Banking
Rates and Fees
| Bank Yields | Premium Savings Account | Certificates of Deposit | Max-Rate Checking | Checking |
|---|---|---|---|---|
| Annual percentage yield ("APY")1 | (+) |
() () () () () () () |
(+) |
($0+) |
| Minimum monthly balance | No account minimums are required to maintain this account | No account minimums are required to maintain this account | An average monthly balance of $5,000 is required to avoid a fee. | No account minimums are required to maintain this account |
| Monthly fees | No monthly account fees | No monthly account fees4 | $15 if your minimum account balance is not met | No monthly account fees |
| Minimum opening deposit | 2 |
$02 | 2 |
$02 |
| FDIC Insurance | At least $500,0003 |
At least $250,000 | At least $250,000 |
At least $250,000 |
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. Morgan Stanley Private Bank, National Association ("MSPBNA”)’s Premium Savings Account offers an enhanced Federal Deposit Insurance Corporation ("FDIC") coverage feature (“Enhanced FDIC Coverage Feature”, or, the “Feature”) which gives MSPBNA the ability to transfer any amount held on deposit in your Premium Savings Account (“PSA Deposits”) to other depository accounts at FDIC member banks (“Program Banks”) with the purpose of providing you additional FDIC insurance coverage. The Feature is designed to offer up to $500,000 in FDIC coverage for individual accounts and up to $1,000,000 for joint accounts. Learn more.
4. Deposits Transaction Limits: You may make a one-time deposit, via ACH, wire, or check, to fund the account within 30 calendar days of opening the account. Deposits after this window are not permitted at any time. Unless otherwise provided, partial withdrawals and additional deposits are not permitted. Interest earned on the account can be paid out via check, if you chose that option at opening, otherwise you may not withdraw interest prior to maturity. A withdrawal of interest will reduce earnings. Withdrawals: You may make a full withdrawal, without penalty, during the grace period in the 7 calendar days immediately following maturity. If you choose to make a withdrawal before maturity, or after the 7-day grace period has ended, an Early Withdrawal penalty will be assessed (refer to “Early Withdrawal penalties” section for more detail). Partial withdrawals are not permitted at any time.
Certificate of Deposit (CD) customers agree to keep funds on deposit for a fixed period of time. Unless otherwise provided, withdrawals outside of the grace period are not permitted. If we permit an early withdrawal from a CD, we will impose an early withdrawal penalty equals to certain number of days of simple interest determined based on the term of the CD. Simple interest is calculated on the total principal amount (partial withdrawals are not allowed) using the interest rate of your current CD, based on 365 days or 366 if the withdrawal happens in a leap year. If the penalty amount exceeds the accrued interest, the principal is also subjected to penalty. We may elect not to impose a penalty for a withdrawal of principal following the death or adjudication of incompetence of any account owner if the account was opened before such adjudication and not extended or renewed after that date.
Earn competitive interest rates with low account fees
Rate information
Please visit our bank rates sheet for information regarding this account's current interest rate 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.
Fees
For fees that may apply, please visit the Additional Services page.
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 this account's current interest rate and corresponding APY.
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 maintain an average monthly balance of at least $5,000 in the account on or after the end of the second calendar month from opening the account.
* 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
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 for Complete Savings Account ($10 per item for Independent Checking; fee waived for Checking, Max-Rate Checking and Premium Savings accounts) |
| 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 maintain an average monthly balance of at least $5,000 in the account on or after the end of the second calendar month from opening the account. |
| 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 |
|---|---|---|
| + | % |
(no minimum monthly account fees, withdrawal limits apply, $0 deposit to open)2
Certificates of Deposit
| Term | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| % | ||
| % | ||
| % | ||
| % | ||
| % | ||
| % | ||
| % |
(no monthly account fees, $0 deposit to open.)6
Checking Account
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0+ | % |
(no monthly account fee, no minimum balance required, $0 deposit to open)2
Max-Rate Checking Account
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| + | % |
($5,000 minimum balance,3 $0 deposit to open)2
Money Market Account (no longer available to new accounts4)
| Daily Balance | Interest Rate | Annual Percentage Yield1 |
|---|---|---|
| $0+ | 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 account 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 calendar month from opening the account.
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.
6. Deposits Transaction Limits: You may make a one-time deposit, via ACH, wire, or check, to fund the account within 30 calendar days of opening the account. Deposits after this window are not permitted at any time. Unless otherwise provided, partial withdrawals and additional deposits are not permitted. Interest earned on the account can be paid out via check, if you chose that option at opening, otherwise you may not withdraw interest prior to maturity. A withdrawal of interest will reduce earnings. Withdrawals: You may make a full withdrawal, without penalty, during the grace period in the 7 calendar days immediately following maturity. If you choose to make a withdrawal before maturity, or after the 7-day grace period has ended, an Early Withdrawal penalty will be assessed (refer to “Early Withdrawal penalties” section for more detail). Partial withdrawals are not permitted at any time.
Certificate of Deposit (CD) customers agree to keep funds on deposit for a fixed period of time. Unless otherwise provided, withdrawals outside of the grace period are not permitted. If we permit an early withdrawal from a CD, we will impose an early withdrawal penalty equals to certain number of days of simple interest determined based on the term of the CD. Simple interest is calculated on the total principal amount (partial withdrawals are not allowed) using the interest rate of your current CD, based on 365 days or 366 if the withdrawal happens in a leap year. If the penalty amount exceeds the accrued interest, the principal is also subjected to penalty. We may elect not to impose a penalty for a withdrawal of principal following the death or adjudication of incompetence of any account owner if the account was opened before such adjudication and not extended or renewed after that date.