Bank Deposit Program - Program Banks

Effective June 2024, E*TRADE Self-Directed Accounts will become eligible to have deposits sent to certain non-affiliated banks, each an FDIC member (“Program Bank(s)”), in addition to the Morgan Stanley Sweep Banks. Accounts are subject to the limitations set forth in the “Eligibility and Computation for Deposits to be Sent to Program Banks” section of the Bank Deposit Program ("BDP") Disclosure Statement.


List of Banks as of 

Bank Name Bank City Bank State



Please contact E*TRADE Customer Service to exclude a Program Bank or to make any changes to your list of exclusion.

Under the Bank Deposit Program, free credit balances held in an account(s) at Morgan Stanley Smith Barney LLC are automatically deposited into an interest-bearing deposit account(s), at FDIC-insured banks. For more information, view the Bank Deposit Program Disclosure Statement.

Federal Deposit Insurance Corporation ("FDIC") - Cash balances swept into deposit accounts at participating banks in the Bank Deposit Program are protected by FDIC Insurance up to applicable FDIC limits. FDIC insurance is a federal government program administered by the Federal Deposit Insurance Corporation. This insurance covers bank deposits held in checking accounts, savings accounts, certificates of deposits and money market deposits (not money market funds). This insurance comes into play in the event of a bank failure and covers client cash up to a total of $250,000, per bank, for each "insurable capacity" (e.g. each individual, joint, etc.). It does not cover investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks or bonds. Refer to for additional details.

CRC 3405093 03/24