interest will be credited to your account on a monthly basis. If you close your account before interest is credited, you will receive the accrued interest through the last full day prior to the account closure.
Minimum initial deposit
No minimum initial deposit is required to open this account. However, account must be funded within 30 days to remain open.
The monthly fee set forth below is waived for customers who meet at least one of the following minimums: 1) set up a direct deposit* of $200 or more per month to the account (a combination of direct deposits totaling $200 does not satisfy this requirement), or 2) maintain an average monthly balance of at least $5,000 in the account on or after the end of the second statement cycle, or 3) maintain an average monthly balance of at least $50,000 in linked Morgan Stanley Private Bank accounts on or after the end of the second statement cycle, or 4) have a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley accounts (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 5) have executed at least 30 stock or options trades during the prior calendar quarter in linked E*TRADE from Morgan Stanley accounts.
* Direct Deposit is a deposit initiated by an institution other than Morgan Stanley or any of its affiliates (including from an account held at Morgan Stanley Private Bank or Morgan Stanley Smith Barney, which includes E*TRADE from Morgan Stanley) which is processed via Automated Clearing House (“ACH”). The most common forms of Direct Deposit are Paychecks, Pension Checks and Social Security Checks
Fees
$15 monthly fee |
Monthly fee may be waived if certain conditions are met |
| $0 for each | Coverdraft Protection transfer |
| $0 for each | Bank Check request |
| $0 | For each standard checkbook reorder |
| $0 early close out fee | Will be assessed if the account is closed out within the first 120 days |
| $0 stop payment fee | Stop payment request for an issued check |
See Additional Services and click on “See complete rate and fee schedule” for other fees that may apply.
We keep service fees low
Checkbook reorder (standard quantity) |
$8.75 per reorder for Independent Checking1, $8.25 per reorder for the Money Market account1 (fee waived for Checking and Max-Rate accounts) |
| Bank Check request | $15 for each Bank Check request in excess of one per calendar month ($10 per item for Independent Checking; fee waived for Checking and Max-Rate) |
| Loan payments by Check | $10 per item |
| Loan check payment returned for insufficient funds | $25 per item |
Check returned for non-sufficient funds |
$25 per item (fee waived for Checking and Max-Rate accounts) |
Coverdraft Protection |
$5 per transfer (fee waived for Checking and Max-Rate accounts) To enroll account, call us at 800-387-2331 |
Digital Security ID |
$0 per device The E*TRADE CompleteTM Digital Security ID and any additional tokens will be provided at no cost to you. |
| Minimum balance fee | Independent Checking: $10 (Not available for new account opening) To avoid the monthly fee, the account holder must 1) maintain an average monthly balance of $1,000 or more on or after the end of the second statement cycle, or 2) maintain an average monthly balance of at least $1,000 in linked Morgan Stanley Private Bank accounts on or after the end of the second statement cycle, or 3) have a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley accounts (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 4) have executed at least 30 stock or options trades during the prior calendar quarter in linked E*TRADE from Morgan Stanley accounts.
Money Market: $10 (Not available for new account opening) To avoid the monthly fee, the account holder must 1) maintain an average monthly balance of $1,000 or more on or after the end of the second statement cycle, or 2) maintain an average monthly balance of at least $1,000 in linked Morgan Stanley Private Bank accounts on or after the end of the second statement cycle, or 3) have a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley accounts (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 4) have executed at least 30 stock or options trades during the prior calendar quarter in linked E*TRADE from Morgan Stanley accounts.
Max-Rate Checking: $15 To avoid the monthly fee, the account holder must 1) set up a direct deposit of $200 or more per month to the account (a combination of direct deposits totaling $200 does not satisfy this requirement), or 2) maintain an average monthly balance of at least $5,000 in the account on or after the end of the second statement cycle, or 3) maintain an average monthly balance of at least $50,000 in linked Morgan Stanley Private Bank accounts on or after the end of the second statement cycle, or 4) have a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley accounts (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 5) have executed at least 30 stock or options trades during the prior calendar quarter in linked E*TRADE from Morgan Stanley accounts. |
| Wire transfers | $0 per incoming wire $25 per outgoing wire if done online (fee waived for Checking and Max-Rate accounts) $25 per outgoing wire if done by telephone (domestic or international) |
1. You may be eligible for a fee waiver on your standard checkbook reorder. Refer to the complete rate and fee schedule for more details.
Premium Savings Account
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0 to $4,999.99 | 4.16% | 4.25% |
| $5,000 to $49,999.99 | 4.16% | 4.25% |
| $50,000 to $99,999.99 | 4.16% | 4.25% |
| $100,000 to $499,999.99 | 4.16% | 4.25% |
| $500,000+ | 4.16% | 4.25% |
(no minimum monthly account fees, withdrawal limits apply, $0 deposit to open)2
Checking Account
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0+ | 0.00% | 0.00% |
(non-interest-bearing account, no minimum balance required, IRA not available, $0 deposit to open)2
Max-Rate Checking Account
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0 to $4,999.99 | 0.05% | 0.05% |
| $5,000 to $49,999.99 | 0.05% | 0.05% |
| $50,000+ | 0.05% | 0.05% |
($5,000 minimum balance,3 IRA not available, $0 deposit to open)2
Money Market Account (no longer available to new accounts4)
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0 to $4,999.99 | 0.01% | 0.01% |
| $5,000 to $49,999.99 | 0.01% | 0.01% |
| $50,000 to $99,999.99 | 0.01% | 0.01% |
| $100,000+ | 0.01% | 0.01% |
($1,000 minimum balance5)
Complete Savings Account (no longer available to new accounts4)
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0+ | 0.01% | 0.01% |
(no minimum balance, no minimum monthly account fees, withdrawal limits apply)
Independent Checking (no longer available to new accounts4)
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0+ | 0.01% | 0.01% |
($1,000 minimum balance5)
Daily Compounding: Deposits insured to at least $250,000 by the FDIC
1. As of . Rates are subject to change at any time and fees may reduce earnings.
2. Account must be funded within 30 days to remain open.
3. The $15 monthly fee can be waived when you maintain an average monthly balance of at least $5,000 in the account on or after the end of the second statement cycle. Alternatively, you can also waive the fee by 1) setting up a direct deposit of $200 or more per month to the account (a combination of direct deposits totaling $200 does not satisfy this requirement), or 2) maintaining an average monthly balance of at least $50,000 in linked Morgan Stanley Private Bank, National Association accounts on or after the end of the second statement cycle, or 3) having a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 4) having executed at least 30 stock or options trades during the prior calendar quarter in your linked E*TRADE from Morgan Stanley accounts.
4. Not available for new account opening.
5. The $10 monthly account fee can be waived when you maintain an average monthly balance of at least $1,000 in the account on or after the end of the second statement cycle. Alternatively, you can also waive the fee by 1) maintaining an average monthly balance of at least $1,000 in linked Morgan Stanley Private Bank, National Association accounts on or after the end of the second statement cycle, or 2) having a combined balance of $50,000 or more in linked E*TRADE from Morgan Stanley accounts (held at Morgan Stanley Smith Barney LLC), and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) on the date the monthly fee is charged, or 3) having executed at least 30 stock or options trades during the prior calendar quarter in linked E*TRADE from Morgan Stanley accounts.